North Las Vegas apartment complex sells for $40.9 million

The Colonial Grand at Palm Vista apartments in North Las Vegas has been sold for $40.9 million to Colonial Properties Trust, a Birmingham, Ala.-based real estate investment trust.

The 341-unit apartment complex
at 6300 McCarran St., near the
northern Las Vegas Beltway and Interstate 15, is one of three acquisitions made by Colonial Properties using money from a $100 million "at-the-market" equity offering and unsecured credit.

The cash transaction closed in 27 days, said Jim Fisher, principal of Lee & Associates in California who represented the buyer. The seller
was Ovation Property Management,
he said.

Colonial Properties Trust owns or manages more than 34,000 apartment units and 15.1 million square feet of commercial property in the Sun Belt region of the United States.