With Las Vegas’ heated apartment market showing no signs of cooling, investors recently bought two complexes for nearly $70 million combined.
Sunroad Enterprises said Friday that it acquired the 320-unit Avery Park rental complex at 2200 N. Torrey Pines Drive at Smoke Ranch Road.
The San Diego Company said it would renovate the common areas and unit interiors over the next two years at Avery Park, which spans 15 acres and was built in 1988.
Sunroad did not announce the purchase price, but Clark County records indicate that it paid $36.35 million and that the sale closed Dec. 28.
Also Friday, Deerfield, Illinois-based Oak Residential Partners said that it teamed with Chicago’s POB Capital to buy The Avenue apartments. The 252-unit complex is at 4800 E. Tropicana Ave. between Mountain Vista Street and Nellis Boulevard.
The companies plan to spend “significant capital dollars to modernize the community,” according to the announcement. They plan to renovate unit interiors and to convert the “under-utilized” racquetball courts into a yoga and stretching space and a game room.
Oak did not announce the purchase price, but property records show the buyers paid $32.75 million. The sale closed Dec. 21.
Oak co-founder Rick Wise said Wednesday that the complex was around 94 percent occupied at the time of sale.
The valley’s apartment market has heated up in recent years with a burst of new projects, mostly in the suburbs near the 215 Beltway, and with shrunken vacancies, higher rents and landlords’ rising purchase prices.