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 clo...