Marcus & 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.
Category – Multifamily – Rural
Southern 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.
Omninet Crown LP bought the 30-year-old 536-unit Crown Point Apartments at 3665 Needles Highway in Laughlin for $12.9 million, or $24,067 per unit, from ConAm Group. NAI Las Vegas’ Pat Sauter, Art Carll and Devin Lee represented both the buyer and seller. The two-story, 518,944-square-foot complex was 90% occupied at the time of sale.