Some of the more stylish residential buildings in Las Vegas are under new ownership, several years after the recession dented their financial health.
ST Residential has sold Juhl and the Ogden — two downtown high-rises — along with One Las Vegas, Loft 5 and Spanish Palms Condominiums for $237 million combined.
The bulk sale closed on Dec. 24, Clark County records show.
New York’s Dune Real Estate Partners teamed with KRE Capital of Beverly Hills, Calif., to buy the buildings, property records indicate.
The sale documents list KRE’s address for the buyers, whose registrations with the Nevada Secretary of State are linked to Dune. Meanwhile, a person familiar with the matter described the deal as a “Dune acquisition.”
Efforts to speak Thursday with KRE founder Matt Khoury were unsuccessful. Dune executives did not return a call seeking comment. ST Residential President Jon Pertchik would not immediately comment.
ST apparently has been trying to sell the buildings since January 2013 as part of a portfolio of 13 multifamily complexes in eight states. Last year, the portfolio was valued at almost $1 billion, according to ST.
Corus Bank in Chicago had issued construction loans for these and other projects nationwide, but government regulators closed the bank in September 2009 amid a nationwide purge of struggling lenders. The Federal Deposit Insurance Corp. sold a 40 percent stake in Corus’ real estate loans to private-equity investors, keeping the remaining 60 percent for the government, according to Bloomberg News. The investors created ST to manage the Corus properties.
In Las Vegas, ST took charge of Juhl, 353 E. Bonneville Ave.; the Ogden, 150 Las Vegas Blvd. North; One Las Vegas, 8255 Las Vegas Blvd. South; Loft 5, 2715 W. Pebble Road; and Spanish Palms, 5250 S. Rainbow Blvd.
The Ogden, a mix of rental units and individually owned condos, is the residential mothership of downtown’s tech scene. Among others, Tony Hsieh, CEO of online retailer Zappos, lives there and puts up visitors and startups in the building.