SB Real Estate Partners (“SBREP”) has acquired Brownstone Apartments, a 143-unit luxury apartment community located in the Centennial Hills submarket of Las Vegas, in an off-market transaction for $42 million. The property has been rebranded as Portola Centennial Hills, bringing SBREP’s footprint in the Las Vegas market to three properties totaling 640 units. Delivered in 2022, the property located at 7531 Tule Springs Road is approximately 15 miles northwest of The Strip.
Common area amenities include a clubhouse, a pool, barbecue areas, a 24-hour fitness center and tuck-under garages. Current rents range from $1,349 to $2,249 a month.
Given the newer-build profile, SBREP plans a limited capital improvement program that will include a Smart Home tech package and minor common area upgrades.
John Cunningham, Charles Steele, and Jared Glover of Berkadia Las Vegas represented the Buyer and Seller, Fore Property, in the transaction.
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