Banyan Residential Acquires $61M Las Vegas Community

Banyan Brighton. Image courtesy of Banyan Residential

Banyan Residential has completed its $61 million purchase of Banyan Brighton, a 133-unit build-to-rent luxury townhome community located at 10500 Glenbrittle Ave. in Las Vegas.

The project is part of the planned 1,000-acre Skye Canyon master-planned community, which includes developments from Century Communities, Toll Brothers and Lennar. Most of the units within the property have been delivered, and Cushman & Wakefield is managing the leasing for the community. The property is expected to fully finish construction in the third quarter of 2023

Banyan will offer a mix of two- and three-bedroom townhomes ranging from 1,396 to 1,479 square feet, with rents from $2,715 to $2,595. Homes feature attached two-car garages, private patios and balconies, plank flooring, energy-efficient appliances and in-unit laundry machines.

Residents will have access to the full suite of the larger Skye Canyon community’s amenities, which include a swimming pool, a fitness center, a clubhouse, a coffee shop, sports courts and five parks connected through landscaped walking paths. Situated at the northwestern plot of land on the Skye Canyon development, the community offers quick access to both the natural and human-made wonders of Las Vegas. The property is flanked to the west by Red Rock Canyon National Park, and the Las Vegas Strip and the cities downtown areas are within is 17 miles.

“Banyan Brighton is ideally located between the Las Vegas Strip and Mt. Charleston … in the northwest Las Vegas submarket, offering residents a suburban lifestyle minutes from the Las Vegas strip,” Max Friedman, a partner at Banyan Residential, told Multi-Housing News.

Las Vegas’ luxury winnings

With fundamentals trending toward a recovery of its multifamily market following two years of a pandemic slowdown and setbacks to many of its key industries, Las Vegas remains a hotbed of luxury multifamily investment and development, as the city’s average rent has increased by double digits, according to data from a Yardi Matrix August 2022 report. Eighty-five percent of the city’s pipeline consists of upscale projects, which constitute the the total deliveries during the first half of the year, data from the report shows.

Two recent additions that reflect on this trend are Greystar’s construction of Marlowe Centennial Hills, a 257-unit luxury project slated for completion in 2024, as well as Growth Holdings’ recent acquisition of $85 million for the development of Otonomus, a 303-unit project near the city’s entertainment district.