CALCAP Advisors Acquires 340 Units in Two Distressed Multifamily Transactions

PASADENA, Calif., Sept. 1, 2015 /PRNewswire-iReach/ -- CALCAP Advisors is announcing that it has purchased two apartment communities in Las Vegas.  The company has acquired 500 units in Southern Nevada in the past 13 months. 

Photo - http://photos.prnewswire.com/prnh/20150829/262093

El Pueblo de Los Arboles Apartments, a 228-unit property in Las Vegas, was purchased for $9,765,000 ($42,829 per unit/$56.39 per square foot) on June 30, 2015 through the online real estate website Auction.com.  The seller was an entity of mortgage special servicer LNR Partners, LLC.  LNR acquired the property via a CMBS foreclosure on January 29, 2015.  The address is 5400 West Cheyenne Avenue, Las Vegas, NV 89108.

"El Pueblo de Los Arboles offered us an opportunity to purchase a well located multi-family community significantly below replacement cost", stated Edward Aloe, Managing Principal of CALCAP Advisors.   The property, constructed in 1986, was 86% leased at the close of escrow.  "The asset is in very good condition overall, with no major capital improvements needed in the immediate future.  We will re-brand the community, perform interior upgrades to the current vacant units, and take care of some general deferred maintenance items. We believe there is significant rental upside, especially as the Las Vegas market continues to improve."

El Pueblo de Las Brisas Apartments, a 112-unit property in Las Vegas, was purchased through Auction.com for $4,751,250 ($42,422 per unit/$59.39 per square foot) on June 30, 2015.  The seller was an entity of mortgage special servicer LNR Partners, LLC.  LNR acquired the property via a CMBS foreclosure on January 29, 2015.  El Pueblo de Las Brisas requires significant renovation.  CALCAP is budgeting over $5,000 per unit in capital expenditures, including exterior siding, parking lot replacement, roof, pool repairs and interior upgrades.  The property is located two miles west of The Strip at the intersection of Desert Inn Road & Arville Street.  The address is 3355 South Arville Street, Las Vegas, NV 89102.

"These Las Vegas acquisitions were purchased 42-45% below their previous sale prices, providing a steep discount which is difficult to replicate in any U.S. apartment market today", stated Pat Wakeman, Principal of CALCAP Advisors.  "We're looking forward to implementing our community stabilization plans, which will allow us to begin raising rents in line with comparable properties, increasing the asset values, and meeting our investment goals".

CALCAP Advisors is continuing to source multi-family acquisitions.  "We're aggressively seeking further investment opportunities similar to these properties in Las Vegas.  In addition to Arizona and Nevada, CALCAP is searching for income producing properties to grow our apartment portfolio throughout the Southwest", stated Aloe.  The company has completed seventeen acquisitions totaling approximately 2,080 units in the past 55 months.

For more details or to request information, please contact Ed Aloe at (626) 229-9057. 

California Capital Real Estate Advisors, Inc. is a real estate investment and advisory firm.  Partnering with businesses, communities and non-profits, we reposition distressed real estate, and provide liquidity, adding value for our stakeholders and the communities we serve.

http://www.calcapadvisors.com

Media Contact: Pat Wakeman, CALCAP Advisors, 8587644890, pat.wakeman@calcapadvisors.com

Press Contact:  Ed Aloe

Telephone:  (626) 229-9057

E-mail:  ed.aloe@calcapadvisors.com

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

 

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