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DB Capital Management Acquires Las Vegas Apartment for $64 Million

CBRE’s Las Vegas office represented the seller.

Courtesy of DB Capital Management

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DB Capital Management, in joint venture with Cottonwood Group, acquired a 296-unit multifamily building for $64 million. The property is located on S Nellis Blvd and E Vegas Valley Dr. After the acquisition, the property rebranded to "Summit on Nellis". According to the leasing website, this property offers one, two, and three bedroom apartment units for rent. It was built in 1997 and has 2 stories.

CBRE’s Las Vegas office represented the seller. Dekel Capital arranged $45.8 million in bridge acquisition financing through UBS. Dekel Capital is a capital advisory firm based in Los Angeles, but it has completed a number of transactions in Las Vegas in recent years.