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Category – Multifamily – North Las Vegas

Las Haciendas Apartments Sells for $925,000

Marcus MillichapMelvin Morris purchased Las Haciendas Apartments, a 25-unit apartment building built in 1954. Las Haciendas is a single-story, garden-style apartment community located at 2504 N Las Vegas Blvd., in North Las Vegas, Nevada. The community consists of twenty-one studios and four, one-bedroom units. The property sold for $925,000.  Michael LaBar, Michael Shaffner with Marcus & Millichap represented the buyer and Michael LaBar, Michael Shaffner, Marco Walton with Marcus & Millichap represented the seller, Las Haciendas Vegas LLC.

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.

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

 


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