Las Vegas Monthly MHN Wrap-Up (Feb. 2020)
- Mar 03, 2020
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.