LAS VEGAS, NV – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has bought Promenade at Sahara Apartments, a 312-unit multifamily community in Las Vegas, Nevada. 29SC plans to implement a $2.2 million capital improvement program to renovate unit interiors, enhance the property’s exterior and curb appeal and improve the amenity package. 

“We are excited to add Promenade at Sahara to our expanding Las Vegas portfolio,” said Dusty Eddy, 29SC’s Vice President of Acquisitions for Phoenix and Las Vegas. “We believe the Las Vegas market has strong population and economic fundamentals that will continue for the foreseeable future.”

Promenade at Sahara is situated approximately six miles east of the Las Vegas Strip. The community is located near many daily conveniences, including Smith’s, Albertson’s, Starbucks and Walgreens, and provides its tenants with simple access to I-515 and Boulder Highway. 

The Las Vegas market has experienced significant economic improvement in recent years. Cushman & Wakefield reported that Las Vegas is the #2 real estate market for rent growth at 5.5%. In addition, employment growth in 2017 is at nearly 3%, which is roughly double the national average.  

“This property is in a growing workforce neighborhood with fantastic accessibility to downtown, the strip, North Las Vegas and other destinations,” Eddy added. “With the combination of the fantastic location and our capital improvement program, we will make exceptional value for our residents and investors.” 

The transaction closed January 19. The sale price was not told.

29th Street Capital bought 16 multifamily assets over the past 12 months and continues to actively pursue additional opportunities throughout the U.S. The firm will continue to target strategic value-add deals that are below the institutional radar, with the intention of offering its investors above-market returns. 

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