CALCAP Advisors, a Pasadena based real estate investment company, is pleased to announce the sale of the 228-unit Rancho Park Apartments in Las Vegas, NV. CALCAP acquired the REO property from a loan servicer for $9,765,000 ($42,829 per unit/$56 per square foot), in June of 2015. The LLC was initially capitalized with $4,250,000, and the property was financed with a bridge loan in the amount of $7,610,000, which included $980,000 in a renovation/interest holdback.
The property sold on November 13, 2018 for $20,425,000 ($89,583 per unit/$117 per square foot) to a Utah based investment group.
This represents the 11th sale in CALCAP’s 10 year history.
Project Level Returns:
For more information please contact Drew Buccino, COO of CALCAP Advisors at 602-419-3381 or e mail email@example.com for more information.