The Cushman & Wakefield Multifamily Advisory group is pleased to present the opportunity to provide LP or co-GP equity to recapitalize the 180-unit Ely at Spring Valley luxury apartments. The asset is well located, just south of Summerlin in Las Vegas, Nevada, has excellent access to freeways and major thoroughfares, and is walking distance to high-end shopping and dining.
The Calida Group acquired the asset in February of 2018 with the intention of reimagining the asset in order to take advantage of the booming submarket & potential rental upside. The Calida Group recently completed their Elysian at Flamingo development in the same submarket, in which they experienced striking success, achieving rents in excess of $1,550 per month on average. Currently, classic units at Ely at Spring Valley rent for an average rate of $1,095 per month while renovated units rent for an average of $1,422 per month. The rental comp set is supportive of these rates and may prove additional value beyond these rates. The highest comp in the set is renting for nearly $1,677 per month.
Sale comps, market conditions, and the general Las Vegas economics are all trending in a positive direction and the outlook for Ely at Spring Valley looks positive.
Las Vegas, NV