LAS VEGAS — Northmarq has arranged the sale of Millennium East, a 236-unit community in Las Vegas’ Sunrise Manor area. A Massachusetts-based property manager sold the asset to a California-based real estate investment company for $52.7 million.
Thomas Olivett of Northmarq’s Las Vegas multifamily investment sales team represented the seller in the deal. Bryan Mummaw, Bryan Liu, Brandon Harrington, Tyler Wood and Chris Gitibin of Northmarq’s debt and equity team secured $33.5 million in acquisition financing for the buyer. The permanent, fixed-rate loan was arranged through Freddie Mac.
Millennium East was built in 2000 and renovated in 2018. Units come in one-, two- and three-bedroom floor plans ranging from 720 square feet to 1,116 square feet. A majority of the units were renovated with upgraded nickel light fixtures, full-size washers and dryers, luxury vinyl flooring and stainless steel appliances. Amenities include a pool, gym, playground, dog park, package lockers and covered parking.