276 DEVELOPER HELD LAS VEGAS CONDOS SOLD FOR $48.3 MILLION

In what might be one of the largest bulk real estate purchases in Las Vegas that did not involve a bank,Turnberry Towers sold the 276 units to a Los Angeles based investor the CIM Group.

CIM, is part owner of the Lady Luck downtown, recently renamed the Downtown Grand.

One bedroom units start at $245,000 with no set maximum price. The two 45 story Turnberry Towers broke ground just north of the Las Vegas Hilton in 2006.

Because CIM has not announced its future strategy brokers cannot gauge how the deal will affect the overall market.

Real Estate broker Bill Zinsser says, "I doubt if the CIM deal will have any effect on any of the high-rise condos in the area due to the lack of inventory."

Although investors seeking bargains have paid a major role in the Las Vegas residential real estate market the past couple of years, a spokesman said, "this was likely the largest bulk purchase ever."

Irv