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.
Las Vegas, NV 89148
The Sunrise Springs Apartments were built in 1989, consists of 192 units, and contains a desirable mix of one-bedroom, two-bedroom, and three-bedroom layouts, averaging 859 square feet. Each unit has a washer / dryer and common area amenities include indoor and outdoor pools, clubhouse, playground, and BBQ / picnic areas. This property is located in a pocket of Las Vegas that is Henderson adjacent and presents a unique opportunity to achieve higher yields through renovations & rent growth.
The property has excellent exposure on major roadways, such as Boulder Highway, and is nearby major employment hubs such as Union Village and the Galleria Mall. The asset is across the street from Arizona Charlie’s, and within minutes of The Eastside Cannery, Sam’s Town, Boulder Station, and numerous other hotels & casinos. Additionally, the Sunrise Springs is conveniently located just 20 minutes from the world-famous Las Vegas Strip.
Rent growth in this submarket is number two among the submarkets in the Las Vegas metropolitan area and is projected to remain above the 5% level for 2018, and at 4.6% in 2019. Through continued and more intensive interior renovations like new appliances, cabinet paint, and resurfaced countertops, rent growth of 10-15% is common. There is a clear path to grow rents beyond this, as RUBS may be increased, and other income can grow through packages such as cable/internet, offering an additional $50,000 to $75,000 in income potential.
Buyer must assume the current loan of approximately $11.7M through Berkley Point. Supplemental proceeds are available, and more information can be accessed from the dedicated property website. The offering has been priced at $24M. Please review all documents (PSA samples, operating statements, supplemental estimates, addendums, etc.) before placing a formal offer.
0.75% co-broker fee
Las Vegas, NV 89121