Source: Harbert United States Real Estate Fund V / #Apartments #Multifamily
LAS VEGAS, NV - Harbert United States Real Estate Fund V, in conjunction with McDowell Properties, recently assembled a two property multifamily portfolio comprised of assets in Las Vegas, NV and Pittsburg, CA -- the Harbert-McDowell Multifamily Portfolio.
The Las Vegas asset, Sahara Palms, is a 312-unit Class-B apartment community that closed on November 20, 2014. The Pittsburg asset, Los Prados, is a 242-unit Class-B apartment community that closed on March 4, 2015.
HUSREF V and McDowell identified Sahara Palms and Los Prados as attractive acquisition opportunities due to their desirable in-fill locations and strong value-add potential. The JV intends to implement a targeted $4.8 million renovation and repositioning strategy across the portfolio to enhance interiors, exteriors, and common areas, and to bring rents more in line with competitive properties. This portfolio assemblage is the first joint venture between the HUSRE Investment Team and McDowell Properties.
McDowell Properties is a national multifamily operating company headquartered in Dallas, TX. McDowell acquires, repositions, asset manages, finances, and performs construction management services on apartment projects across the country. Over the past 40 years, McDowell's senior management has owned and operated over 120,000 apartment units in 40 of the 50 largest MSAs in the United States.