Sunstone Properties from California purchased the Sutton Place apartments in Las Vegas for $37 million from the Bridge Investment Group from Salt Lake City. The 228-unit complex was sold for $162,000 a unit. Northmarq’s Las Vegas and Phoenix office arranged the deal.

“Sutton Place is a well-maintained, value-add asset with plenty of upside remaining,” said Northmarq’s Thomas Olivetti. “This purchase marks Sunstone’s entrance into the Las Vegas marketplace.”

Built in 1986, the seller recently invested $2.8 million in capital addressing physical building improvements, enhancing the community amenity set and addressing deferred maintenance at Sutton Place. Upgrades to community amenities at Sutton Place included fitness center, playground and soccer field, barbeque and picnic areas and laundry facilities. Deferred maintenance and exterior upgrades included paint and wood repair, asphalt, lighting, HVAC, landscaping, pool/deck furniture and new balcony railings throughout the property.

Sutton Place rents ranged from $1,100 to $1,500/month. It was 93 percent leased at the time of sale.