Northmarq’s Las Vegas office completes $52.75 million sale and financing of Millennium East luxury apartments
LAS VEGAS (June 12, 2024) — Thomas Olivetti, managing director of Northmarq’s Las Vegas Multifamily Investment Sales team, successfully brokered the sale of a 236-unit, garden-style multifamily community for $52.75 million. Located in the Sunrise Manor area of Las Vegas at 3580 E. Alexander Road, Millennium East was built in 2000 and renovated in 2018.
Northmarq represented the seller, a Massachusetts-based property management company. The buyer was a real estate investment company based in California.
“Millennium East is a quality, fully renovated asset located near a booming industrial hub,” said Olivetti. “The property was a perfect fit for a 1031 buyer.”
Northmarq’s Debt + Equity team of Bryan Mummaw, Bryan Liu, Brandon Harrington, Tyler Woodard and Chris Gitibin secured $33.544 million in acquisition financing for the buyer. The permanent fixed rate loan was arranged through Northmarq’s relationship with Freddie Mac.
The multifamily community is situated within one of the largest job corridors in Las Vegas near key distribution hubs and employers such as Amazon and Sephora. Additionally, the property boasts direct freeway access to the Apex Industrial Park, which is expected to be one of the largest economic catalysts in Southern Nevada.
Millennium East offers one-, two- and three-bedroom apartment homes ranging from 720 to 1,116 sq. ft. The majority of units have undergone renovation, including upgraded nickel light fixtures, full-size washer and dryer, luxury vinyl flooring, stainless steel appliances and more. The community also offers an array of amenities such as a resort-style pool, gym, playground, dog park, package lockers and covered parking.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.Northmarq.com.
