California real estate firm buys Las Vegas apartment complex
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.
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About Sundance Bay
Sundance Bay is a private real estate investment firm headquartered in Salt Lake City. With over $1 billion of assets under management, Sundance Bay specializes in middle-market multifamily investing, net lease investing, and debt lending. Across its different verticals, Sundance Bay seeks to create lasting value for the Firm’s investors and communities in which they invest. For more information about Sundance Bay, please visit SundanceBay.com.
