May 9, 2016
CBRE’s Los Angeles team of Brian Eisendrath, Brandon Smith and Annie Rice arranged a seven-year floating rate loan by a GSE lender on behalf of Camden Property Trust, in the $630 million sale of its 15-property multifamily portfolio in Las Vegas, NV. CBRE Capital Markets’ Investment Properties teams in Las Vegas and Phoenix represented the seller.
The sale to funds managed by Oaktree Capital Management, L.P. and their advisor, Bascom Group, LLC. received a $470.7 million loan, secured by CBRE Capital Markets’ Debt & Structured Finance team to acquire the portfolio.
With 4,918 apartment units, 19.6 acres of undeveloped land, and a neighborhood retail center, the portfolio is “well-positioned to see strong future NOI growth by implementing a value-add renovation program,” according to Oaktree’s Managing Director Mark Jacobs.