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Category – Multifamily – Henderson

Colliers: Apartment Market Stable in 3rd Quarter

Colliers Apartment Market Stable in 3rd QuarterLocal multi-family vacancies were a stable 8 percent in the third quarter, after falling a half a point in the prior quarter, says Colliers International’s Las Vegas office. Performance was generally uneven, and signs that the national slowing is being felt locally abound. Class A properties suffered a second quarter of negative net absorption and rising vacancy, while Class B and C properties both saw vacancy rates decline over last quarter. No new multi-family projects were completed this quarter, but a year of positive net absorption and continued struggles in the single-family residential market suggest the possibility of development in the near future. Most of the net absorption this quarter occurred in the Northeast submarket, while Henderson/Green Valley suffered the worst net absorption in the market at negative 395 units. For the full report, CLICK HERE

 

Focus, Homebuilders Settle Inspirada Fight

Focus, Homebuilders Settle Inspirada FightBuilders KB Home, Beazer Homes and Toll Brothers settled a court fight with their partner, Focus Property Group, making it easier for the $1.2 billion,  1,940-acre Inspirada master-planned development in Henderson to exit bankruptcy. The builders, along with Pardee Homes, will pay $35.5 million to Focus South Group LLC. Focus will also get $5 million from holding company, South Edge LLC, and another $5 million from a development-related bank account, court papers say. Focus, in turn, agrees to drop its legal claims in the bankruptcy case and support a reorganization plan under which Beazer, KB, Toll Brothers and Pardee would retain project ownership. If the deal gets OK’d, the disputes and litigation will be over. Meritage Homes of Nevada, however, one of the eight project partners, would still remain as the sole opponent to the bankruptcy plan. Judge Bruce A. Markell will consider the reorganization plan later this month. 

 


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