Sunvest Communities USA LLC, a national condominium conversion company, recently acquired three Las Vegas apartment properties totaling 836 units in transactions totaling $103 million.
The largest, the 360-unit Pinehurst Apartments at 6650 W. Warm Springs Road in the southwestern Las Vegas Valley, was purchased from Pinehurst Apartments LLC for $42 million.
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The company also acquired Traverse Point, located at 45 Maleena Mesa St. in Henderson, from Traverse Point Apartments LLC. The 296-unit property sold for $39.96 million.
In another purchase in the southwestern valley, Southgate at 2615 W. Gary Ave., the company paid $21.6 million for 180 units from St. James Las Vegas LLC.
The company's Las Vegas portfolio previously included the Latigo and Desert Shores Villas properties.
"We are very bullish on this market," said Louis Birdman, chief executive of Sunvest. "The company has already experienced great success in Southern Nevada. Last year we sold 400 units at Latigo in the southeast part of the valley in an unbelievable 90 days. ... We are currently marketing Desert Shores Villas, located in northwest Las Vegas, and are nearing sellout."
The company said the market for its local product includes first-time buyers, second-home buyers and investors from Florida and California.
Desert Shores Villas offers two- and three-bedroom floor plans that are as large as 1,109 square feet.
Prices start from the $190,000s. The developer offers the opportunity to purchase units "as is" with a designer allowance program of as much as $5,500.
The complex includes a swimming pool, as well as a clubhouse with a fitness center, social areas, a business center, library and billiards tables. In addition, residents receive complimentary membership in the Beach Club at Desert Shores.
The sales center, located at 3151 Soaring Gulls Drive, is open from 10 a.m. to 5 p.m. daily.
Founded in 1978, Sunvest, is headquartered in Hallandale, Fla.
