Praedium Pays $93M for Vegas Asset

The Praedium Group has acquired LeVante at Valley Vista, a 364-unit community in North Las Vegas, Nev. D.R. Horton sold the property for $93 million, according to Yardi Matrix information. Avenue5 Residential manages the community.

The 18-acre LeVante at Valley Vista consists of 91 buildings encompassing 284 three-story garden-style units and 80 detached single-family casitas with private yards. The units have one- to three-bedroom layouts ranging from 649 to 1,390 square feet.

Amenities include two swimming pools, a fitness center, outdoor recreation areas, a clubhouse, a resident lounge, a conference center and a dog park with pet spa. The residents also have access to EV charging stations and grade-level parking with 546 spots.

A 600-acre neighborhood

Located at 7618 N. Decatur Blvd., the property is 7 miles from North Las Vegas Airport and less than 20 miles from downtown Las Vegas. There are several elementary schools within 2 miles, as well as eateries, retail and medical offices. Major thoroughfares in the area include Interstate 11 and Bruce Woodbury Beltway.

LeVante Valley Vista is part of a 600-acre neighborhood, the Valley Vista master-planned community. The larger community features three parks, two walking trails with bike paths, as well as pickleball, basketball and volleyball courts.

Advertised asking rents in Las Vegas are once again on the rise, showing significant progress in the second quarter, a recent Yardi Matrix report shows. And as the market normalizes, the transaction volume is improving, with $810 million in rental assets trading across metro Las Vegas in the first three quarters of 2024, the same data provider shows. That was a far cry from the $186 million recorded during the same time last year.