A New York-based real estate firm, Artisan Real Estate Ventures, has bought a 440 unit condominium complex in northeast Las Vegas. 

Summerhill Apartments, located at 2150 N. Tenaya Way, sold for $52 million.  The per unit price is $118,000. 

The Summerhill Apartments were bought two years ago by the former owner, Great American Capital Inc. for just over $32 million.  Great American Capital Inc. owns properties in Las Vegas and southern California. 

Occupancy in the apartment complex is currently at 90 percent.  The complex is close to freeways.  Downtown Las Vegas and the Las Vegas strip are just a few minutes away, making the property an attractive choice for renters. 

Artisan also owns two other properties in Las Vegas. 

Current numbers from the Center for Business and Economic Research at the University of Nevada, Las Vegas show that apartment vacancy in the area has risen 38.4 percent in the last year.  The vacancy rate stood at 7 percent in July 2007, up from 5.1 percent in July 2006. 

However, rental rates are increasing across the Las Vegas Real Estate market.  There was a slight 2.8 percent increase in the average rent for an apartment in Las Vegas over the last year.  During July 2007, the average was $856, up from $833 in July 2006. 

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