A Las Vegas apartment complex has sold for more than $135 million, the latest nine-figure purchase of a valley rental property. Starlight U.S. Residential Fund announced last month that it acquired Lyric, a 376-unit apartment complex in the south valley. Lyric, 304 E. Silverado Ranch Blvd., near Las Vegas Boulevard, boasts a karaoke lounge, a pet-washing station, poolside spin bikes and other amenities, the new owner said. It traded for $135.2 million and was 99 percent occupied at the time of sale, according to brokerage Newmark Group, which represented the seller, The Bascom Group.
Las Vegas’ rental market faced plenty of turmoil and questions after the pandemic hit, as many tenants tapped unemployment benefits, stimulus funds or other relief programs to pay their rent amid huge job losses, and government-ordered eviction freezes kept starting and stopping.