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Cushman & Wakefield is pleased to present the exclusive opportunity to acquire the 184-unit "CasaBella" apartments in Las Vegas, NV. The property is comprised of two phases, the 120-unit "CB1" and 64-unit "CB2". CB1 is located at 4965 South Nellis Boulevard, while CB2 is located one block down Tropicana Avenue. The Paradise Valley East Submarket is one of the fastest growing and best performing multifamily markets in the Valley, placing CasaBella as a limited-risk investment with superior rent growth prospects and long-term value appreciation potential.

Yardi, Axio, Real Page, and CoStar project Las Vegas to be among the top 5 major metros in the nation for rent growth over the next five years, with CoStar projecting rent growth of over 25% in the next 36 months

The Paradise Valley East Vegas submarket experiences the highest demand for upper blue-collar workforce housing in the valley. The lack of quality inventory in this submarket puts CasaBella in an attractive position. Additionally, CasaBella is close to shopping & transportation and has great visibility on one of the major thoroughfares in the valley.

The CasaBella apartments offer investors the unique opportunity to acquire a new construction asset at a discounted price, below replacement cost, to all other new construction sales in the past two years. Additionally, investors will have the opportunity to begin a renovation scope that will help lift rents even further.

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CasaBella Apartments
184 Units
4965 South Nellis Boulevard
Las Vegas, NV  89120
Type: Conventional
Posted: 8/27/2021

The Cushman & Wakefield Multifamily Advisory group is pleased to present this confidential offering to purchase the KAKTUSlife Apartments in Las Vegas, NV. This 210-unit asset is the premiere apartment community in Las Vegas, with average rents of over $2,050 per month at $2.31PSF. The property is mid-rise construction, LEED certified, and has some of the best quality unit interior finishes with Jenn Air appliances.

KAKTUSlife is located in the highly-desirable “Southern Highlands” master-planned community. Southern Highlands is home to notable residents like Marc-Andre Fleury, Derek Carr, & Floyd Mayweather, along with some of the nicest custom home sites in the valley. The average HH income around KAKTUSlife is nearly $100K per year, and the submarket is expected to outperform the greater Las Vegas market. Additionally, ESMI ranked Las Vegas at #2 on their Talent Attraction Scorecard, while the market experienced 4.4% rent growth in 2020 and is projected by Yardi and CoStar to be in the top 5 performing metros over the next five years.

Thanks, in large part, to the COVID-fueled in-migration trends, core quality assets have outperformed the greater Las Vegas market as top talent is finding their way out of California and into Nevada. KAKTUSlife is nearing the completion of lease-up, and is poised for investors to see above-market NOI growth through stabilization and market growth.

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KAKTUSlife
210 Units
10650 Dean Martin Dr
Las Vegas, NV  89141
Type: Conventional
Posted: 3/2/2021

The Cushman & Wakefield Multifamily Advisory Group is pleased to present this exclusive offering to purchase the Luna Apartments in Las Vegas, NV. The property is located in the gentrifying Charleston Preservation submarket, in the heart of West Las Vegas and adjacent to the highly affluent Summerlin submarket. The property is directly across from the College of Southern Nevada, which has a yearly rate of 31,000 students enrolled.

ESMI ranked Las Vegas at #2 on their Talent Attraction Scorecard, and Yardi ranked Las Vegas at #3, nationally, for rent growth among major metros. The Charleston Preservation submarket has maintained above-average rent growth through COVID, and the property has also sustained rent growth, month over month, through 2020. Yardi estimates the rent growth to be roughly at a 7.3% YoY change, making it one of the top sub-markets in Las Veas.

Ownership just started the process of implementing a renovation program, leaving plenty of value-add for prospective buyers. We estimate a renovation scope could achieve premiums of roughly $150 or more. Additional renovation options could also include improving private yards, which would allow incoming ownership to achieve an additional premium of roughly $75.

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Luna Apartments
126 Units
6415 Casada Way
Las Vegas, NV  89107
Type: Conventional
Posted: 4/28/2021

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.

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The Russell
241 Units
9620 W Russell Rd
Las Vegas, NV  89148
Type: Condo Conversion - Fractured
Posted: 6/10/2021