The "South Beach Resort" is THE premier multifamily asset in the Las Vegas valley, as it combines true resort living with an unequaled lifestyle and hospitality experience. Recently completed, the property is poised to take advantage of the fastest growing submarket in Las Vegas. Location and asset type makes this a unique offering, as the property is nestled between the Red Rock Canyon National Conservation area and the famous Las Vegas Strip, and benefits from proximity to Downtown Summerlin, and ease-of-access to major expressways & transportation.
Currently, Las Vegas is the 29th largest MSA in the United States, and number two in rent growth among major metros. Rent growth figures have averaged above 6% through 2016 and 2017, and the Southwest market continues to have the highest rent growth figures in the greater MSA. Additionally, Las Vegas leads the country in job creation, with year-over-year job gains of 3.3%. In total, 43,800 jobs were created through 2016 & 2017, and unemployment has stayed stable at 4.9%. This job growth, paired with above-average population growth, continues to expand the local rental market.
The result is a creation of the next generation of multifamily living that has never been witnessed in Las Vegas, or nationwide.
Cushman & Wakefield’s Southwest Multifamily Advisory Group is pleased to present the exclusive listing of the 130-unit Summerhill apartment community centrally located in Phoenix, Arizona. This asset is situated in a desirable and strategically located neighborhood between Central Phoenix and Scottsdale. Built in 1970, Summerhill represents an outstanding opportunity to invest in a strong location at a price below comparable sales.
Cushman & Wakefield is pleased to introduce the opportunity to purchase Terra Vista Palms, a 138-unit garden-style apartment community built in 1975 offering value-add potential to new ownership. Terra Vista Palms, at 59th and Northern Avenues, falls within the Downtown Glendale focus area. Historic Downtown Glendale has been experiencing a resurgence of restaurants and retail that attracts many residents with its quaint, city square feel. The property profits from good visibility on 59th Avenue with close proximity to many local conveniences and employment centers.
Terra Vista Palms offers an operational upside utilizing an interior and exterior renovation plan with the ability to increase effective rents and add value based on strong occupancy and projected rent growth. Contact us today to schedule your personal tour of Terra Vista Palms.