November 17, 2021 9:00 AM
Newmark announced it has arranged the $ 135.2 million, $ 359,575 per unit sale and $ 91.4 million financing of Lyric Apartments, a 376-unit luxury multi-family community in the fast-growing Las Vegas neighborhood , Nevada’s Silverado Ranch submarket. Lyric was traded from The Bascom Group – a private equity firm that has completed more than $ 19.1 billion in multi-family value-added transactions since 1996 – to Starlight US Residential Fund, an acquisition-focused fund, the ownership and operation of multi-family properties in the United States. was 99% occupied at the time of the sale.
Newmark’s Executive Managing Director Curt Allsop and Managing Director Angela Bates, as well as Executive Managing Director Doug Schuster and Managing Director Vittal Ram represented the seller in the transaction. Newmark Executive Managing Director Matthew Williams and Assistant Vice President James Maynard of the Company’s Debt and Structured Finance team helped secure acquisition financing from Sumitomo Mitsui Banking Corporation.
âThe purchase of Lyric Apartments offered a rare opportunity to acquire and add value to a well-built luxury multi-family property in one of the wealthiest residential areas of the MSA of Las Vegas,â said Allsop. âThe multi-family sector in Las Vegas has seen price appreciation of around 100% over the past few years, and properties like these will almost always be in demand by value-added investors looking to plant their flag in this market. . ”
Lyric Apartments is just east of Las Vegas Blvd at 304 East Silverado Ranch and was built in 2014 by Nevada West, a company known for their quality construction and unique floor plans. The property offers a mix of one, two and three bedroom units with an average size of 1,084 square feet. Facilities include two resort-style pools with formal cabanas, a state-of-the-art fitness center, LP Karaoke lounge, kiddy pool, and playground. Newmark also represented the original developer, Nevada West, when the Bascom Group purchased the property in 2016.
âThis purchase marks Starlight’s second multi-family acquisition in the Las Vegas MSA. Our team worked closely with the Starlight team to help secure the most beneficial financing for the acquisition, âsaid Williams. “The property will be a great addition to their portfolio, and we look forward to working with them again in the future.”
Lyric Apartments’ location in a high growth submarket offers proximity with above average demographics and notable retail and entertainment attractions including the Las Vegas Strip, Allegiant Stadium and the Airport McCarran International.
According to Newmark Research, Las Vegas is second in the country for annual rental growth of 30.9% compared to the US average of 13.4%.
 Dba Multifamily by Newmark Knight Frank in Nevada
Newmark Group, Inc. (Nasdaq: NMRK), along with its subsidiaries (âNewmarkâ), is a global leader in commercial real estate, seamlessly fueling every phase of the property lifecycle. Newmark’s full suite of services and products are uniquely tailored to suit every client, from owners to occupants, investors to founders, and startups to blue chip businesses. Combining the platform’s global reach with market intelligence in established and emerging real estate markets, Newmark provides superior service to clients across the industry. Newmark generated revenues of over $ 2.5 billion for the twelve months ending September 30, 2021. The offices owned by the Newmark company, as well as its business partners, operate from more than 160 offices with approximately 6,200 professionals worldwide. To learn more, visit nmrk.com or follow @newmark.
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