NORTH LAS VEGAS, Nev.,
May 4, 2021 /PRNewswire/ -- San
Francisco-based real estate investment firm Hamilton Zanze is
pleased to announce the sale of Norterra Canyon in North Las Vegas, NV. The firm purchased the
property in 2018, through a joint venture with a subsidiary of
Cantor Fitzgerald Investors, LLC (together with its affiliates,
"Cantor Fitzgerald") and the sale closed on April 27, 2021. The transaction marks the firms
ninth sale in Las Vegas and first
DST disposition.
Norterra Canyon was built in 2007 and is located at 5005 Losee
Road in North Las Vegas. The
property comprises 426 one-, two-, and three-bedroom units
averaging 1,076 square feet. Units feature granite countertops,
energy star appliances, walk-in closets, patios and balconies, and
washers and dryers. Community amenities include a resident lounge,
business center, bocce ball, two resort-style pools with cabanas,
putting green, and fitness center.
During their ownership, Hamilton Zanze improved resident
amenities, including enhancements to the pool area and clubhouse,
and completed unit renovations by installing faux wood flooring and
upgraded lighting fixture to improve leasing efforts and increase
rental rates. At the time of sale, Norterra Canyon was 95%
occupied.
"The Las Vegas market is as
strong as it's ever been," said Anthony
Ly, director of dispositions at Hamilton Zanze. "Population
growth coupled with strong supply and demand fundamentals allowed
us to execute our business plan and for the property to
thrive."
"The timing was just right," said Chris
Milner, Head of Cantor Fitzgerald Investment
Management. "The profitable sale of the property allowed us
to deliver an attractive return for our investors."
Norterra Canyon is located in the North Las Vegas submarket of the Las Vegas metro area. Despite stay-at-home
orders brought on by the coronavirus pandemic, the economy has
started to rebound as unemployment rates continue to decrease.
Occupancy in the submarket registered 96.5% and demand in the
Las Vegas metro outpaced supply
4,947 units to 2,875 units as of Q4. Annually, rent performance was
strongest in the North Las Vegas
submarket, registering at 6.9% year-over-year. After the effects of
the pandemic subside, economic and job growth are projected to
continue in the metro. Norterra Canyon is located 8.0 miles
(18-minute drive) north of Downtown Las
Vegas, providing direct access to major employers and
entertainment.
ABOUT HAMILTON ZANZE
Hamilton Zanze (HZ) is a
private, San Francisco-based real estate investment company
that owns and operates apartment communities. Since its founding in
2001, Hamilton Zanze has acquired over $4.7 billion in
multifamily assets primarily in the Western, Southwestern, and
Eastern U.S. The company currently owns and operates 89 properties
(21,469 units) across 15 states. For additional information,
visit www.hamiltonzanze.com.
About Cantor Fitzgerald, L.P.
Cantor
Fitzgerald, L.P., with over 12,000 employees, is a leading global
financial services group at the forefront of financial and
technological innovation and has been a proven and resilient leader
for over 75 years. Cantor Fitzgerald & Co. is a preeminent
investment bank serving more than 5,000 institutional clients
around the world, recognized for its strengths in fixed income and
equity capital markets, investment banking, prime brokerage,
commercial real estate, and for its global distribution platform.
Cantor Fitzgerald & Co. is one of the 24 primary dealers
authorized to transact business with the Federal Reserve Bank of
New York. For more information,
please visit www.cantor.com.
Contact:
Nicole Marshall
504-644-7335
309167@email4pr.com
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SOURCE Hamilton Zanze