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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.

Under LOI
Echelon Apartments
62 Units
9051 Echelon Point Dr
Las Vegas, NV  89149
Posted: 3/19/2019

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.

Inspirado Apartments
252 Units
6885 W. Lone Mountain Road
Las Vegas, NV  89108
Posted: 10/14/2019