28 Jun Avenue North Buys Las Vegas Apartments

June 2019

The buyer of the 180-unit Class C multifamily asset financed the deal with a nearly $14 million Freddie Mac acquisition loan

Avenue North has acquired The Cottages, a 180-unit Class C community in Las Vegas, from 3D Investments for $18.4 million, according to Yardi Matrix. Walker & Dunlop originated $13.8 million in Freddie Mac acquisition financing for the new owner. The loan matures in 2029.

The community last changed hands in early 2017, when 3D Investments paid $12.6 million to Prime Group for the asset.

Located at 5507 W. Cheyenne Ave. in the Las Vegas Central submarket, the community’s 45 singlestory buildings are situated 6 miles northwest of downtown. The property is a stone’s throw from the busy Rancho Drive retail corridor, and a public bus route operates alongside the property. A number of other multifamily assets are positioned in the area. In May, one of them—the 368-unit Vintage Pointe—traded for $58 million.

All of the community’s units contain two bedrooms, each with 940 square feet. The asset is pet-friendly, and most apartments include private backyard areas. On-site amenities include a playground, a swimming pool and approximately 200 parking spaces. In May, the asset was 100 percent occupied per data from Yardi Matrix.