Buyer Acquires a 78 –Site Age Restricted Community in Las Vegas
Las Vegas, Nevada (June 3, 2014) — Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, is pleased to announce the sale of Whispering Sands Manufactured Home Community in Las Vegas, Nevada.
ARA National Manufactured Housing Group’s Andrew Shih and Brian Vita (based in Austin, TX) and Todd Fletcher and Jon Shay (based in Denver, CO), represented John Mitchell with Special Servicer LNR Partners. The property was sold through Auction.com to a private owner/ operator attracted to the management turnaround potential.
“It was a rare opportunity to acquire a well maintained, age restricted community on public utilities with a central location in fabulous Las Vegas,” said Shih.
“The activity from investors was significant, and shows that even older communities still experience very high demand from buyers when they have attractive, in-fill locations in desirable markets,” said
Constructed in 1963, Whispering Sands is conveniently located less than 5 miles from Downtown Las Vegas, internationally renowned for its gambling, shopping, fine dining, and nightlife. The community is in close proximity to some of the area’s major retail destinations including the Las Vegas Premium Outlets – North as well as numerous attractions and golf courses including the Las Vegas Natural History Museum and the Desert Pines Golf Club. The residents of Whispering Sands enjoy easy access to several major thoroughfares such as Interstate 515, Charleston Blvd., and Fremont St., which leads to the original Downtown Las Vegas Casinos. The community also features mature landscaping and trees providing a peaceful respite for residents.