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**SB Real Estate Partners Acquires Luxury Apartment Community in Las Vegas for $42M**
SB Real Estate Partners (SBREP) has acquired Brownstone Apartments, a 143-unit luxury apartment community in the Centennial Hills submarket of Las Vegas, in an off-market transaction for $42 million. The property has been rebranded as **Portola Centennial Hills**, expanding SBREP’s presence in the Las Vegas market to three properties totaling 640 units.
Originally delivered in 2022, the community is located at 7531 Tule Springs Road, approximately 15 miles northwest of the Las Vegas Strip.
The property features a range of upscale amenities, including a clubhouse, a pool, barbecue areas, a 24-hour fitness center, and tuck-under garages. Current rents range from **$1,349 to $2,249 per month**.
SBREP plans to invest in limited capital improvements, including the addition of a **Smart Home tech package** and minor upgrades to common areas.
John Cunningham, Charles Steele, and Jared Glover of Berkadia Las Vegas represented both the Buyer and Seller, Fore Property, in the transaction.
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