Las Vegas apartment complex sells for $67M

A California existent property steadfast has expanded to Las Vegas with the acquisition of a southwest vale flat complex.

SB Real Estate Partners announced Tuesday that it acquired The Russell, a 241-unit property, for $67 million.

The rental complex, 9620 W. Russell Road, betwixt Fort Apache Road and Grand Canyon Drive, volition beryllium rebranded arsenic Portola connected Russell, according to a quality release.

Its amenities see a fittingness center, playground, soil volleyball tribunal and putting green.

The spot was 98 percent leased astatine the clip of sale.

SB Real Estate laminitis Srijin Bandyopadhyay said successful the quality merchandise that his steadfast is “committed to gathering retired a important portfolio” successful the Las Vegas country implicit the adjacent 12 months, with much than $100 cardinal of acquisitions slated to adjacent done the archetypal 4th adjacent year.

SB was launched successful 2017, and its acquisition of The Russell marked the firm’s “entry into the Las Vegas existent property market,” the merchandise said.

Contact Eli Segall astatine esegall@reviewjournal.com oregon 702-383-0342. Follow @eli_segall connected Twitter.