Las Vegas Office

Cushman & Wakefield, Inc. is pleased to present the exclusive opportunity to acquire Verona, a 2007-vintage, value-add, 275-unit apartment community located in the Henderson East submarket of Las Vegas, NV.

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.

Verona is nestled in Henderson East, adjacent from the highly affluent Green Valley submarket. New high-profile developments and large amounts of nearby employers have made East Henderson one of the top performing submarkets in the valley, placing Verona in an ideal location.

Cushman & Wakefield, Inc. is pleased to present the exclusive opportunity to acquire The Lennox, a 2015-vintage, core-plus, 100-unit apartment community located in the highly affluent Silverado Ranch submarket of Las Vegas, NV. Las Vegas is one of the fastest growing and best performing multifamily markets in the nation (over 20% year over year rent growth), positioning The Lennox as a limited-risk investment with superior rent growth prospects and long-term value appreciation potential.

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.

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.

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.

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.

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.

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.

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.

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

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.

Cushman & Wakefield is proud to announce the exclusive right to sell the EVO Apartments, a newly-built rental community in Las Vegas, Nevada.

The asset is one of the nicest in the valley, with four resort-style pools, an indoor basketball court, and ease of access to employment centers and major thoroughfares. Las Vegas has experienced a spur of economic development in recent years as new employers flock to the area, attracted by one of the most affordable and dynamic business climates in the U.S. The resulting influx of new jobs has led to increased demand for quality housing, outpacing supply.

The "South Beach Resort" is THE premier multifamily asset in the Las Vegas valley, as it combines true resort living with an unequaled lifestyle and hospitality experience. Recently completed, the property is poised to take advantage of the fastest growing submarket in Las Vegas. Location and asset type makes this a unique offering, as the property is nestled between the Red Rock Canyon National Conservation area and the famous Las Vegas Strip, and benefits from proximity to Downtown Summerlin, and ease-of-access to major expressways & transportation.

Currently, Las Vegas is the 29th largest MSA in the United States, and number two in rent growth among major metros. Rent growth figures have averaged above 6% through 2016 and 2017, and the Southwest market continues to have the highest rent growth figures in the greater MSA. Additionally, Las Vegas leads the country in job creation, with year-over-year job gains of 3.3%. In total, 43,800 jobs were created through 2016 & 2017, and unemployment has stayed stable at 4.9%. This job growth, paired with above-average population growth, continues to expand the local rental market.

The result is a creation of the next generation of multifamily living that has never been witnessed in Las Vegas, or nationwide.