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The Cushman & Wakefield Multifamily Advisory group is pleased to present this exclusive offering to purchase the 312-unit "Ely at Centennial Hills“ (Ely) and the 312-unit "Pointe at Centennial Hills“ (Pointe). Ely & Pointe are located in the highly desirable Centennial Hills submarket, which experiences drivers from nearby shopping, high-end medical employment hubs, and recent development trends & high-end residential communities.

Investors are welcome to submit offers on Ely and Pointe as a portfolio, or individually, as each property is operated separately, with its own clubhouse, amenity space, and leasing office. Ely has recently undergone a massive renovation program, including a full overhaul of the clubhouse, leasing office, and amenity space, while 14% of the units were elevated to a full renovation scope. Pointe, on the other hand, has remained largely in classic condition, with ownership maintaining the partial renovation scope from prior ownership while operating for natural market growth.

In turn, fully renovated units are achieving $430 over the prior leased rate at Ely, while Pointe has maintained excellent occupancy and organic rent growth above the market.

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. Centennial Hills is emerging as one of the more "core" submarkets in Las Vegas and rent growth has been supported by this shift. This offering will give investors the unique opportunity to scaleup in Las Vegas & the booming northwest valley.

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ECH x PCH (2 properties, 624 units)
Ely at Centennial Hills
312 Units
5900 Sky Pointe Dr
Las Vegas, NV  89130
Type: Conventional
Posted: 5/13/2021

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
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 Fifty101 Apartments located in Las Vegas, NV. The property is located in the West Las Vegas submarket, with proximity to major employment hubs, such as Downtown Vegas and the world famous Las Vegas Strip.

Ownership has completed a substantial property-wide renovation, including large sunk costs like dual pane windows, while also renovating 60 units to a partial scope and proving rent lifts of $125 per month. A full renovation scope could create an additional $75 worth of lifts while still maintaining a strong position in the rent comp set. Classic units are currently renting for $1.16 PSF, partially renovated units are renting for $1.28 PSF, and fully renovated units are projected to achieve $1.36 PSF. Comps like the Gloria Park Villas, Palermo, and Sahara West are achieving average market rents as high as $1.61 PSF.

ESMI has ranked Las Vegas at #2 on their Talent Attraction Scorecard, and Yardi ranked Las Vegas at #3, nationally, for rent growth amongst major metros. Las Vegas is expected to be in the top 5 major metros for projected rent growth over the next 5 years, and the West Las Vegas submarket is expected to maintain above-average rent growth.

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Fifty101 Apartments
90 Units
5101 OBannon Dr
Las Vegas, NV  89146
Type: Conventional
Posted: 4/15/2021

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
Offers Due:  Wednesday, June 23, 2021
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 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
178 Units
3950 S Mountain Vista St
Las Vegas, NV  89121
Type: Conventional
Posted: 3/2/2021

The Cushman & Wakefield Multifamily Advisory group is pleased to present this exclusive offering to purchase the 312-unit "Ely at Centennial Hills“ (Ely) and the 312-unit "Pointe at Centennial Hills“ (Pointe). Ely & Pointe are located in the highly desirable Centennial Hills submarket, which experiences drivers from nearby shopping, high-end medical employment hubs, and recent development trends & high-end residential communities.

Investors are welcome to submit offers on Ely and Pointe as a portfolio, or individually, as each property is operated separately, with its own clubhouse, amenity space, and leasing office. Ely has recently undergone a massive renovation program, including a full overhaul of the clubhouse, leasing office, and amenity space, while 14% of the units were elevated to a full renovation scope. Pointe, on the other hand, has remained largely in classic condition, with ownership maintaining the partial renovation scope from prior ownership while operating for natural market growth.

In turn, fully renovated units are achieving $430 over the prior leased rate at Ely, while Pointe has maintained excellent occupancy and organic rent growth above the market.

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. Centennial Hills is emerging as one of the more "core" submarkets in Las Vegas and rent growth has been supported by this shift. This offering will give investors the unique opportunity to scaleup in Las Vegas & the booming northwest valley.

...
ECH x PCH (2 properties, 624 units)
Pointe at Centennial Hills
312 Units
5850 Sky Pointe Dr
Las Vegas, NV  89130
Type: Conventional
Posted: 5/13/2021

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
Offers Due:  Thursday, July 1, 2021
241 Units
9620 W Russell Rd
Las Vegas, NV  89148
Type: Condo Conversion - Fractured
Posted: 6/10/2021