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News release

Las Vegas

Las Vegas apartment community provides value-add opportunity

JLL arranges sale of 336-unit Montecito Pointe luxury apartment community for $59.25 million 


LAS VEGAS, May 30, 2018 –JLL's Capital Markets experts today announced the $59.25 million sale of the 336-unit Montecito Pointe luxury apartment community in northwest Las Vegas. 

Managing Directors John Cunningham and Charles Steele of JLL handled the sale on behalf of the seller, Irvine, California-based The Bascom Group, LLC. 

The buyer was RK Properties, a real estate investment firm based in Long Beach, California.

"The Las Vegas apartment market is among the strongest in the nation and Montecito Pointe, which has been immaculately maintained by the owner, is perfectly positioned to benefit from the explosive population and economic growth that we are seeing in the metro area," said Cunningham.  

Montecito Pointe was completed in 2007 and provided the buyer with the opportunity to add further value by completing a renovation program initiated by the seller. The community has a pool and fitness center, as well as a children's play area and pet exercise park. The average unit size is 981 square feet and the property sits on more than 13.6 acres of land at 9745 Grand Teton Dr. in a area which currently has very limited new multifamily construction.

Employment growth in Las Vegas over the last five years is nearly double the national average and the city's apartment market is among the top three markets in the country for annual rent growth.

JLL delivers multifamily investors a full range of solutions through one diverse, integrated platform. The division employs over 200 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation's largest affordable and conventional multifamily and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.

For more, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 83,500 as of March 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit ir.jll.com.