Portola West Vegas. Image courtesy of SB Real Estate Partners

SB Real Estate Partners has purchased its second multi-family community in Las Vegas, the 256-unit St. Croix, for $ 73.1 million, in an off-market transaction. Cushman & Wakefield negotiated the sale on behalf of the seller, Strata Equity, while Berkadia arranged a joint venture.

The asset last changed hands in 2013, when the seller bought it for $ 18.7 million, according to Yardi Matrix data. The price of property has since almost quadrupled. The new owner plans to inject $ 4 million to modernize the property, which will be renamed Portola West Vegas.

Built in 1988, the garden-style community of 21 buildings offers a mix of one and two bedroom floor plans, ranging from 730 to 1,032 square feet, according to data from Yardi Matrix. Community amenities currently include two spas, a swimming pool, a fitness center, laundry facilities and 260 parking spaces. SB Real Estate plans to improve the interiors as well as the exteriors to increase the competitiveness of the property.

Located at 6661 Silverstream Ave., the community is nearly 7 miles west of downtown Las Vegas. MountainView Hospital is less than 4 miles to the north, while Ed Fountain Park is 3 miles to the northeast. North Las Vegas Airport is approximately 4 miles northeast of the property. Several shops, restaurants and entertainment venues are available within a mile radius.

Focused on Las Vegas

The company plans to invest an additional $ 300 million in the Las Vegas metro over the next 12 months, Srijin Bandyopadhyay, founder and director of SB Real Estate, said in a statement. The company’s first investment in the market took place last month, with the acquisition of the 241 Russell Apartments, which were renamed Portola on Russell.

The Las Vegas Cushman & Wakefield Multi-Family Advisory Group included Taylor Sims, Carl Sims and Brady Cleary. Meanwhile, Berkadia’s JV Equity & Structured Capital team included Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick.