This article was originally published on the Nevada Business Magazine
Las Vegas-based Camino Verde Group, a real estate investment, development and asset management company, has sold one of its central Las Vegas multifamily properties for $3.5 million. Camino 1107, formerly known as the Desert Inn Apartments and located at 1107 E Desert Inn Road, closed for nearly $100,000 per unit.
The 36-unit property encompasses roughly an acre and features one-bedroom, two-bedroom and three-bedroom floor plans up to 1,050 square feet.
“The property was built in 1963 and needed some significant improvements. We were able to make those improvements and turn this into a great investment for everyone involved, including the residents,” said Kevin Romney, co-founder and managing director of Camino Verde Group.
Following the sale of the Desert Inn building, Camino Verde Group acquired Radcliff Apartments at 2566 Sherwood Street near Downtown Las Vegas for $1.7 million. The building is located directly across the street from 2575 Camino, another property owned and managed by Camino Verde Group.
Built in 1962, Radcliff Apartments is a 22-unit property featuring a gated garden-style building with studio, one-bedroom and two-bedroom floor plans. It includes a community laundry facility available to all tenants and a central gated courtyard which has secured entrances on both sides of the building.
As part of the acquisition agreement, the property has a two-year master lease for all units with U.S. Vets, the largest nonprofit organization in the country that provides comprehensive services to homeless and at-risk veterans.
“Our partnership with U.S. Vets for all of the property’s units gives us the opportunity to focus on other needs such as making the necessary improvements to the building that will provide a better overall experience for residents,” Romney said.