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The Cushman & Wakefield Multifamily Advisory group is pleased to present this confidential memorandum to purchase the Atlas Apartment Homes in Las Vegas, NV. The property is located in the Smoke Ranch submarket, across from the North Las Vegas airport and adjacent to the affluent Summerlin neighborhood. Nearby apartments are largely held by institutional ownership.

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 Smoke Ranch submarket has maintained above-average rent growth through COVID and North Las Vegas was the number one ranked submarket in the greater MSA. The property has also sustained rent growth, month over month, through 2020. Currently, renovated units are achieving rents of $1,200 per month on average, where classic units are achieving roughly $1,050 per month. October 2020 effective potential rents increased by 3%+ over the November 2019 figures..

The Atlas Apartment Homes are currently 52% renovated and are proving out rent bumps of over $100 per month with an average spend of $6,500 per unit. Ownership has recently renovated three units to a premium scope and are now achieving an additional $75 per month over the current renovated unit rents.

Video tour here: https://youtu.be/gASGY7AX8PM

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Atlas Apartments
198 Units
5067 Madre Mesa Dr, Las Vegas, NV 89108
Type: Conventional
Posted: 1/14/2021

The Cushman & Wakefield Multifamily Advisory Group is pleased to present this confidential offering to purchase the Ely at Spring Valley Apartments, in Las Vegas, Nevada. This 180-unit asset was built in 2000 and has recently received a large capital injection in order to implement a strong value-add campaign. The asset is located at the edge of Spring Valley, near Summerlin South, one of the most desirable submarkets in the greater Las Vegas MSA, with nearby shopping, high-end residential communities, & employment hubs.

Summerlin South has the highest rent levels in the Las Vegas valley, and some of the strongest demographics in town as well. The average rents at Ely at Spring Valley are $1,326 per month. Classic units are renting for $1,250 on average and renovated units are renting for $1,488 on average. There’s 11.31% in loss to lease on the current rent roll and rent comps in the immediate area are achieving rents of up to $300 per month more than the renovated rents at Ely at Spring Valley.

Given that Las Vegas saw net in-migration topping 45,000 people in 2020 it’s no surprise that ESMI ranked Las Vegas at #2 on their Talent Attraction Scorecard and Yardi ranked Las Vegas at #5 for rent growth among major metros. Additionally, Las Vegas continues to see limited construction for multifamily, and CoStar projects Las Vegas to be in the top 3 among major metros for rent growth over the next 5 years.

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Ely at Spring Valley
Offers Due:  Tuesday, April 20, 2021
180 Units
9750 Peace Way
Las Vegas, NV
Type: Conventional
Posted: 1/28/2020

The Cushman & Wakefield Multifamily Advisory Group is pleased to present this confidential offering to purchase The Nexos in Las Vegas, Nevada. Constructed in 1979, this asset is located in the Paradise Valley East submarket and is in close proximity to major employment hubs such as the Las Vegas Strip, Downtown Las Vegas, Henderson, and the Union Village Medical Center. Las Vegas and the Paradise Valley East submarket is primed to continue to experience strong apartment fundamentals in 2021.

The average in-place rents at the Nexos are $908, which is $92 lower than the recent achieved market rents at the asset. This provides a healthy loss to lease of 8.85%+ for investors to raise the rents at the asset organically. Furthermore, the asset has undergone a major transformation as the owner has spent ~$2M in renovating the clubhouse, fitness center, pool, and exterior, which includes replacing all the roofs. This will allow an investor to focus their attention on implementing an interior value-add program. Current ownership has only renovated 4 units (2.2%) to a premium renovation scope that are achieving an average rent premium of $195.

Given that Las Vegas saw net in-migration topping 45,000 people in 2020 it’s no surprise that ESMI ranked Las Vegas at #2 on their Talent Attraction Scorecard and Yardi ranked Las Vegas at #5 for rent growth among major metros. Additionally, Las Vegas continues to see limited construction for multifamily, and CoStar projects Las Vegas to be in the top 3 among major metros for rent growth over the next 5 years.

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Nexos Apartments
Offers Due:  Tuesday, April 13, 2021
178 Units
3950 S Mountain Vista St
Las Vegas, NV  89121
Type: Conventional
Posted: 3/2/2021