This Multifamily Property is Off-Market.

375 Conestoga Way
Henderson, NV 89002 ·

344 Units · Multifamily For Sale

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Crescent Ridge

Price N/A Property Sub-type Garden/Low-Rise
No. Units 344 Property Use Type Investment
Building Size 357,528 SF Cap Rate 6.25%
Property Type Multifamily No. Stories 2
Listing ID: 17605063 Date Created: 04/05/2012 Last Updated: 01/07/2013

Description

Listing broker is cooperating.
NEWER ASSET: This Class 'A' asset, a traditional apartment community has a condominium map in-place. The property was built in two phases in 2008 (44 units) and 2010 (300 units). The seven floor plans (1,039 square-foot average) have an upgraded interior amenity package and washers and dryers in all units.

Each building is painted in neutral multi-tones with attractive architectural detail and varying roof-lines creating an appealing community seen from the 93/95 and 515 Freeways.

Residents will especially enjoy the resort-style pool area, controlled access and detached garages or covered parking. The landscaping has a variety of trees, palm trees, shrubs and grasses creating an oasis-like ambience.

LOCATION: Via 93/95 Freeways and 515, the entire Las Vegas Valley is accessible within a half-hour drive. The Las Vegas Strip is only a 15-minute drive while to the east is Lake Mead a 10-minute drive and Hoover Dam a 20-minute drive. Other attractions include Nevada State College within walking distance.

STABILIZED OCCUPANCY: Crescent Ridge has a good location, high traffic counts in the surrounding streets, and has luxury amenities. The aforementioned strengths along with the strength of the rental market in this submarket create the dynamics necessary for potential rents to continue to maintain an upward trend as occupancy levels rise.

ASSUMABLE FINANCING:
Existing Terms 4.14%
Freddie Mac Program Plus Loan
Origination January 23, 2012; $26,625,000
4.14% Fixed Rate
Interest Only for 24-months
10-Year Term
30-Year Amortization
Loan proceeds may be increased according to future cash flow.

*** Hendricks & Partners will cooperate with all brokers and principals to schedule any tours or visits of the property.

Research

375 Conestoga Way, Henderson, NV 89002 (Clark County)

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