Sunroad Enterprises has secured a $66 million senior loan from PCCP for the acquisition and lease-up of Element 12 at Cadence in Henderson, NV. The four-story apartment community, located within the Cadence master-planned community (MPC), was completed in September 2023 and consists of 265 units. JLL Capital Markets facilitated the financing.
Element 12 at Cadence is a modern garden-style complex with six buildings featuring elevators. The average floorplan size is approximately 875 square feet, with a mix of one-bedroom (145 units), two-bedroom (100 units), and three-bedroom (20 units) layouts. Residents can enjoy various amenities such as a pickleball court, heated pool and spa, bike storage with pet spas in each building, co-working spaces, game room facilities,and fitness center complete with separate yoga studio. Ample parking is also available on-site for residents’ convenience.
In addition to these exclusive amenities within Element 12 itself,the property also offers access to all communal facilities within the larger Cadence MPC spanning over2 ,200 acres.This includes450 acres of green space,parks,and an expansive pool area.When fully developed,Cadence MPC will feature an estimated13 ,000 homes.
Strategically situated just off Boulder Highway -oneof Henderson’s major thoroughfares- Element12 provides direct access to both downtown Las VegasandHenderson.Residents can easily commute to key employment hubs throughoutthe greater Las Vegas metropolitan area while enjoying close proximityto established local amenitiesand suburban neighborhoods.Hendersonis recognized as oneofthefastest-growing citiesinthe countrywith someofthe highest incomesinNevada,making itan ideal locationfor investment opportunities like this one.
Dan Feldman,P residentof Sunroad Asset Management,stated,”This transaction showcases our dedicationto expandingour multifamily portfolio even during challenging market conditions.We are proud topurchase this propertyas it marks the first direct transaction between AG Spanos Companies and Sunroad Enterprises.We are grateful to our financing partner,PCCP,for providing the necessary funding for this acquisition,and we appreciate JLL’s efforts in facilitating this deal.”
