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- Multifamily Capital Markets
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- Las Vegas
- Tampa
November 17, 2021 9:00 AM
Newmark[1] announced that it has arranged the $135.2 million sale, $359,575 per unit and $91.4 million financing of Lyric Apartments, a luxury, 376-unit multifamily community in the high growth area of Las Vegas, Nevada's Silverado Ranch submarket. Lyric traded from The Bascom Group-a private equity firm that has completed over $19.1 billion in multifamily value-add transactions since 1996 - to Starlight U.S. Residential Fund, a fund focused on the acquisition, ownership and operation of multifamily properties in the U.S. The property was 99% occupied at the time of the sale.
Newmark Executive Managing Director Curt Allsop and Managing Director Angela Bates along with Executive Managing Director Doug Schuster and Director Vittal Ram represented the seller in the transaction. Newmark Executive Managing Director Matthew Williams and Assistant Vice President James Maynard of the firm's Debt and Structured Finance team helped secure the acquisition financing from Sumitomo Mitsui Banking Corporation.
"The purchase of Lyric Apartments offered a rare opportunity to acquire and add value to a well-built, luxury multifamily property in one of the most affluent residential areas in the Las Vegas MSA," said Allsop. "The multifamily sector in Las Vegas has experienced price appreciation of approximately 100% over the past few years, and properties like these will almost always be in demand by value-add investors looking to plant their flag in this market."
Lyric Apartments is just east of Las Vegas Blvd at 304 East Silverado Ranch and was constructed in 2014 by Nevada West, a company known for quality construction and unique floor plans. The property features a mix of one-, two-, and three-bedroom units with an average unit size of 1,084 square feet. Amenities include two resort-style pools with formal cabanas, a state-of-the-art fitness center, a LP Karaoke Lounge and a splash pad and playground. Newmark also represented the original developer, Nevada West, when the Bascom Group purchased the property in 2016.
"This purchase marks Starlight's second multifamily acquisition in the Las Vegas MSA. Our team worked in close concert with the Starlight team to help secure the most advantageous financing for the acquisition," said Williams. "The property will be a great addition to their portfolio, and we look forward to working with them again in the future."
Lyric Apartments' location in a high-growth submarket offers proximity to above average demographics and notable retail and entertainment attractions, including The Las Vegas Strip, Allegiant Stadium and McCarran International Airport.
According to Newmark Research, Las Vegas is second in the country for rent growth annually at 30.9% compared to the U.S. average of 13.4%.
[1] Dba Multifamily by Newmark Knight Frank in Nevada
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark's company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company's business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
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Newmark Group Inc. published this content on 17 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 November 2021 15:42:05 UTC.
