DB Capital Management closed on its first multifamily in Las Vegas, paying $64 mil for The Boulevard ($216,000/unit). The 296-unit apartment community is located 20 minutes from the Las Vegas Strip. 

This asset was purchased in a joint venture partnership with Cottonwood Group, based out of Los Angeles. A Spencer Ballif-led team of CBRE’s Las Vegas office represented the seller in the transaction. Dekel Capital arranged $45.8 mil in bridge acquisition financing through UBS. 

The Boulevard, which will be rebranded as Summit on Nellis, offers one-, two- and three-bedroom floorplans with an average unit size of 878 sf.

The acquisition of The Boulevard represents a value-add opportunity for DB Capital, which plans to execute an extensive capital improvement plan that will upgrade all the apartment homes to premium level. When complete, the owners say the Summit on Nellis is expected to be on par with some luxury products in the area but less expensive.