Utah firm buys Henderson apartment complex for almost $100M

The exterior of Castile apartment complex photographed on Friday, May 11, 2018, in Henderson. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
The exterior of Castile apartment complex photographed on Friday, May 11, 2018, in Henderson. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
The exterior of Castile apartment complex photographed on Friday, May 11, 2018, in Henderson. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
The exterior of Castile apartment complex photographed on Friday, May 11, 2018, in Henderson. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
The exterior of Castile apartment complex photographed on Friday, May 11, 2018, in Henderson. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
The exterior of Castile apartment complex photographed on Friday, May 11, 2018, in Henderson. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
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They’re two miles and nearly $70 million apart.

Salt Lake City investment firm TM Equities recently bought the Castile apartment complex in Henderson for $99.6 million, more than five years after buying a rental complex up the road for $30 million, property records show.

It bought Castile from developer The Wolff Co and the sale closed April 30.

The deal is another sign of apartments’ rising property values in Southern Nevada. The sector has been marked in recent years by increased construction, shrinking vacancies, higher rents and landlords’ rising purchase prices.

Castile, which opened less than a year ago, sold for $200,000 per unit, far above the nearly $114,000 per unit that investors paid on average for Southern Nevada apartment complexes last year, as tracked by brokerage Colliers International.

TM founders Roger Thompson and James Michie did not respond to requests for comment this week.

Amber Huntley-Ruiz, marketing director for Scottsdale, Arizona-based Wolff, confirmed that the company sold Castile but otherwise declined to comment on the transaction.

She said the 498-unit complex at 1545 Wigwam Parkway – off Stephanie Street and the 215 Beltway – opened for occupancy in June 2017 and that 390 units had been leased by April 1.

TM Equities owns other apartment complexes in Henderson, property records show, including Adobe Ranch. The 234-unit complex at 1350 Kelso Dunes Ave., near the corner of Stephanie and Warm Springs Road, was built in 2003 and sits about two miles north of Castile.

TM bought it in early 2013 for around $128,200 per unit, county records show.

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.

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