Lyric Apartments Offers Rare Acquisition Opportunity in Affluent Las Vegas MSA

Lyric Apartments, a 376-unit multifamily community in the high-growth area of Las Vegas’ Silverado Ranch submarket, recently sold for $135.2 million at $359,575 per unit and with $91.4 million in financing. Lyric traded from the Bascom Group to Starlight U.S. Residential Fund. The property was 99 percent occupied at the time of the sale.

Newmark’s Curt Allsop, Angela Bates, Doug Schuster and Vittal Ram represented the seller in the transaction. Matthew Williams and James Maynard of Newmark’s debt and structured finance team helped secure the acquisition financing from Sumitomo Mitsui Banking Corporation.

“The purchase of Lyric Apartments offered a rare opportunity to acquire and add value to a well-built luxury multifamily property in one of the most affluent residential areas in the Las Vegas MSA,” said Allsop. “The multifamily sector in Las Vegas has experienced price appreciation of approximately 100 percent over the past few years, and properties like these will almost always be in demand by value-add investors looking to plant their flag in this market.”

Lyric Apartments is located at 304 East Silverado Ranch and was constructed in 2014 by Nevada West. The property features a mix of one-, two- and three-bedroom units with an average unit size of 1,084 square feet.

Newmark also represented Nevada West when the Bascom Group purchased the property in 2016.