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Greystone Refreshes Affordable Housing Assets

27 Aug 2015, 9:57 pm

By Liviu Oltean, Associate Editor

Two affordable housing properties in Las Vegas have gotten their second wind with the help of Greystone, which  secured recently two loans totaling $30.7 million.

The real estate lending, investment and advisory firm  arranged $13 million acquisition financing for Santa Monica, Calif.-based Allied Argenta. The latter used the proceeds to acquire the Summerhill Apartments, a 221-unit community located at 3630 East Owens Ave. The 35-year FHA-insured loan included rehabilitation costs as well.

Villanova Apartments

Villanova Apartments

The second loan was a $17.7 million refinancing for the Villanova Apartments, a 348-unit community constructed in 2002. The property, which was built using 4 percent low-income housing tax credits and tax-exempt bonds, is restricted to 60 percent AMI. According to Yardi Matrix property records, the community is owned by Fore Property Co. 

“Greystone’s expertise in both FHA and agency financing has enabled us to navigate the unique Las Vegas market, where demand for affordable housing that often needs rehabilitation or recapitalization is common,” Joe Mosley, executive managing director & head of agency lending at Greystone, said in a statement.

Image courtesy of Yardi Matrix 

 



US Storage Centers Leaps In

14 Aug 2015, 10:13 pm

By Liviu Oltean, Associate Editor

After managing a self-storage facility for a year, US Storage Centers has gone all in and acquired the property. The asset is the company’s first in the Las Vegas market.

US Storage Centers

US Storage Centers

Located at 6380 Annie Oakley Drive, the facility features 68,593 square feet, 11,088 of which are covered parking for RV, boat and vehicle storage. The asset comprises 508 storage units on two floors; 44 percent are air-cooled.

Mark McGilvray, USSC’s executive vice president, explained that the firm is comfortable with making this acquisition its first play in the Las Vegas market because it knows what to expect in terms of performance.

“USSC has made operational gains with on-site management, collections, and in-place effective rents at this location, and we expect to see additional increases in these areas with the continued implementation of our advanced operations and marketing platforms,” he said in a statement.

Image courtesy of US Storage Centers 

 



Seattle Investor Firm Comes Back for Seconds

28 Jul 2015, 9:43 pm

By Liviu Oltean, Associate Editor

Security Properties clearly likes Las Vegas. The Seattle-based firm recently announced its second acquisition in the area: Verona Apartment Homes, a 275-unit, Class A multi-family community in Henderson. The asset was acquired for $40 million through the firm’s Security Properties Multifamily Fund II.

Verona Apartment Homes

Verona Apartment Homes

Located at 6765 Tulip Falls Drive in the Henderson East submarket, the property features a resort-style pool and spa, controlled-access gates, a clubhouse with a second story fitness center, a snack bar, and a shop. Verona Apartment Homes is also near the Galleria Mall, I-515 and Union Village, a $1.2 billion, master-planned project currently under construction.

“Las Vegas is a dynamic market with excellent infrastructure and a wide range of emerging industry sectors.” said Davis Vaughn, investment manager at Security Properties, in a statement. “The area offers an opportunity for growth not just in the traditional sectors like gaming and hospitality, but also in newer industries like medical and data centers. Given the proximity to Union Village, which we believe will be transformative for both Henderson and the Las Vegas metropolitan area, we look forward to being active in Las Vegas for years to come.”



MGM Roars Again

17 Jul 2015, 10:08 pm

By Liviu Oltean, Associate Editor

 

MGM Resorts International’s 5,000-seat theater is scheduled to open at the Monte Carlo in late 2016.

MGM Resorts International clearly likes the odds for the new entertainment district it’s developing on the Las Vegas Strip. The hospitality giant unveiled plans on July 15 for a third major project at the eight-acre site: a 5,000-seat theater at the Monte Carlo Resort and Casino. The new theater will join the Park and the Arena, two other MGM projects currently under construction.

As Commercial Property Executive has reported, MGM is also developing a $375 million, 20,000-seat arena and a pedestrian-friendly, resort-like promenade on the site.All three projects are expected to come online next yearthe Park and the Arena are scheduled to debut next April, followed by the new theater by the end of 2016.

The theater will anchor of the eight-acre entertainment district that MGM Resorts International is developing between the Monte Carlo and New York-New York.

“From Las Vegas to Maryland, Macau to Massachusetts, presenting the biggest and most sought-after names in music, sports and special events is a core focus for MGM Records. This new theater will enable us to host performers in Las Vegas who we previously haven’t had a home for, broadening our entertainment offerings and providing the opportunity to expand those relationships to our properties around the globe,” said President Bill Hornbuckle of MGM Resorts International in a prepared statement.



New Pinnacle for M-F Community

14 Jul 2015, 10:08 pm

By Liviu Oltean, Associate Editor

On the heels of getting a new owner, the Broadstone Solis multifamily community has a new manager: Pinnacle Property Management Services L.L.C. The assignment follows TruAmerica’s acquisition of the property from Alliance Residential in a $50.5 million deal. According to a statement by Pinnacle, the community will be rebranded as Solis at Flamingo and will undergo renovations in the near future.

Solis at Flamingo, Las Vegas

Solis at Flamingo

Located at 3275 East Flamingo Road, the community is near the University of Nevada Las Vegas and McCarran International Airport and is minutes away from Las Vegas Boulevard, the Strip, Interstate 15 and Interstate 215. The community is pet-friendly and offers amenities such as three resort-inspired pools and spas; basketball courts; a fitness center; 24-hour emergency maintenance; covered parking and garages; and storage units.

“Pinnacle is focused on marketing Solis to a wider resident base,” said Debra Kopolow, a regional vice president with Pinnacle. “Our team will begin with a rebranding campaign to highlight the exceptional qualities of the community followed by interior and exterior renovations.”







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