About The Russell
The Cushman & Wakefield Multifamily Advisory Group is pleased to present this exclusive offering to purchase 241 of the 280 units at 9620 West Russell Road, referred to as "The Russell Apartments" (Russell)
This 2001 vintage, "A" class project benefits from its proximity to the affluent Summerlin neighborhood, with exceptional 2-mile demographics, including an average household income of nearly $95k and average annual population growth of 4.8% from 2010 to 2021. Ownership has implemented a renovation program to take advantage of the strength of this submarket, renovating approximately 50% of the units to a "full" scope and 35% of the units to a "partial scope", seeing lifts of over $350 per month in some cases. The average spend on these renovations is $11,400 per unit. Additional upside exists through improving the common areas and implementing further improvements to the units, including tech packages, high-end finishes, etc.
Las Vegas has seen one of the sharpest economic rebounds in the country. Gaming revenue saw record-setting numbers in early Q2, mask mandates have been lifted, and convention traffic is scaling to meet pent up demand. On top of that, market rent growth over the trailing 12 months averaged over 7.5%, projected population growth (and rent growth) is among the top five major metros in the United States, and the Summerlin submarket is expected to outperform the valley in most measurable metrics.