Home News Cantor Fitzgerald Sells Las Vegas Multifamily DST Property

Cantor Fitzgerald Sells Las Vegas Multifamily DST Property

A joint venture between a subsidiary of Cantor Fitzgerald Investors LLC and private real estate investment firm Hamilton Zanze & Company has sold Norterra Canyon Apartments located in North Las Vegas.

A joint venture between a subsidiary of Cantor Fitzgerald Investors LLC and private real estate investment firm Hamilton Zanze & Company has sold Norterra Canyon Apartments located in North Las Vegas, Nevada. Cantor Fitzgerald, which sponsors 1031 tax-deferred exchange investments, facilitated the sale on behalf of one of its Delaware statutory trust offerings. The original purchase price and sale price were not disclosed by the company.

Situated on nearly 18 acres, Norterra Canyon Apartments is a 426-unit multifamily property with 20 residential buildings and a clubhouse. Built in 2007 and renovated in 2018, the property includes two swimming pools, picnic areas, a fitness center, putting green, and a dog park.

“We purchased the property in February 2018 and subsequently implemented proactive asset management and completed value-add renovations, which helped the asset weather the challenges brought on by COVID-19 and ultimately positioning the property for a profitable exit for our investors,” said David Nelson, managing director of transactions for Hamilton Zanze.

Jay Frank, chief operating officer of Cantor Fitzgerald Investment Management, said that the sale delivered “an attractive return for…investors with total proceeds exceeding 135 percent of their aggregate original investment, resulting in an internal rate of return of 12 percent over the approximately three-year hold period.”

Cantor Fitzgerald’s real estate investment management portfolio currently includes more than 5,000 multifamily units and 12.3 million square feet of office, industrial, multifamily and retail space across 160 properties. In 2020, including the activity of its affiliate Newmark, Cantor Fitzgerald participated in more than $72.3 billion of total real estate transactions.

Click here to visit The DI Wire directory page.