crefeed.com | Grubb & Ellis sells $75M Las Vegas multi-family portfolio

2/7/2008

Grubb & Ellis sells $75M Las Vegas multi-family portfolio

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Grubb & Ellis has completed the $75.4 million sale of two multi-family properties in the Las Vegas suburb of Henderson, Nev.

The properties were sold by WLA Investments in two separate transactions. In both deals, WLA was represented by Diane and Darcy Miramontes of Grubb Ellis/BRE Commercial.

The Crossing at Green Valley was purchased by Acacia Capital Corporation for $43.5 million. The 384-unit apartment complex was built in 1986 and is located at 2312 Green Valley Parkway. It is situated on 15 acres and contains 330,126 square feet.

The 256-unit Martinique Bay Apartments, also sold by WLA, were purchased by Berkshire Property Advisors for $31.9 million. Built in 1989, the multi-family complex is situated on 12.92 acres at 3000 High View Drive. It contains 278,840 rentable square feet.

Address: The Crossing at Green Valley at 2312 Green Valley Parkway, Henderson, Nev.
- Martinique Bay at 3000 High View Drive, Henderson, Nev.

Size: 640 units

Built: 1986, 1989

Filed Under: Multi-Family

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