Las Vegas apartment units catching interest of investors.(business)

Publication: Las Vegas Review-Journal (Las Vegas, NV)

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COPYRIGHT 2004 Las Vegas Review-Journal

BYLINE: HUBBLE SMITH, REVIEW-JOURNAL

The Las Vegas apartment market remains a viable investment opportunity as the city continues to experience steady job growth and an influx of population, a New York real estate executive believes.

"It's one of the better markets in the nation," Tarak Patolia, chief of acquisitions for Sterling American Property, said Thursday. "Las Vegas has a lot of things going for it. You've got a lot of retirees, the weather, the entertainment."

Sterling American recently completed the sale of three apartment complexes in Las Vegas for $65.7 million. The average sale price of the 840 units was $78,214.

Last year, in a survey from Sperry Van Ness, Las Vegas ranked No....

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