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Infinity Acquires Grandview and Sunwood Communities, Rebrands Them Viridian and Topaz

18 May 2015, 4:06 pm

By Alex Girda, Associate Editor

In the largest deal of its kind completed in Las Vegas this year, Infinity Realty Advisors acquired the Grandview and Sunwood apartments. The new owner is a joint venture between Asia Pacific Co. and Jiangxi Hengmao Real Estate Development Co. According to its CEO, Eddy Chao, the purchase will provide opportunity for a value-add cash-flow investment. Chao also noted that the new owner “received very favorable financing from Freddie Mac for a 10-year fixed rate.”

The Grandview and Sunwood residential complex occupies a 28.4-acre site in an area that includes the Palms, as well as Rio and the Las Vegas Strip. Previously managed by separate entities, Grandview and Sunwood will both be taken over by the same company, with Sunrise Management being awarded the management contract. To be rebranded as the Viridian and Topaz apartments, in an attempt to unify the complex, the two communities were developed in 1981 and 1985, respectively. At the time of the deal, their occupancy rate stood at 96 percent.

The acquisition of Las Vegas multifamily assets is no surprise, as vacancy has been steadily declining and foreign capital is slowly moving into the market. With strong convention attendance and the gaming sector on the uptick, new jobs are being created in the city, which drives the need for more residential inventory.

Penn Buys Tropicana, Makes Debut on Strip

7 May 2015, 6:20 pm

By Alex Girda, Associate Editor

One of the Las Vegas Strip’s most recognizable properties is coming under new ownership. Penn National Gaming has agreed to purchase the Tropicana Las Vegas for $360 million.

Onex Corp., the seller, acquired the property out of bankruptcy in 2009, and has since invested in some $200 million in renovations.
Tropicana Las Vegas offers 1,467 rooms, 100,000 square feet of convention and exhibit space and 50,000 square feet of gaming space. Penn will reportedly spend another $20 million on improvements.

Although it currently owns and operates 26 casinos and racetracks across the country, the Tropicana represents first Las Vegas Strip property for the Wyomissing, Pa.-based company and only the second in Nevada.

Although it owns and operates 26 casinos and racetracks across the country, the Tropicana represents the first Las Vegas Strip property for the Wyomissing, Pa.-based company and only the second in Nevada. According to Bloomberg.com, Penn National had been in pursuit of a major Las Vegas Strip property for nearly eight years.

Image courtesy of troplv.com

Kennedy Wilson Adds Brokerage Expertise

1 May 2015, 7:16 pm

By Alex Girda, Associate Editor

Kennedy Wilson has announced the hiring of Greg St. Martin, a Las Vegas market expert and 30-year industry veteran, as vice president. Donna Clark, a senior managing director with Kennedy Wilson, noted in a statement that due to accelerating local activity, the company identified a need to add full-service brokerage capabilities in Las Vegas.

“We’re seeing a number of buildings changing hands, with many of the investors coming from Southern California, resulting in the need for brokerage services,” Clark explained

A 14-year veteran of the Las Vegas market, St. Martin is a former vice president of Sun Commercial Real Estate, where he handled sales and leasing of office, industrial and retail assets. He has also served as a vice president with Realty One Group and NAI Las Vegas. His career has included stints as a business owner and general contractor.

“The Las Vegas market may have been hit hard during the recession, but sectors like office and industrial are making a strong comeback,” St. Martin observed. “Industrial in particular is seeing a lot of action with large companies from California, where property and land are at a high premium, looking for spaces to develop distribution centers and manufacturing plants.”

Agora Realty Buys Fiesta Plaza

24 Apr 2015, 10:40 pm

By Alex Girda, Associate Editor

The Fiesta Plaza retail center in North Las Vegas was recently acquired by Agora Realty & Management Inc. of Sherman Oaks, Calif. The buyer paid the private seller $13 million for the 200,000-square-foot grocery-anchored center, and then signed on a major tenant to a ten-year lease.

In a statement, Agora Realty announced that Conn’s Electronics will occupy 52,000 square feet at the center starting in August 2015. Leasing will be handled by Las Vegas-based ROI Commercial Real Estate.

Located at 2201 Civic Center Drive and Lake Mead Boulevard, Fiesta Plaza occupies  23 acres and features a tenant roster that includes US Bank, El Pollo Loco, and H&R Block. The buyer noted in a statement that the neighborhood needs more varied retail options to serve its daytime employment population of about 42,000.

Agora Realty’s CEO, Cary Lefton, noted that the firm now plans to renovate the property’s façade, add new landscaping, upgrade the parking lot and improve lighting and utilities. Lefton also noted that the company is planning to transform the property into a core asset in an up-and-coming market that also includes the North Las Vegas Justice Center and the city’s police headquarters.

KB Home Rolls Out Plan for Latest Community

17 Apr 2015, 10:21 pm

By Alex Girda, Associate Editor

On the heels of a solid homebuying month in the Las Vegas area, KB Home recently revealed plans for its latest residential community. The homebuilder announced the opening of Portola Hills in Henderson, a favorite development destination in recent years.

One of KB Home’s single-family plans at Portola Hills

KB Home plans to offer 31 semi-custom homes that can be “personalized to reflect each individual homebuyer’s preferences through our unique homebuilding process,” Rob McGibney, president of the company’s Las Vegas division, explained in a statement.

The homes will be available in one- and two-story floor plans ranging in size between 1,849 and 3,059 square feet. KB Home’s residents will be ENERGY STAR-qualified structures designed to save energy costs.

Prices will start in the high $200,000s. Well-regarded public schools are nearby: Coronado High School, Bob Miller Middle School, and Glen Taylor Elementary School.

Greater Las Vegas’ single-family home market in the Las Vegas area has been improving for some time now. According to the Greater Las Vegas Association of Realtors, month-over-month figures show that the number of single-family sales went up 37.8 percent in March. Sale prices of the 2,707 homes sold last month traded hands in March stood at $205,000, virtually unchanged from February but 5.1 percent higher than in March 2014, when the average price stood at $195,000.

Image courtesy of kbhome.com

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