Veer Towers virtually sold out with bulk sale of 427 units
21 December 2012
21 Dec. 2012 1:15 p.m.
A New York investment firm has paid $119 million cash for more than 60 percent of the condos at CityCenter’s Veer Towers.
The bulk sale of 427 units to Ladder Capital, recorded Thursday in Clark County, means almost all the available inventory has been snapped up.
The 37-story luxury high rises on the Strip are 98 percent sold, developers said today. The 11 remaining units are all penthouses.
Ladder paid around $300 per square foot, while asking prices for individual buyers have started in the $500 range, said Tony Dennis, executive vice president of CityCenter Residential. About 320 of the units sold to Ladder are already being rented, he said.
Dennis said the deal was in the works for more than a year and brings "new energy and new money" into the market. The deal gives a boost to Las Vegas' condo sector and, as Dennis sees it, shows that "the future is going to better than it is today."
Ladder CEO Brian Harris did not return a call seeking comment.
Veer Towers, which lean at a 5 degree angle, have 335 units each. The homes range from about 500 to 3,300 square feet. Amenities include valet parking, exercise facilities, steam rooms and saunas.
The 67-acre CityCenter complex is a joint venture between MGM Resorts International and a subsidiary of Dubai World, a Dubai-owned holding company.
This was at least the second bulk sale of residential units on or near the Strip this year.
Hilton Worldwide’s timeshare division bought roughly 300 condo units at Donald Trump’s golden high-rise, Trump International Hotel Las Vegas.
Hilton plans to use the units as timeshare accommodations starting next spring.
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