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Apartment complex in western Las Vegas Valley sells for $21.5M

The recently renovated western Las Vegas apartment complex Fifty101 traded hands between two Southern California investment firms in a deal announced Friday.

Real estate investment firm Apartment Ventures in Cypress, California, acquired Fifty101 for $21.5 million from Irvine, California-based company The Bascom Group, according to a release from Cushman & Wakefield, which brokered the deal.

The 90-unit apartment complex has a mix of one-, two- and three-bedroom units. Named after its address at 5101 O’Bannon Drive, the complex sits near West Sahara Avenue and South Decatur Boulevard.

Taylor Sims of Cushman & Wakefield said the area is poised for growth, including in rental prices.

“Las Vegas is expected to be a top major metro for projected rent growth over the next five years,” Sims said, while also noting the western Las Vegas submarket is expected to outperform the rest of the valley.

Contact Subrina Hudson at shudson@reviewjournal.com. Follow @SubrinaH on Twitter.

Zillow hits pause on buying more homes

The company announced that due to a “backlog in renovations and operational capacity constraints,” it will not sign any new contracts to buy homes “through the end of the year.”