Broadway apartment complex fetches $64M

The apartment complex at 1000 S. Broadway was recently sold. Photo by Burl Rolett.

The apartment complex at 1000 S. Broadway opened two years ago. Photo by Burl Rolett.

A Las Vegas developer has taken some chips off the table with the $64 million sale of a South Broadway apartment complex.

Fore Property Co. unloaded the 1000 S. Broadway apartment complex this month for $64.6 million, city records show. GS Broadway LLC, which shares an address with South Carolina-based Greystar, bought the property just two years after its first tenants moved in.

The complex has about 260 total apartments, putting the purchase price near $248,000 per door. Greystar representatives Josh Carper and Elise Maahs did not return phone calls and emails by press time.

Fore Property Co. bought 3 acres at 1000 S. Broadway in 2012 for $6.5 million. The company built the 240,000-square-foot apartment complex in 2013, city records show. Jonathan Fore of Fore Property Co. did not return a phone message seeking comment.

Apartments range from 436-square-foot studios up to 1,467-square-foot three-bedrooms, according to the building’s website. Lease rates are starting at $1,475 for 770-square-foot one-bedrooms; $1,825 for 1,040-square-foot two-bed units; and $3,100 for 1,460-square-foot three-bedroom apartments.

The blocks immediately surrounding the apartments have seen an uptick in development recently. Pando Holdings and CF Investments this year opened a 60-unit rental townhome complex at the southeast corner of Mississippi Avenue and Lincoln Street. And a new Sprouts grocery store is also rising at the same intersection.

The apartment complex at 1000 S. Broadway was recently sold. Photo by Burl Rolett.

The apartment complex at 1000 S. Broadway opened two years ago. Photo by Burl Rolett.

A Las Vegas developer has taken some chips off the table with the $64 million sale of a South Broadway apartment complex.

Fore Property Co. unloaded the 1000 S. Broadway apartment complex this month for $64.6 million, city records show. GS Broadway LLC, which shares an address with South Carolina-based Greystar, bought the property just two years after its first tenants moved in.

The complex has about 260 total apartments, putting the purchase price near $248,000 per door. Greystar representatives Josh Carper and Elise Maahs did not return phone calls and emails by press time.

Fore Property Co. bought 3 acres at 1000 S. Broadway in 2012 for $6.5 million. The company built the 240,000-square-foot apartment complex in 2013, city records show. Jonathan Fore of Fore Property Co. did not return a phone message seeking comment.

Apartments range from 436-square-foot studios up to 1,467-square-foot three-bedrooms, according to the building’s website. Lease rates are starting at $1,475 for 770-square-foot one-bedrooms; $1,825 for 1,040-square-foot two-bed units; and $3,100 for 1,460-square-foot three-bedroom apartments.

The blocks immediately surrounding the apartments have seen an uptick in development recently. Pando Holdings and CF Investments this year opened a 60-unit rental townhome complex at the southeast corner of Mississippi Avenue and Lincoln Street. And a new Sprouts grocery store is also rising at the same intersection.

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