Sagebrook Apartments in Las Vegas Acquired by ING Clarion for $15.4 Million

Built in 1986, Sagebrook Apartments consists of 192 units situated on a 6.56 acre site on the north side of Vegas Drive, a major throughway in the city. The property is conveniently located within a short commuting distance to major medical centers, entertainment venues, employment areas, shopping centers, restaurants, parks, libraries and government offices. Mass transit as well as the local elementary, middle, and high schools are all within easy walking distance. The local submarket is a well-developed, in-fill location resulting in relatively high barriers to new construction and generally low vacancies, which benefits the rental apartment communities in the area.

One of the fastest-growing cities in the country, Las Vegas has experienced employment growth averaging 4.9 percent over the past 12 months, nearly three times the national average. The area is expected to continue to grow at a faster rate than the nation as a whole, with more than 33,000 new jobs anticipated over the next five years, creating substantial demand for housing.

“There is significant demand in the Las Vegas market for higher quality, yet affordable rental units,” said Mike McCann, senior vice president at ING Clarion. “By renovating and improving the Sagebrook Apartment units, we believe we can position the property to take advantage of this opportunity.”