Las Vegas Multifamily Wrap-Up – April 2020
- May 08, 2020
Las Vegas’ multifamily sector slowed nearly to a halt in April. The coronavirus pandemic led to Governor Sisolak announcing a statewide stay-at-home directive on April 1. Nonessential businesses had already shuttered earlier in March, which led to a massive spike in April’s unemployment figures as the city’s once-booming hospitality and gaming industries became characterized by furloughs and lay-offs. As the closure mandate has been extended through May 15, uncertainty continues to test the market. Here’s our April list of Las Vegas must-reads:
1. FINANCING – NorthMarq Capital refinances 792-unit portfolio.
The owner of the 440-unit Silverado Village and 352-unit Summerlin Entrada received a total of $22.5 million in Fannie Mae financing, according to public records. Silverado Village, located at 3750 Arville St. in Paradise, consists of one- to three-bedroom apartments averaging 829 square feet, Yardi Matrix shows. The second property, at 1701 Rock Springs Drive in Las Vegas, has a similar unit mix. Both communities have a range of amenities including swimming pools, tennis courts and clubhouses.
2. OPERATIONS – Renters face coronavirus pandemic effects.
After COVID-19 paralyzed the entertainment and hospitality industries, Nevada saw a record-breaking increase in unemployment claims. Following concerns that many renters would be unable to meet their financial obligations, Governor Sisolak had placed a moratorium on both residential and commercial evictions for the duration of the pandemic, similar to policies enacted in many other states. Although most renters were able to make payments in April, the outlook for the coming months remains uncertain.
3. DEAL – Camino Verde Group enlarges portfolio.
Built in 1963, the 28-unit community at 2556 S. Van Patten St. will be rebranded as Camino 2556, according to REBusiness Online. Located just north of the Las Vegas Convention Center in the Historic Commercial Center District, the multifamily asset has a mix of one- to three-bedroom apartments in four garden-style buildings. The new owner intends to invest $300,000 in interior and exterior renovations. The property is adjacent to Camino 2575, another of the investor’s communities.