Hamilton Zanze Sells Multifamily Community in North Las Vegas
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.
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SOURCE Hamilton Zanze