Florida-based ZMR Capital has entered the Las Vegas market by acquiring Sunridge, a 216-unit multifamily community. Only 6 miles from the Strip in the Sunrise Manor submarket, the community, purchased for $38.5 million, features one-, two-, and three-bedroom apartment homes.
“The Las Vegas rental market continues to benefit from very favorable supply and demand dynamics as well as an ongoing migration of people from West Coast markets seeking a more affordable cost of living,” says Zamir Kazi, ZMR CEO. “ZMR is committed to building a substantial portfolio in the Las Vegas MSA with plans to invest $500 million over the next 24 months.”
Built in 1991, the community includes two resort-style pools and spa, a business center, a clubhouse with a fireplace, a playground, covered parking, and in-unit washers and dryers. Representing a compelling value-add opportunity, ZMR plans to implement a multimillion-dollar capital improvement plan. The plan includes renovating interiors, updating common areas, and upgrading the building exteriors and curb appeal.
Sunridge is near several employment hubs, including a Google data center, an Amazon fulfillment center and Haas Automation’s manufacturing plant. “After facing a significant downfall during the pandemic, rent growth in Las Vegas had a huge bounce back in 2021, with year-over-year cumulative growth of 22%,” Kazi says. “With the market’s growing job market, there is robust demand for quality housing in an increasingly tight supply market.”
This was an off-market transaction and was sourced by ZMR Capital. Specializing in the acquisition and redevelopment of value-add multifamily assets, the firm owns a portfolio of more than 7,000 apartment homes in Arizona, Florida, Georgia, Texas, and now Nevada.
