Source: Continental Realty Group
LAS VEGAS, NV - Continental Realty Group, through its subsidiary Continental Realty Assets, a Denver-based multi-family operator, has completed the acquisition of 240-unit Laurel Park Apartments and 168-unit Villa Del Rio Apartments in Las Vegas on behalf of a private client. The combined purchase price was in excess of $50 million.
CRA has been an active Las Vegas buyer and seller in 2019, with its May disposition of an 1,194-unit portfolio and March acquisition of the 63-unit Onyx Apartments located near MGM Grand.
"CRA was attracted to each property's affordability and the opportunity to execute a renovation plan similar to those we have had recent success implementing on other properties in Las Vegas," said Adam Holt, CRA's acquisitions director. "Las Vegas will continue to be a primary focus for our acquisitions team as we head into 2020 due to the favorable supply and demand fundamentals as well as the relative affordability compared to other major western markets."
CRA's business plan for each community entails amenity and common area enhancements, as well as implementation of a unit renovation program.
David Snyder, president of Continental Realty Group, added, "These acquisitions are a perfect representation of CRA's commitment to identifying and improving workforce properties in our target markets. Our mission is to have a positive impact on residents, which is achieved by providing a quality community at an affordable price."