Pembrook Capital Management LLC announced the closing of a $27.6 million first mortgage bridge loan and a $10.6 mmillion preferred equity investment for the acquisition and renovation of 127 units located at 1455 East Katie Ave. in Las Vegas, Nevada.
The Valencia Apartment complex comprises 21 two-story buildings for a total of 227 units spread across 10.5 acres. Pembrook’s financing allows for the acquisition of 127 units, 56% of the units, including 72 one-bedroom, 49 two-bedroom and six three-bedroom apartments, and provides funds to acquire additional units over the next 27 months.
Upgrades to the units include new flooring, kitchen hardware, lighting, plumbing, and the installation of stainless-steel kitchen appliances and in-unit washing machines. Improvements to common areas will include modernizing the clubhouse, sports facilities, pool and providing new fitness equipment for the gym.
The property offers residents close proximity to nearby attractions such as the Moon World Resorts, MSG Sphere and Allegiant Stadium. The Valencia Apartments is also located near Interstate 15 and Flamingo Road, providing residents convenient access to multiple employment hubs and the international airport.
“We are pleased to fund extensive upgrades to The Valencia Apartments, supporting high-quality affordable housing opportunities for the Las Vegas community,” said Stuart Boesky, CEO of Pembrook. “This property portfolio is powerfully positioned as Nevada continues to see an outsized influx of new residents as a result of its business-friendly policies and robust employment opportunities.”
