Investors buy apartments in NLV for nearly $60M

Investors bought a North Las Vegas apartment complex for almost $60 million, a sharp increase over its sales price after the economy crashed.

San Francisco real estate firm Hamilton Zanze announced this week that it acquired the 426-unit Arrow Canyon apartment complex, 5005 Losee Road, in a joint venture with New York financial brokerage Cantor Fitzgerald.

The purchase, for $59.65 million, closed Feb. 16, property records show.

The buyers renamed the property Norterra Canyon and are planning $1.4 million worth of improvements, according to the news release issued Monday.

Hamilton Zanze said the purchase marks its 11th investment in the Las Vegas area.

The 17.7-acre apartment complex was built in 2007, Clark County records show. It sold for $37 million in 2010 and for about $46.9 million in 2014.