Location:  Las Vegas, Nevada
Acquired:  November 2019

One of the largest multifamily properties in Las Vegas, Sandpiper was acquired for $66 million in an off-market transaction. Built in 1998, the property has an unparalleled central location and offers the opportunity to increase value by adding modern, in-demand amenities and performing extensive interior and exterior upgrades.  Compass will invest approximately $7.5 million to execute its capital improvement program that includes unit renovations with new appliances, contemporary fixtures and flooring, along with a new dog park, multi-sports court, outdoor community space with barbeques and improvements to the extensive landscaping with attractive and environmentally responsible zero-scape. The company’s extensive pre-acquisition evaluation anticipates a five-year hold with projected NOI growth of 45%.