((每年的投资回报率=7.25％proforma)) 156U--VEGAS公寓（恩坎塔达）只有$4.59百万（（每单位 $29,423元））

- 十二月 09, 2011

UNITS MIX INFO:
Description No. Units Sq. Ft.
One Bedroom 36 670
Two Bedroom/Two Bath 96 912
Three Bedroom/Two Bath 24 1,100

((每年的投资回报率=7.25％proforma)) 156U--VEGAS公寓（恩坎塔达）只有$4.59百万（（每单位 $29,423元））

((proforma-CAP-RATE=7.25%))
156U-VEGAS-APARTMENT
(ENCANTADA) ASKING FOR ONLY=$4.59 MILLIONS (( $29,423 per unit ))

Executive Summary

Encantada Apartments is a three-story 156 unit monthly rental property located in Las Vegas’ Eastside submarket. The property was built in 1986 and consists of three floor plans averaging 885 sq.ft. The property is considered Class C in quality and C as it relates to location

The overall condition of the building is fair. Based on a brief walk through inspection it appears the property is in need of capital enhancements and management/operational repositioning. The parking lot needs to be re-sealed and striped and landscaping could also use some attention.

Investment Rationale
Completed in 1986, Encantada Apartments is a garden style community with unique architecture when compared to immediate competing properties. This comparative advantage is coupled with all the benefits of downtown employment and urban living. The community is well located within the Valley's Near Eastside submarket and up and coming downtown Las Vegas.

Location
Encantada Apartments is centrally location in Las Vegas, Nevada, near the intersection of Cedar Street and South Eastern Avenue (a major north-south thoroughfare) and Las Vegas 93/95 express-way (a major east-west thoroughfare). Residents enjoy convenient access to public transportation and the Fremont East District just a few miles away. Downtown Las Vegas growth potential has finally showing traction with the relocation of Zappos.com, a major online retail employer with plans to relocate over 2,000 employees to the districts of Downtown Las Vegas. The company is completing their negoiations to move their headquarters from Henderson Nevada inot the "Old City Hall" building downtown just a few miles west of this location, promising to change the culture of downtown's Fremont East District. Encantada Apartments wil surely benefit with its proximity to employment growth in the downtown districts.
Opportunity
With a comprehensive capital enchancement plan. Investors can take advantage of the current distress - REO status of the property and increase its value substantially. The previous owners purchased Encantada Apartments in 2005 for $7,575,000 but due to over leverage was forced into default and subsquently gave a "Deed in Lieu" of foreclosure to its creditor and now Seller. This Class - C asset is primarily a "Operational Reposition" and "Capital Enhancement" opportunity that is most sought after in today's multi family investment climate. Those with vision will quickly see the upside potential that fits well with IRR driven investment programs of 18 months or greater. Encantanda Apartments can feasibly be improved and is priced to compete with other available opportunites on the market today. All reasonable offers will be considered and there is no "Call for Offers" dates nor "Best and Final" sales procedures pursued by Colliers International allowing expedited negotiations and acquisitions.