Madison Residential (MR), a Los Angeles-based real estate investment firm managed by Bryan Schimmel and Jason Sawchuk, is pleased to announce the closing of Vernazza Apartment Homes, an $18.2 million multifamily property in Las Vegas, Nevada.
Vernazza Apartment Homes is a 168-Unit apartment community located in the Spring Valley submarket of Las Vegas, Nevada. Situated just minutes from the Las Vegas Strip and the upscale community of Summerlin, the property provides strong access points to entertainment, employment, and recreational centers within the region.
The project was originally constructed in 2001 as a fully affordable housing development with rent restrictions having been lifted in 2016. As of the time of closing, the community consisted of 55% affordable tenants with the remaining units leased to market-rate residents.
Madison Residential plans to convert the remaining affordable units to market rates as well as implement an interior and exterior renovation campaign to further capture market rental premiums.
The renovation plan totaling over $1.2 million of community enhancement is expected to be completed over the next 24 to 36 months.
About Madison Residential
Madison Residential is a Los Angeles-based real estate company that brings institutional-level experience to the middle market real estate sector. The company targets opportunistic investments throughout the West Coast and South East regions that fall below the scope of large, private equity firms. The company's principals have successfully completed investments consisting of over 5,000 apartment units with a total portfolio value in excess of $750 million in markets across the country.
The firm is currently seeking to acquire small to medium sized multifamily assets (50 to 200 Units) that provide substantial opportunities for enhancing value by executing capital improvements, implementing operational efficiencies, and by utilizing a more advantageous capital structure.
Disclosure: This press release is provided for informational purposes only, and does not constitute a solicitation of any shares in any investment vehicle managed by Madison Nathan Partners LLC. Such solicitations can only be made to qualified investors by means of the private placement memorandums, which describe, among other things, the risks of making an investment. Additionally, this presentation does not constitute investment advice of any kind. Please direct any inquiries or communications relating to this press release to: [email protected]