LAS VEGAS, NV - Cushman & Wakefield Commerce announced it has negotiated the sale of Portofino Villas, a 278,560 square foot apartment complex at 6300 West Lake Mead Boulevard, Las Vegas. The Millburn Company purchased the property from the AXS Opportunity Fund.
Built in 1997, the Tuscan style villa has an abundance of modern amenities including a resort-like pool and spa, sand volleyball court, fitness center. Each of the 1, 2, and 3 bedroom options include a large private patio or balcony, and renovations are planned to add additional improvements.
“The Portofino Villas have excellent potential for the Millburn Company,” said Carl Sims, Cushman & Wakefield Commerce Executive Director, and lead broker for the buyer. “Nevada boasted one of the fastest growing economies in the nation in 2016, and the multifamily housing market was no exception. The Millburn Company has renovations in mind for the villas that will be on par with the improving market.”
The Portofino Villas feature 280 units on site. The Millburn Company plans on renovating the entire property with new features aimed at improving the energy efficiency, including the addition of solar panels.
Carl Sims and Taylor Sims represented the seller.
About Cushman & Wakefield Commerce: Cushman & Wakefield Commerce operates the Cushman & Wakefield business in Idaho, Nevada, Utah and Washington. As part of the Cushman & Wakefield global platform, the firm offers innovative commercial real estate solutions to occupier and investor clients, offering transaction services, capital markets services, occupier and investor services, and real estate advisory. With nearly 300 employees, 9 million sq. ft. of property management and transaction value of more than $2.8 billion, the firm is a leading commercial real estate resource in the Intermountain West region and Pacific Northwest. Learn more at www.comre.com
About Cushman & Wakefield: Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com