motel-style apartments with value-add opportunity

PROPERTY HIGHLIGHTS

  • Permitted for Extended Stay 
  • Value-Add Opportunity Through Unit Expansion 
  • Demonstrated Rent Upside 
  • High Occupancy
  • Exterior Upgrades Within the Last Three Years 
  • Planned Exterior CapEx for 2019 
  • 2 Miles E of the Fremont Street Experience 
  • Walking Distance from Fremont East
  • Convenient Access to the I-515 and I-15 Freeway
  • Located in an Opportunity Zone

THE OPPORTUNITY

Fremont Gardens 2 is a motel-style apartment complex. With high occupancy, the property provides demonstrated rent upside and value-add opportunity though unit expansion. Exterior upgrades have been made within the last three years which includes: fresh exterior paint, new windows, new unit doors, and new landscape. The owner is currently planning exterior capital expenditures for 2019 which will include repaving and re-striping the parking lot and painting the walkways.

Fremont Gardens 2 is conveniently located in Downtown Las Vegas - 2 miles east of the Fremont Street Experience and 6 miles north of the Las Vegas Strip. The property is walking distance from Fremont East, a trendy neighborhood filled with arts, live entertainment, restaurants and lounges.

PROPERTY

Fremont Gardens 2 is a 59-unit, motel-style apartment community located in Las Vegas, Nevada. Built in 1960, the property is comprised of flat roofing and masonry construction.

The property's unit mix is made up of 59 studio apartments, each measuring 250 square feet. Each unit is fully furnished and includes hot plate burner, refrigerator, granite countertop, tile flooring, and air conditioning.

This pet-friendly property's community amenities include: a dog park, an on-site laundry facility, and security patrol. The property's proximity to the popular Fremont Street Experience and Fremont East is a major draw to renters.

LOCATION

Economic Snapshot

Demographics

Fremont Gardens 2 is located in Las Vegas, Nevada, east of the city's downtown, and northeast of the Las Vegas Strip. The property is conveniently situated near public transportation and Interstates 15 and 515, connecting residents to abundant employment opportunities across the metropolitan area. Major economic drivers close to the property include the Fremont Street Experience and the Las Vegas Strip. With proximity to the Las Vegas Strip, residents can enjoy the city's best shopping, dining, and entertainment options. Supporting more than 400,000 jobs, the Las Vegas Strip is also a major employment hub. Numerous parks and golf courses are nearby the property, including the 70-acre Craig Ranch Regional Park, which hosts community events, festivals, and concerts.

CONTACT

Investment Advisors

angela powers

Senior Director

angela.powers@berkadia.com

702.866.6253

brian anderson

Managing Director

brian.anderson@berkadia.com

702.522.2185

jared glover

Associate Director

jared.glover@berkadia.com

702.522.2729

sarah garcia

Transaction Manager

sarah.garcia@berkadia.com

702.522.2730

LAS VEGAS OFFICE

2200 Paseo Verde Parkway, Suite 200

Henderson, NV 89052

Phone: 702.866.6333

Berkadia.com

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.

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