A joint venture between a subsidiary of Cantor Fitzgerald Investors and Hamilton Zanze & Co. has sold a 426-unit multifamily property known as Norterra Canyon Apartments located in North Las Vegas, Nev. Cantor Fitzgerald, a sponsor of 1031 tax-deferred exchange investments, facilitated the sale on behalf of one of its Delaware statutory trust offerings. A sales price was not disclosed.
Located at 5005 Losee Road, Norterra Canyon Apartments consists of 17.7 acres of land with 20 residential buildings and a clubhouse. Built in 2007 and renovated in 2018, the property includes two swimming pools, picnic areas, a fitness center, putting green and a dog park. The property enjoys access to major retail and employment centers including Nellis Air Force Base, Downtown Las Vegas and the Las Vegas Strip.
“We purchased the property in February 2018 and subsequently implemented proactive asset management and completed value-add renovations, which helped the asset weather the
