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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
Closed: 11/17/2021

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
Closed: 10/29/2021

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
Closed: 9/30/2021

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
Closed: 9/1/2021

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
Closed: 8/31/2021

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.

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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
Closed: 8/17/2021

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.

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ECH x PCH (2 properties, 624 units)
Pointe at Centennial Hills
312 Units
5850 Sky Pointe Dr
Las Vegas, NV  89130
Type: Conventional
Closed: 8/17/2021

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
Closed: 7/30/2021

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
Closed: 5/9/2021

The Crossroads Apartments is a well maintained 90s vintage asset at the cusp of the high-end Summerlin submarket, nearby the College of Southern Nevada and the US-95 freeway . The asset itself has a total of 32 units (883 SF average), covered & uncovered parking and a current strong pride of ownership. Crossroads is poised to benefit from its unique location, high occupancy rate, and its strong current collection trends.

With in-place rents currently averaging $853 per month, or $0.97 per SF, Crossroads offers investors the unique opportunity to acquire a 90s vintage asset with under market rents. This is especially attractive with the location of this type of asset, as Crossroads is located near the heart of West Las Vegas in a highly desirable submarket.

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Crossroads
32 Units
1110 Redwood St
Las Vegas, NV  89146
Type: Conventional
Closed: 3/31/2021

The Cushman & Wakefield Multifamily Advisory group is pleased to present this confidential memorandum to purchase The Villas at 6300. Located in a gentrifying area of Las Vegas, adjacent to Summerlin, Villas at 6300 offers investors with the unique opportunity to purchase a 1997 vintage asset in a submarket that is currently experiencing an influx of capital, with comps undergoing $10K to $15K per unit renovation programs, while purchasing at a basis below replacement cost.

Ownership renovated 45 of the units in 2017 & 2018, proving out rent bumps of $119 per month on average. This renovation program includes flooring, paint, baseboards, hardware, and appliances. More recently, ownership has completed a full renovation on unit 1005, proving a rent premium of $216 over market and $256 over the previous resident. New ownership has the opportunity to renovate the additional 84% of units.

Tours are available upon request. Please contact Taylor Sims with any inquiries.

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Villas at 6300
280 Units
6300 W Lake Mead Boulevard
Las Vegas, NV  89108
Closed: 10/1/2020

City View Apartments is a 112-unit property located in the West-Central submarket of Las Vegas and is poised to take advantage of the recent surge of nearby activity. Constructed in 1977, City View is a quaint community that offers proven renovation upside in both floor plans, ample common areas, a pool, and a lightly renovated clubhouse.

Las Vegas was the number one metro for rent growth in 2018, recording 7%+ growth. Las Vegas also recorded rent growth of 6%+ in 2016 and 2017. With the strong rent growth in Las Vegas, City View has been able to prove out $130 per month lifts in rents through a light interior improvement plan, while remaining "under market". Renovations include countertops, appliances, baseboards, paint, and hardware.

The West-Central submarket continues to be a proponent of higher rental rates as newer assets begin value-add campaigns & luxury projects continue to be developed in the immediate vicinity. Rent comps like the Sedona Ridge and Tower at Tropicana have rental rates $150-$200 per month higher than the renovated rates at City View. Sales in the submarket are exceptionally strong as well. The Green Leaf Lotus Apartments, less than one mile away, recently sold for $261,016.95 per unit. The 1988-vintage "Sequoia Meadows", just 0.9 miles away, recently sold for $163,602.94 per unit. Additionally, nearby Chinatown is experiencing a BOOM in the retail sector, as there proves to be huge demand to live, work, & eat in this corridor. Population growth in this pocket is projected at 9.41% through 2023

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City View Apartments
112 Units
3355 Arville Street
Las Vegas, NV  89102

The “Echelon at Centennial Hills” is a bite-sized institutional-quality asset in the desirable “Centennial Hills” submarket in Las Vegas. The asset combines oversized units (1,829 SF average), quality podium construction, structured parking, and a top-tier amenity base. The property is poised to take advantage of the accelerating trends of the northwest Vegas market through improved operations and a possible value-add program.

Location and asset type make this a unique offering, as Centennial Hills is the newest area of expansion in Las Vegas. The Centennial Hills location already rivals the established “Green Valley” submarket in the southeast. Single family developers, multifamily developers, and even high-end retail shops are thriving in the northwest. New multifamily projects are thriving, and luxury developers have plans to take advantage of the desirable demographics in the near future; the Calida group has plans to build an “Elysian” branded asset at the former “Great Mall of Las Vegas” location.

Las Vegas is the 29th largest MSA in the United States, and number one in rent growth among major metros. Rent growth figures averaged above 7.2% through 2018, with stronger growth in “lifestyle” assets than “workforce” assets. Additionally, Las Vegas leads the country in job creation, with year-over-year job gains of 3.2%. In total, 43,800 jobs were created through 2016 & 2017, and unemployment has recently dropped to 4.8%%. This job growth, paired with above-average population growth of 2.4%, continues to expand the local rental market. Additionally, personal income growth for Vegas was 6.1% in 2018, continuing to prove that the market has depth.

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Echelon Apartments
62 Units
9051 Echelon Point Dr
Las Vegas, NV  89149

Inspirado Apartments, located in the Northwest part of the Valley, is a well maintained 2010 vintage asset in Centennial Hills, next to the Santa Fe Station Hotel & Casino. Inspirado was designed by one of the area’s finest custom home builders, and features a European style swimming pool, relaxing hot tub, cabana area with built in gas grill, a fitness facility and a business center.

With asking rents currently averaging $1,278 per month, or $1.30 PSF, Inspirado is a prime value-add candidate. The finishes of the unit interiors provides for the opportunity to perform renovations in each unit by adding wood-look flooring, upgrading appliances, hardware, lighting, countertops, and paint. There is also an additional opportunity to improve the clubhouse and amenity package for the property. Renovations and upgrades to the clubhouse & fitness center can assist the property in appealing to higher profile residents. The average household income within one mile of the property is around $80,000 per year and there are over 400K people living within a 5-mile radius of the property.

Inspirado Apartments is a prime value-add candidate located in an affluent area of the Las Vegas Valley. Additionally, Yardi Matrix projects rent growth above 7.1% for Las Vegas in 2020.

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Inspirado Apartments
252 Units
6885 W. Lone Mountain Road
Las Vegas, NV  89108