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Avison Young brokers $40 million sale of 176-Unit apartment property in Las Vegas, NV
July 11, 2022
Las Vegas, NV – Avison Young announced today the Sauter Multifamily Group, comprised of Principals Patrick Sauter, Art Carll-Tangora, and Steve Nosrat, based in the firm’s Las Vegas office, closed the $40 million sale ($227,272 per unit) of Las Brisas de Cheyenne located at 3985 E Cheyenne Avenue in Las Vegas, NV (Clark County).
Avison Young Principals Patrick Sauter, Art Carll-Tangora, and Steve Nosrat who are based in the Las Vegas office represented the seller, Epic Investments. The buyer was Tides Equities.
“Las Brisas de Cheyenne offers the new ownership an opportunity to significantly increase returns through hands-on management and fully implementing the renovation program that was underway,” said Nosrat.
Located in Las Vegas’ Sunrise Manor submarket, Las Brisas de Cheyenne consists of 176 apartment units on approximately 9.17 acres along East Cheyenne Avenue, between Las Vegas Boulevard N and N Lamb Boulevard, east of Interstate 15. Originally constructed in 1999 and renovated in 2020, Las Brisas de Cheyenne is a two-story garden-style apartment community featuring one-, two-, and three-bedroom floor plans with an average unit size of 720 square feet.
Las Brisas is ideally situated near the new Amazon Distribution Center and Nellis Air Force Base. Located less than three miles from I-15 freeway major exit and 9 miles from the Las Vegas Strip, residents also enjoy convenient access to the nearby Walnut Recreation Center and Cheyenne Sports Complex as well as proximity to the largest College of Southern Nevada campus.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
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