Henderson apartment complex sells for $30 million
18 February 2013
A Salt Lake City investment firm has acquired a Henderson apartment complex for $30 million.
TM Equities picked up the 234-unit Adobe Ranch, off Stephanie Street just south of Warm Springs Road, last month from Capri Capital Partners in Chicago.
It is the most lucrative real estate sale of the year so far in the Las Vegas Valley.
TM Equities says on its website that it invests in multifamily properties with at least 100 units. The firm manages the entity that bought Adobe Ranch.
A spokesperson could not be reached Monday for comment.
Capri Capital bought the 14-acre property in 2007 for $35.4 million. Adobe Ranch was built in 2003, according to Clark County property records.
Founded in 1992, Capri Capital had about $3.7 billion in assets under management nationwide as of Sept. 30, 2012. Almost 80 percent of its real estate portfolio is comprised of multifamily properties.
Spokeswoman Trish Hoffman confirmed that the Henderson complex was sold, but she otherwise declined to comment on the deal.
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