The Real Deal Miami

Pordes-Ladder joint venture pays $119M in 427-unit Las Vegas bulk buy

January 17, 2013 12:45PM

Veer Towers

A joint venture between Aventura-based Pordes Residential Sales & Marketing in Aventura and Ladder Capital Finance in New York has purchased 427 units in Last Vegas’ Veer Towers from MGM Resorts International. The joint venture, LVT Owner, paid $119 million for the properties, which are part of 669 total units at Veer Towers. Most of the other units have been sold. LVT intends to lease and sell units; the property is currently 75 percent leased. The deal closed in December. —Alexander Britell