206-Unit Las Vegas Apartment Complex Destroyed by Fire Sells for $57.5 Million
Ely at Fort Apache has sold in Las Vegas, roughly three years after its redevelopment following a major fire. The property was heavily damaged in a construction-site fire that caused an estimated $35 million in losses. Ely at Fort Apache has been sold for $57.5 million in an off-market deal closed on May 15. The property is a 206-unit upscale Las Vegas rental complex. The sale reflects the strong southwest Las Vegas submarket demand. The complex is located at 5055 S. Fort Apache Road. It features a resort-style pool, outdoor kitchen, and concierge services. At the time of sale, the complex was approximately 92% occupied. The Calida Group owned the property until a buyer closed the deal last month. The buyer was represented by The Mogharebi Group. On January 18, 2021, a fire started at the then-under-construction complex. It took nearly 100 firefighters to put out the fire, which was intentionally set by arson. It caused approximately $35 million in losses across three buildings and a clubhouse.
