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CWCapital Asset Management LLC (“CWCapital”), a diversified real estate investment firm, today announced the sale of The Milo and Sunrise Springs, two multifamily communities in Las Vegas, to Tides Equities for an aggregate price of $69.5 million. CWCapital acquired the communities in June 2019 and December 2018, respectively, and the sale follows an extensive capital improvement program implemented across both properties to enhance community features, modernize interior finishes, and improve overall curb appeal to meet the standards of the area’s growing population.
Located in Las Vegas’ Boulder Highway Corridor, the communities are central to nearby employment and entertainment options. The properties are adjacent to Interstate 515, easily connecting residents to Downtown Las Vegas and neighboring hubs including Henderson and Summerlin. New projects and developments have brought significant job growth to the area including a new Google data center providing both construction and technology jobs, the addition of Amazon fulfilment centers bringing more than 1,000 jobs to the area and the development of the MSG Sphere arena which is expected to supply 4,400 permanent jobs. Residents working in the hospitality industry benefit from the properties’ proximity to major hotels and casinos, including Boulder Station Casino, Sam’s Town Casino and The Eastside Cannery.
“Las Vegas continues to experience an influx of new residents who are seeking conveniently located and affordable housing options,” said Regina Lubin, Chief Investment Officer, CWCapital. “When we acquired these communities, we saw a significant opportunity to reposition these assets, enhancing them to meet current market demand. We look forward to embarking on similar opportunities in high-growth markets to generate strong returns on our investments.”
Built in 1990, The Milo is located at 850 Mountain Vista Street and features 152 units. Upon acquisition, CWCapital implemented a full renovation of the property clubhouse and fitness center and improved the property landscaping. CWCapital also renovated 81 interior units to modernize appliances and upgrade finishes, including counter resurfacing and adding vinyl plank flooring and new shaker cabinets and doors. Residents enjoy additional amenities including a barbeque area, a pool and spa and a covered playground.
Nearby, Sunrise Springs sits at 4455 East Twain Avenue. Built in 1989, the property features 192 units. CWCapital renovated 107 units to upgrade the hardware and finishes, including new flooring, counter resurfacing and new appliances, in addition to enhancing the property’s clubhouse, which features a fitness center, business center and a year-round heated indoor pool and spa. The property also features a barbeque area, an outdoor pool and a playground.
About CWCapital Asset Management LLC
CWCapital is a diversified real estate investment management firm. Since inception of the investment team in 2013, CWCapital has invested in over 30 properties and defaulted loans totaling $1.3 billion across multifamily, office, industrial, retail and hospitality assets in secondary and tertiary markets across the United States. Our team of commercial real estate experts utilize decades of experience to generate high returns on investments, focusing on value-add and opportunistic investments from $10–$75 million. With integrity and attention to detail, we build real value and relationships.
