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Investors Purchase Apartment Complex At Double Market Average

Investors from San Diego recently purchased a southern Las Vegas Valley rental complex for more than double the market average.

The Las Vegas Review-Journal reports Logan Capital Advisors acquired the 255-unit Elysian at Southern Highlands for just over $64 million.

The purchase amounts to almost $252,000 per unit, whereas last year investors paid just $105,000 per unit for Southern Nevada apartments.

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Rental prices in Las Vegas are continuing to climb as construction projects increase and investors scoop up more properties. In 2008, that same property was sold for $8.5 million.