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Sauter Multifamily Group, of Avison Young announced the closing of the $105.9 million sale ($190,126 per unit) of AYA Apartments, a 557-unit property located at 3600 University Center Dr, Las Vegas, NV 89169.
Avison Young Principals Patrick Sauter, Art Carll-Tangora, and Steve Nosrat are pleased to have had the opportunity to advise the seller and facilitate the sale of the property. The current seller had acquired the asset in 2019. The Sauter Multifamily Group was also involved in that sale.
The property was previously an affordable property. The actual LURA restrictions expired several years ago and the 3-year tail period that required to keep tenants in place expired in March of 2021. As a result, all units are in the process of going to market rate.
Built in 1973 and renovated in 2019, the property features a mix of studio, one-, two-, and three-bedroom apartments in a two-story garden style layout across 42 buildings and 171,692 SF GBA. AYA is located just minutes from the University of Nevada Las Vegas.
Source: Avison Young Las Vegas Office
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