9/25/2007

Great American Capital sells Las Vegas multifamily for $52M

by

Summerhill Villas

Artisan Real Estate Ventures has acquired the Summerhill Villas Apartments in Las Vegas for $52 million from Great American Capital.

Great American Capital was represented by Jeff Swinger and Spencer Ballif of CB Richard Ellis, while John Tippins and Brittany Morse of NorthCap Commercial handled the negotiations for Artisan.

The 33-building property contains 440 units and is comprised of 96 one-bedroom, 280 two-bedroom and 64 three-bedroom units.

Built in 1990, the property was once called Kings Crossing.

The complex was 90 percent occupied at the time of sale.

Great American Capital is a fully diversified real estate development company headquartered in Las Vegas.

Northcap Commercial is a commercial real estate brokerage and acquisitions firm.

Address: 2150 N. Tenaya Way, Las Vegas, Nev.

Size: 33 buildings/440 units

Built: 1990

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Filed Under: Multi-Family

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