Las Vegas Monthly MHN Wrap-Up (Feb. 2020)

NNC Apartment Ventures shells out $52 million. Opportunity Zone project in the works by Meadows Mall. Catch up on February Vegas must-knows with our monthly roundup.
Winterhaven. Image courtesy of Welltower

Las Vegas remained one of the country’s top performers going into 2020, with rents up 5.4 percent last year, second only to Phoenix among the largest metros. A major national developer has chosen Vegas for a residential project expected to kick off this October. Meanwhile, on the senior housing side, the debut of a wellness program has given three properties a breath of fresh air. Here’s our Las Vegas roundup for February: 

1. DEVELOPMENT – 334 units planned for Opportunity Zone near Meadows Mall.

Silverstein Properties plans to build the community in partnership with Cantor Fitzgerald and Tru Development Co., according to Las Vegas Review-Journal. The project at 4490 Meadows Lane is designed to include four stories of 900-square-foot units built atop a parking garage. Silverstein bought the 9.6-acre development site in 2018 and groundbreaking is slated for October.

2. DEAL – NNC makes $52.2 million acquisition near Santa Fe Station Hotel & Casino.

NNC Apartment Ventures partnered with The William Walters Co. for the acquisition of Inspirado, a 252-unit, 2011-built community sold by Houston Properties. Berkadia originated a $30.7 million Freddie Mac acquisition loan which matures in 2030. The 14-building asset at 6885 W. Lone Mountain Road comprises one- to three-bedroom apartments ranging from 800 to 1,201 square feet.

3. SENIOR HOUSING – Welltower pilots affordable living brand in Vegas.

Catering to moderate-income residents aged 55 and over, welltowerLIVING debuts at the investment trust’s recently acquired, three-asset Vegas portfolio. Renovated in 2017, the 96-unit Winterhaven, 344-unit Valley View and 180-unit Sand Hill will operate with reduced staffing and target low annual resident turnover. Welltower acquired the properties for $86 million from Cortland in January.

4. DEAL – Next Wave Investors adds 10th property to local portfolio.

The company has purchased the 88-unit Villaggio Di Murano for $14.5 million from RK Properties, financing the value-add acquisition with a $13 million loan from Bridge Investment Group. Located at 9475 W. Tompkins Ave. in Spring Valley, the 2005-built community offers one- to three-bedroom floorplans averaging 965 square feet.