Pembrook Provides $38.2M in Financing to Acquire, Renovate Valencia Apartments in Las Vegas

by Channing Hamilton

LAS VEGAS — Pembrook Capital Management has provided a $27.6 million first mortgage bridge loan and a $10.6 million preferred equity investment for the acquisition and renovation of 127 apartment units located at 1455 E. Katie Ave. in Las Vegas. The name of the borrower was not released.

The Valencia Apartments complex features 21 two-story buildings offering a total of 227 units spread across 10.5 acres. Pembrook’s financing allows for the purchase of 127 units (56 percent of the property), including 72 one-bedroom, 49 two-bedroom and six three-bedroom apartments. The financing also provides funds to acquire the additional units over the next 27 months.

Upgrades to the units include new flooring, kitchen hardware, lighting and plumbing, as well as the installation of stainless steel kitchen appliances and in-unit washers/dryers. Common-area improvements include modernizing the clubhouse, sports facilities and pool, while providing new fitness equipment for the gym.

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