NRP Group JV Kicks Off $133M Vegas Development
Completion is scheduled for 2027.
Rendering by Caleb Schafer, courtesy of The NRP Group
The NRP Group, in partnership with condominium construction firm Haseko, has completed the financial closing and groundbreaking on a $133 million, 390-unit luxury rental community in Las Vegas. The development is scheduled for completion in the third quarter of 2027.
This marks NRP’s third groundbreaking in the metro this year. The other two projects are North & Valley, a 105-unit affordable housing property in North Las Vegas, Nev., and the 342-unit Miraluna, located near the Southern Highlands master-planned community.
This latest project will rise four stories at the northeastern corner of West Maule Avenue and Gagnier Boulevard, in the Spring Valley submarket. The residential units will have studio, one-, two- and three-bedroom layouts. Shared amenities will include a swimming pool, a clubhouse, two courtyards, a fitness center, an indoor bicycle storage, a pet wash and a parking garage with 575 spots.
READ ALSO: Top 10 US Markets for Multifamily Construction
The community will be directly across from Durango Casino & Resort, along Interstate 215. Southern Hills Hospital and Medical Center, IKEA, as well as several retail options will be within a 1-mile radius. Both the Las Vegas Strip and Harry Reid International Airport will be some 10 miles northeast.
Developers saw 2,397 units completed in Las Vegas this year through June, while another 7,191 units were underway, according to a recent Yardi Matrix metro report. The first two quarters of 2025 registered $429 million in investment sales in the metro, with the per-unit price rising 14.7 percent year-to-date as of the same month.
Other NRP rental projects across the country
Last week, The NRP Group began construction on Eastfield Village, a 348-unit multifamily project in Selma, N.C. The development will anchor the 435-acre master-planned community dubbed Eastfield.
A month ago, the company also broke ground on another luxury property, namely the 370-unit Jackson Road in Carrollton, Texas. Since 1994, the company delivered more than 62,000 apartment units nationwide.
In April, The NRP Group started work on Meryl Street, a 340-unit mixed-income community in Anna, Texas. The project set to come online next year will consist of 10 three-story buildings.
