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Category – Multifamily – Henderson

Cottages At Tungsten Sold For $560,000.00

Marcus MillichapProperty Name:  Cottages at Tungsten

Buyer (LLC):  N/A

Seller (LLC):  Henderson Apartments LLC and Famid Henderson LLC

Property Description (Tenant, SF, etc.):  The Cottages at Tungsten is an 8-unit, multifamily community located in Henderson, Nevada. The community is located in the heart of downtown Henderson, providing residents easy access to shopping, dining, entertainment, and the city’s core business district

Property Location:   282 Tungsten St, Henderson, NV 89015 -7161

Transaction Value:  $560,000

Agent(s) who represented Buyer:  Marco Walton

Agent(s) who represented Seller:   Marco Walton

Optimus Acquires 414 Units for $32.5 Million

dolce by the lakes solevita

 

 

 

 

 

Pacifica Companies LLC / Pacifica Solevita LLC recently purchased the 184 unit Dolce By The Lakes located at 2750 S. Durango in Las Vegas for $14,445,00 and the 230 unit Solevita located at 2120 Ramrod in Henderson for $18,055,000.  Patrick Sauter and Art Carll of the NAI Vegas Sauter Multifamily Team represented the buyer and the seller Optimus Dolce LLC / Optimus Solevita LLC.  Both properties were reported to have been sold at a 6% CAP rate.

Calida Residential to Create a New Luxury Multihousing Community, Elysian at Stone Lake

NGKF Capital Markets, in conjunction with ARA, A Newmark Company (ARA Newmark), announces the sale of 15.52 acres at the northwest corner of Stephanie Street and Wigwam Parkway to The Calida Group, L.L.C. The notable multihousing builder purchased the land from KB Home for $9,312,000, or $600,000 per acre. NGKF Capital Markets and ARA Newmark representatives Doug Schuster, Curt Allsop and Vittal Ram represented the buyer in the sale transaction.

“The Green Valley/Henderson Class A submarket has been experiencing extreme rental growth, with five to 10 percent rental increases in the last 12 months. The high price paid per acre is consistent with this expansion, as well as the anticipation for future escalation,” noted NGKF’s Senior Managing Director Schuster. Known for their highly amenitized lifestyle communities located in premier submarkets, Calida intends to expand on its successful Elysian brand at Stone Lake, which reflects the company’s commitment to quality design, construction and management of premier multihousing communities. “Calida’s Elysian product is highly admired, fills quickly, and consistently sets records for lease rates and exit values,” added Schuster.

“This transaction represented an alliance between The Calida Group, one of the most active multihousing builders in the valley, and KB Home, one of the nation’s largest and most recognized home builders,” commented Allsop, also a NGKF senior managing director. KB Home owned the 40-acre parcel, which was subdivided to sell the 16-acre lot to Calida for the company’s premier multihousing product. KB Home reserved a 21-acre parcel for single-family, as well as sold a three-acre lot for a retail corner with three pad sites.

Stone Lake is part of Cornerstone Park, Henderson’s 100-acre open space with a lake and hiking trails. KB Home is actively building single-family product in the Stone Lake community, in sizes ranging from 1,800 to 3,800 square feet. KB and Calida will share an entrance into the development, with the Calida product located along Stephanie Street, and leading to the Galleria Mall , with its premium amenities, including top schools and exclusive retail. Calida is scheduled to begin construction in fourth quarter 2015, with delivery expected in the fall of 2016.

“Multihousing is growing at a phenomenal rate in the valley compared to just a few years ago,” added Allsop. “Currently 2,500 units are under construction with another 2700 planned for 2016, and 2017.” Despite the expansion of multihousing product, it is estimated that the market will require 8,000 units of additional multifamily product – up to 60 percent more – to accommodate current demand.

Las Vegas Multi-Family Vacancy Rates Expected to Drop

apartmentA report distributed by Avison Young regarding the Las Vegas multi-family market indicates “Activity in the Las Vegas multi-family market was very positive in the fourth quarter of 2014.  Vacancy went down almost 90 basis points from the previous quarter.  This is good news for the local market considering there were no new projects delivered.  With average asking rents remaining roughly the same as last quarter, vacancy is expected to continue to drop going into 2015.”

View the complete report.

Marcus & Millichap Launches IPA Las Vegas Division

DavidBairdMarcus & Millichap’s Institutional Property Advisors (IPA), a division serving institutional and major private real estate investors, is being launched in Las Vegas. David Baird will head-up the local division. He previously served as senior vice president and national director of Sperry Van Ness’s multifamily division. In 2013, IPA closed over $3.3 billion in multifamily sales valued at $25 million and above.

Valley Apartment Market Improves in Second Quarter

apartments1Southern Nevada’s apartment vacancy rate fell from 9.7% in the first quarter to 8.9% in the second quarter, reports UNLV’s Center of Business and Economic Research (CBER). The decrease in this vacancy rate was driven by occupancies in the downtown and northern areas. The average rental rate increased by $10 dollars since last quarter and is now at $775 per month. For the full report, CLICK HERE.


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