This past Monday on November 10, Legacy Living Investments acquired LaNoor Studios in Mesquite NV. We are thrilled for our Acquisition for this 51 unit apartment building complex.

Legacy Living Investments would like to think all the investors involved in getting this transaction to the finish line.

La Noor Studios:

La Noor Studios is a 51-unit apartment complex located in Mesquite, Nevada – one of the fastest-growing cities in the state. This rapidly expanding market provides a strong backdrop for continued growth.

La Noor Studios represents a significant value-add opportunity in a supply-constrained submarket. Built in two phases (2021 and 2023), the property offers a rare chance to acquire a modern multifamily asset with substantial upside. The business plan focuses on upgrading the 2021 units to match the higher-rent 2023 finishes, creating an immediate path to revenue growth while maintaining a strong competitive position.

Legacy Living initially placed the property under contract in early 2025 at $3.9 million. Following a foreclosure, we negotiated a direct acquisition from the lender at a purchase price of $3.30 million—a 15% discount that materially enhances projected returns.

The capital plan calls for acquisition with bridge financing, followed by a refinance into agency debt in month 12. At that point, we anticipate returning approximately 50% of invested equity, while maintaining long-term ownership under favorable financing. The combination of operational value-add, discounted basis, and above-average rent growth in Mesquite positions La Noor Studios as a compelling risk-adjusted investment.