CWCapital Asset Management LLC ("CWCapital") announced the sale of The Milo and Sunrise Springs, two multifamily communities in Las Vegas, to Tides Equities for $69.5 million. CWCapital acquired the communities in June 2019 and December 2018, respectively.
"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."
Built in 1990, The Milo is located at 3850 Mountain Vista Street and features 152 units. Upon acquisition, CWCapital implemented a full renovation of the property. CWCapital also renovated 81 interior units to modernize appliances and upgrade finishes.
Nearby, Sunrise Springs sits at 4455 East Twain Avenue. Built in 1989, the property features 192 units. CWCapital renovated 107 units and clubhouse.
Source: CWCapital Asset Management