Frank Napoli, an agent with Berkshire Hathaway HomeServices Nevada Properties, is selling a portfolio of 75 hotel-condo units in Las Vegas. Almost all of them — 73 — are in The Signature at MGM Grand, with the remaining two units in Palms Place.
Napoli put the asking price at about $27 million. He said an investor in Iowa assembled the portfolio over time for around $24 million combined and that the owner died last year at age 81. Napoli is working with the family to sell the units.
The Signature comprises three towers next to MGM Grand on Harmon Avenue near Koval Lane, just east of the Strip. The Palms Place tower is on Flamingo Road about 1.5 miles west of the Strip and adjacent to the Palms hotel-casino. Neither property has a casino, but both are near resorts with gambling, nightclubs, restaurants, and live entertainment.
Napoli noted that a buyer can generate revenue through hotel bookings or Airbnb rentals and ultimately sell the units. He also mentioned that The Signature is near the Athletics’ $2.1 billion under-construction baseball stadium.
Napoli said this portfolio is the biggest bulk offering of hotel-condo units he has seen in years, noting that other recent bulk offerings have included no more than 15 or 20 units.
Sources: Las Vegas Review-Journal
Original reporting: Las Vegas Review-Journal →
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