California real estate firm OpenPath Investments bought the Desert Ridge apartment complex at 7055 E. Lake Mead Blvd., for almost $31 million. (Berkadia)California real estate firm OpenPath Investments bought the Desert Ridge apartment complex at 7055 E. Lake Mead Blvd., for almost $31 million. (Berkadia)
By Eli Segall / Las Vegas Review-Journal
April 25, 2018 – 1:33 pm
A California real estate firm has bought an east Las Vegas apartment complex.
OpenPath Investments, which says it follows a “socially responsible investment platform,” acquired the 304-unit Desert Ridge complex at 7055 E. Lake Mead Blvd., past Hollywood Boulevard at the valley’s eastern edge.
The $30.75 million purchase closed April 3, property records show.
Brokerage firm Berkadia, which represented the seller, Salt Lake City-based Sundance Bay, announced the deal Wednesday.
Built in 1990, Desert Ridge has one- and two-bedroom units that average 850 square feet. Amenities include a fitness center, clubhouse and racquetball court, Berkadia said.
OpenPath, based in Truckee, California, near Lake Tahoe, says on its website that it aims “to generate a triple bottom line: robust financial returns alongside positive and measurable social and environmental impact.”
Efforts to get comments from the firm were not immediately successful Wednesday.
Contact Eli Segall at [email protected] or 702-383-0342. Follow @eli_segall on Twitter.