Dekel Capital has secured $ 6.9 million of joint venture equity financing for Haven Realty Capital (“Haven”) to acquire and reposition La Ventana Apartments in northwest Las Vegas.The project’s financing structure includes $6.9 million in Dekel Capital-sourced JV equity, a floating rate senior loan from Freddie Mac and sponsor equity.
“Through a number of introductory meetings led by Dekel, Haven became a known entity to key institutional equity groups in the multifamily sector,” said Shlomi Ronen, founder and managing principal of Dekel Capital.
Dekel started introductory meetings with a number of equity partners and Haven early in the process which showcased Haven’s experience and interest in acquiring assets in California, Nevada and Arizona. These meetings allowed equity groups the opportunity to better understand Haven’s business plan when the La Ventana project was presented.
Located at 2901 N. Rainbow Blvd. in North Las Vegas, the 256-unit La Ventana Apartments complex is set to undergo an extensive value-add renovation to meet the demand of a growing professional tenant profile in the immediate area. Haven expects to complete the renovation and stabilize the property over 36 months.
“With its thriving entertainment and hospitality-based economy, in addition to recent developments in its technology and healthcare sectors, Las Vegas is becoming one of the nation’s most desirable and affordable metropolitan areas,” said Sudha Reddy, co-founder and managing principal of Haven Realty Capital.
“Haven has extensive investment experience in the Las Vegas market and believes La Ventana Apartments will provide a significant value-add opportunity.”
The La Ventana Apartments acquisition marks Haven Realty’s third multifamily acquisition in Las Vegas over the past 12 months. The sponsor also operates a portfolio of 600 single-family rentals in Las Vegas and an additional 1400 single family homes in CA and IL.
La Ventana Apartments is in close proximity to the newly expanded Mountain View Hospital, four retail shopping centers and has exposure to strong traffic counts of 20,500 vehicles daily. The property, built in 1989, incorporates one- and two-bedroom units in 17 separate standing buildings on 13.5 acres. With 401 parking spaces, La Ventana Apartments features on-site amenities including in-unit washers and dryers, built-in kitchen appliances and a semi-private entrance in addition to private balconies and patios. The two-story complex also offers a swimming pool and spa, fitness center and children’s playground.