ZMR Capital has acquired Sunridge, a 216-unit community in Las Vegas, for $38.5 million. The off-market deal was sourced by the company. According to Yardi Matrix data, the property was subject to a Fannie Mae loan of $6.7 million in 2013 under the previous private owner.
ZMR plans to execute a multi-million dollar capital improvement plan to renovate and upgrade the apartment community.
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Built in 1991 and spanning 11.4 acres across 18 two-story buildings, the community encompasses a mix of one-, two- and three-bedroom apartments, averaging 934 square feet. Washers and dryers are available in all units. Common-area amenities include two swimming pools, a clubhouse, a business center, two spas, a playground and covered parking.
Located at 4855 E. Vegas Valley Drive, the property is roughly 10 miles from the Las Vegas Strip and has access to highways 515 and 612 and Boulder Highway. The community is situated in the Sunrise Manor submarket east of Las Vegas near several employment hubs. Dining, retail and entertainment options are available in the surrounding area. Harry Reid International Airport is less than 7 miles away.
The acquisition of Sunridge marks ZMR Capital’s entry into the Southern Nevada market as part of building a portfolio in the Las Vegas MSA, with plans to invest $500 million over the next two years, said ZMR CEO Zamir Kazi in prepared remarks. ZMR recently landed a $207 million acquisition load for a 982-unit community in Brandon, Fla.