Park 1 is a 408-unit multifamily residential complex located in Las Vegas, Nevada. The gated residential complex is strategically located at 8600 West Charleston Boulevard, right at the gate to the upscale Summerlin community. Additionally, the project is also adjacent to Boca Park, a premier retail and dining destination.
Park 1 was purchased with $9 million in owner’s equity and a $39.5 million loan from Corus Bank. The property was successfully sold in 2008 for a total price of $62,276,000. The rate of return on the investment was 30% and the equity initially invested doubled as a result of the sale.