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AYA Sells for $106M Amid Plans to Convert to Market Rate

AYA Sells for $106M Amid Plans to Convert to Market Rate

AYA Apartments, a 557-unit property located at 3600 University Center Dr., Las Vegas, recently sold for $105.9 million ($190,126 per unit). The property was previously an affordable property.

The actual LURA restrictions expired several years ago and the three-year tail period that required to keep tenants in place expired in March 2021. As a result, all units are in the process of going to market rate.

Avison Young principals Patrick Sauter, Art Carll-Tangora and Steve Nosrat advised the seller and facilitated the sale of the property. The current seller acquired the asset in 2019. The Sauter Multifamily Group was also involved in that sale.

Built in 1973 and renovated in 2019, the property features a mix of studio, one-, two- and three-bedroom apartments in a two-story garden style layout across 42 buildings and 171,692 square feet of gross buildable area.

AYA is located just minutes from the University of Nevada Las Vegas. The name of the street was recently changed from Swenson to University Parkway as part of new campaign to enhance the neighborhood.


Inside The Story

Patrick Sauter

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

  • ◦Sale/Acquisition