LAS VEGAS, NV - Compass Acquisition Partners (Compass), a private real estate investment company, announced that it has acquired the 488-unit Sandpiper Apartments in Las Vegas from Apple Management for $66 million in an off-market transaction. Sandpiper, located at 4650 W Oakey, is one of the largest multifamily properties in Las Vegas, with 61 two-story buildings spread across the beautifully landscaped 20.1-acre site.
“Sandpiper Apartments offers a substantial and irreplaceable asset in the heart of Las Vegas. The is property is convenient to employment centers, major area thoroughfares and surrounded by a mix of shopping, dining and entertainment options. These are all attributes that align with our investment criteria,” said Compass Acquisition Partners CEO, Lynn Owen.
Built in 1988, Sandpiper offers multiple areas for gathering and recreation with three resort-style pools, tennis courts, club house and fitness center. The one- and two-bedroom units offer spacious floor plans with an average unit size of 950 square feet.
Compass plans to invest approximately $7.5 million in an extensive program of capital improvements. Currently, units are in the process of being renovated. Compass is expanding the scope of the updates to include modernized kitchens with stainless steel appliances, refreshed cabinets and stone counters and wood-style plank flooring throughout.
Common area and exterior renovations will include updating the club house and fitness center, refreshing the pool areas, building painting and new signage. The property will be enhanced with additional amenities and public spaces such as dog parks, a multi-sports court, and an outdoor community space with barbeques, outdoor kitchen and seating. Further, some landscaped areas will be modified with zero-scape features that will be attractive and environmentally responsible additions.
“Las Vegas is thriving with multiple new commercial developments and new businesses moving to the area propelling job growth. There is strong demand for multifamily housing as developers have avoided the overbuilding of past cycles, another factor that contributed to our interest in the market,” added Owen.
Compass currently has a portfolio of approximately $2 billion of multifamily and retail assets located in select markets along the West Coast, Colorado and Wyoming. A fully-integrated real estate investment firm, it is actively seeking acquisition opportunities as it pursues a carefully crafted and implemented program to expand its portfolio with a particular interest in well-located multifamily properties in mature markets.