ARA, A Newmark Company (ARA Newmark) announces the $65.35 million sale of Lyric Apartments, which exemplifies the trend in Las Vegas of interest in suburban Class A properties and longer term rent growth prospects. The 376-unit property sits on 18 acres near a booming stretch of the I-215 East Beltway Trail.
ARA Newmark Executive Managing Directors Doug Schuster and Curt Allsop along with Director Vittal Ram represented the seller, LV Silverado LLC, in the transaction. LV Silverado is a local company that has built and sold four Class A facilities since December 2013. The buyer, The Bascom Group, located in Irvine, California purchased the 407,462-square-foot community at 96 percent capacity. This is the 11th asset purchase for Bascom in the Las Vegas area.
Schuster noted, “The sale of Lyric Apartments displays the shift of the current market. What is exciting about this deal is that Bascom has traditionally focused only on value-add opportunities, but watching our market has led them to purchase their second core plus deal.”
Built in 2015, the property is in a prime location less than one mile from South Point Casino and less than five miles from M Resort Spa and Casino. Located at 304 East Silverado Ranch Blvd, Lyric Apartments feature a variety of amenities such as 50-inch flat-screen televisions in all units, full-size washer and dryers, dual-pane glass windows and private balconies and patios for the units. The community includes two swimming pools, a business center, movie theatre with stadium seating and a coffee bar serving Starbucks coffee.
Martin Egbert of LV Silverado added, “We are excited about the increasing opportunities in the Las Vegas market and its growing demand for luxury, Class A properties. This transaction shows there is no end in sight for increased core buyer deals in the area.”
About ARA, A Newmark Company
ARA, A Newmark Company is the largest full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student, manufactured housing and multihousing land. ARA Newmark is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA Newmark’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of global resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in an annual production volume of more than $13.4 billion in real estate transactions in 2015. For detailed information on ARA Newmark’s extensive multihousing investment services, visit www.aranewmark.com.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.