LAS VEGAS, NV – San Francisco-based real estate investment firm Hamilton Zanze announced the sale of Norterra Canyon in north Las Vegas, NV. The company acquired the property in 2018 through a joint venture with a subsidiary of Cantor Fitzgerald Investors and completed the sale on April 27, 2021. The transaction marks the company's ninth Las Vegas sale and the first DST sale.
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 with an average size of 1,076 square feet. The accommodations feature granite countertops, Energy Star appliances, walk-in closets, patios and balconies, and washers and dryers. Community amenities include a guest lounge, business center, bocce ball, two resort-style pools with cabanas, putting green, and fitness center.
During their tenure, Hamilton Zanze upgraded residents' amenities, including improvements to the pool area and clubhouse, and completed the renovation of the units by installing synthetic wood floors and upgraded lighting fixtures to enhance leasing efforts and increase rental rates. At the time of sale, Norterra Canyon was 95% occupied.
"The Las Vegas market is stronger than ever," said Anthony Ly, director of operations at Hamilton Zanze. "Population growth coupled with strong supply and demand fundamentals enabled us to execute our business plan and allow the property to thrive."
"The timing was spot on," said Chris Milner, director of Cantor Fitzgerald Investment Management. "By selling the property profitably, we were able to offer our investors an attractive return."
Norterra Canyon is located in the North Las Vegas submarket of the Las Vegas subway area. Despite the stay-at-home orders sparked by the coronavirus pandemic, the economy has recovered as unemployment rates continue to fall. The submarket occupancy rate was 96.5% and demand on the Las Vegas subway surpassed supply from 4,947 units to 2,875 units as of the fourth quarter. The annual rental performance in the North Las Vegas submarket was the strongest at 6.9% compared to the previous year. After the effects of the pandemic subside, the metro's economic and employment growth is expected to continue. Norterra Canyon is an 18-minute drive north of downtown Las Vegas and provides direct access to major employers and entertainment.
Source: Hamilton Zanze