Sold
Casa De Alicia Portfolio (2 properties, 106 units)
Casa De Alicia
53 Units
1307 Darlene Way
Boulder City, NV  89005
Sold
Casa De Alicia Portfolio (2 properties, 106 units)
Casa De Alicia West
53 Units
891 Del Sol Drive
Boulder City, NV  89005

City View Apartments is a 112-unit property located in the West-Central submarket of Las Vegas and is poised to take advantage of the recent surge of nearby activity. Constructed in 1977, City View is a quaint community that offers proven renovation upside in both floor plans, ample common areas, a pool, and a lightly renovated clubhouse.

Las Vegas was the number one metro for rent growth in 2018, recording 7%+ growth. Las Vegas also recorded rent growth of 6%+ in 2016 and 2017. With the strong rent growth in Las Vegas, City View has been able to prove out $130 per month lifts in rents through a light interior improvement plan, while remaining "under market". Renovations include countertops, appliances, baseboards, paint, and hardware.

The West-Central submarket continues to be a proponent of higher rental rates as newer assets begin value-add campaigns & luxury projects continue to be developed in the immediate vicinity. Rent comps like the Sedona Ridge and Tower at Tropicana have rental rates $150-$200 per month higher than the renovated rates at City View. Sales in the submarket are exceptionally strong as well. The Green Leaf Lotus Apartments, less than one mile away, recently sold for $261,016.95 per unit. The 1988-vintage "Sequoia Meadows", just 0.9 miles away, recently sold for $163,602.94 per unit. Additionally, nearby Chinatown is experiencing a BOOM in the retail sector, as there proves to be huge demand to live, work, & eat in this corridor. Population growth in this pocket is projected at 9.41% through 2023

...
Sold
City View Apartments
112 Units
3355 Arville Street
Las Vegas, NV  89102

The “Echelon at Centennial Hills” is a bite-sized institutional-quality asset in the desirable “Centennial Hills” submarket in Las Vegas. The asset combines oversized units (1,829 SF average), quality podium construction, structured parking, and a top-tier amenity base. The property is poised to take advantage of the accelerating trends of the northwest Vegas market through improved operations and a possible value-add program.

Location and asset type make this a unique offering, as Centennial Hills is the newest area of expansion in Las Vegas. The Centennial Hills location already rivals the established “Green Valley” submarket in the southeast. Single family developers, multifamily developers, and even high-end retail shops are thriving in the northwest. New multifamily projects are thriving, and luxury developers have plans to take advantage of the desirable demographics in the near future; the Calida group has plans to build an “Elysian” branded asset at the former “Great Mall of Las Vegas” location.

Las Vegas is the 29th largest MSA in the United States, and number one in rent growth among major metros. Rent growth figures averaged above 7.2% through 2018, with stronger growth in “lifestyle” assets than “workforce” assets. Additionally, Las Vegas leads the country in job creation, with year-over-year job gains of 3.2%. In total, 43,800 jobs were created through 2016 & 2017, and unemployment has recently dropped to 4.8%%. This job growth, paired with above-average population growth of 2.4%, continues to expand the local rental market. Additionally, personal income growth for Vegas was 6.1% in 2018, continuing to prove that the market has depth.

...
Sold
Echelon Apartments
62 Units
9051 Echelon Point Dr
Las Vegas, NV  89149
Sold
Gloria Park Villas
240 Units
3625 S. Decatur Blvd.
Las Vegas, NV  89103
Sold
Hampton Garden Apartments
180 Units
9750 Peace Way
Las Vegas, NV
Type:  Multifamily

Inspirado Apartments, located in the Northwest part of the Valley, is a well maintained 2010 vintage asset in Centennial Hills, next to the Santa Fe Station Hotel & Casino. Inspirado was designed by one of the area’s finest custom home builders, and features a European style swimming pool, relaxing hot tub, cabana area with built in gas grill, a fitness facility and a business center.

With asking rents currently averaging $1,278 per month, or $1.30 PSF, Inspirado is a prime value-add candidate. The finishes of the unit interiors provides for the opportunity to perform renovations in each unit by adding wood-look flooring, upgrading appliances, hardware, lighting, countertops, and paint. There is also an additional opportunity to improve the clubhouse and amenity package for the property. Renovations and upgrades to the clubhouse & fitness center can assist the property in appealing to higher profile residents. The average household income within one mile of the property is around $80,000 per year and there are over 400K people living within a 5-mile radius of the property.

Inspirado Apartments is a prime value-add candidate located in an affluent area of the Las Vegas Valley. Additionally, Yardi Matrix projects rent growth above 7.1% for Las Vegas in 2020.

...
Sold
Inspirado Apartments
252 Units
6885 W. Lone Mountain Road
Las Vegas, NV  89108
Sold
Mountain Vista Apartments
178 Units
3950 Mountain Vista St.
Las Vegas, NV  89121
Sold
Pecos I & II
188 Units
1755 Palm Street
Las Vegas, NV  89104
Sold
Pointe at Centennial
624 Units
5900 Sky Pointe Dr.
Las Vegas, NV  89130
Sold
Promenade at Sahara Apartments
312 Units
4801 E. Sahara Ave.
Las Vegas, NV
Sold
Santa Fe Apartments
145 Units
3955 East Charleston Blvd.
Las Vegas, NV
Sold
St. Louis Apartments
131 Units
3350 E. Saint Louis Ave.
Las Vegas, NV
Sold
Tower at Tropicana
260 Units
6575 W. Tropicana Ave.
Las Vegas, NV  89103