City has list of potential buyers for apartments

The city of Las Vegas has a potential buyer for the beleaguered Bel Aire Apartment complex.

The Real Estate Committee on Tuesday recommended the City Council approve a buyer-nominee list in the event that the first choice is unable to get financing for the affordable housing project on Pennwood, Silver Dollar and Tara avenues.

In November, the city entered into a contract with Hendricks & Partners to market the sale of the complex. In December, the city rejected a $3 million offer of sale and instead asked for other bids.

Twelve sealed bids were opened Jan. 5 and representatives of the seven of the bidders participated in an informal auction.

David Roark, manager of the city's Real Estate and Asset Management division, ranked the top bidders in order, not only of their offer, but in terms of their probability of closing the deal with a financial institution.

On Tuesday Councilman Arnie Adamsen voted to recommend that the City Council approve the list of top five bidders. Tara Hills, with a bid of $3,150,000 is considered the top bidder because of its ownership of seven Las Vegas properties and its ability to get financing within 75 days.

The actual highest bidder -- Wong -- pledged $3,304,000 but will apply for a U.S. Housing and Urban Development loan for the project, which Roark said will delay construction. As a result, Wong was dropped to fifth place on the bidding list.

In a related item, the committee recommended that the City Council authorize staff to prepare a sales contract with the top bidder.

Adamsen said the contract should include the continued lease of space at the complex for a city Neighborhood Services office and should include lease space for Metro Police.

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