Irvine-based SB Real Estate Partners, or SBREP, has bought its third apartment building in the Las Vegas Market, acquiring a 143-unit multifamily property in the city’s Centennial Hills market for $42 million.
Brownstone Apartments, located at 7531 Tule Springs Road in Las Vegas, was renamed Portola Centennial Hills as part of the sale.
“The Las Vegas metro has one of the lowest supply pipelines in the country when compared to other high-octane growth markets across the Sunbelt, with the Centennial Hills submarket having virtually no future supply over the next few years,” SBREP Founder & Managing Principal, Srijin Bandyopadhyay, said in a statement.
“Given that backdrop of favorable supply/demand balance, along with other supportive multifamily fundamentals, SBREP plans to remain an active buyer in the Las Vegas (metropolitan statistical area),” Bandyopadhyay continued.
SBREP now has three properties and 640 units in Las Vegas. The Irvine real estate company bought the multifamily property from Fore Property Co. for nearly $294,000 per unit.
Portola Centennial Hills was built in 2021 and features 74 one-, 63 two- and six three-bedroom units across nine buildings.
SBREP was founded in 2017 as a multifamily investment firm.
