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Tides Equities Acquires Las Vegas Multifamily Portfolio For $169.75M

Property Image
SOLD
$169,750,000
Spence Ballif
Sean Kia
Ryan Andrade

Nevada

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MultiFamily815,000 SF
Sold 04/21/2022
the dealplayerscompscontact
Property Image
SOLD

Tides Equities Acquires Las Vegas Multifamily Portfolio For $169.75M

1755 Palm Street, Las Vegas, Nevada 89104, United States

See Similar Deals
MultiFamily815,000 SF
Sold 04/21/2022
Spence Ballif
Sean Kia
Ryan Andrade
the dealplayerscompscontact
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Summary

NEVADA
Asset Type:MultiFamily
Price Per Square Foot:$208
Total Square Footage:815,000 SF
Transaction Type:Sale

The recently closed property transaction in Las Vegas, NV involved a multifamily asset located at 1755 Palm St., 5024 Broken Sound Dr., and 4801 Spencer St. The property spans over 815,000 square feet and consists of 787 units. The sale price for this transaction was recorded at $169,750,000, translating to a price per unit of $215,692 and a price per square foot of $208.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $169,750,000
  • Buyer: Tides Equities - Sean Kia & Ryan Andrade
  • Seller: Turner Impact Capital
  • Broker: Spenc Ballif - CBRE

The buyer for this transaction was Tides Equities, represented by Sean Kia & Ryan Andrade. The seller was Turner Impact Capital. The deal was facilitated by Spenc Ballif from CBRE as the broker.

Players

Spence Ballif
CBRE
Spence Ballif
4 deals$374.3M volume(702) 592-9433
BROKER
Sean Kia
Tides Equities
Sean Kia
18 deals$1.3B volume
BUYER
Ryan Andrade
Tides Equities
Ryan Andrade
17 deals$1.4B volume
BUYER
TC
Turner Impact Capital
SELLER

Details

SOLD
IMAGE: Sean Kia & Ryan Andrade DATE: 04/21/2022 ADDRESS: 1755 Palm St., 5024 Broken Sound Dr., & 4801 Spencer St MARKET: Las Vegas, NV ASSET TYPE: Multifamily BUYER: Tides Equities (@TidesEquities) - Sean Kia (@KiaSean)& Ryan Andrade (@_RyanAndrade_) SELLER: Turner Impact Capital BROKER: Spenc Ballif - CBRE SALE PRICE: $169,750,000 UNITS: 787 ~ PPU: $215,692 SF: 815,000 ~ PPSF: $208

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$9,053,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$603,085.90
Cash-on-Cash Return-1.27%
Monthly Debt Service$804,701.60
Annual Debt Service$9,656,419.23