Las Vegas Multifamily Wrap-Up – August 2020

Work begins on $400 million mixed-use project. Class B portfolio fetches $82.5 million. Catch up on our August list of Las Vegas must-reads.
UnCommons. Image courtesy of Matter Real Estate Group

Over the past two weeks, Las Vegas experienced a decline in the average number of new coronavirus cases. On Aug. 31, Governor Sisolak extended the state’s eviction moratorium until Oct. 14 and added $10 million to a residential rental assistance program, according to The Nevada Independent.

Even as the city continued to reel from the effects of the global health crisis, the multifamily sector saw a few headline-grabbing moves. Investment activity took center stage, as companies continued to pour capital into quality assets. On the development side, projects moved forward, keeping pace with the metro’s robust single-family pipeline. Check out our August selection of Las Vegas must-knows:

1. DEVELOPMENT – $400 million mixed-use project breaks ground.

Matter Real Estate Group began work on UnCommons, a 40-acre development in southwest Las Vegas at Interstate 215 and Durango Drive. Upon completion, the property will have more than 830 apartments. The first phase of the project will see 385 rental units delivered by early 2022. In addition to the residential component, the project will have 500,000 square feet of office space, a music and movie venue, a multipurpose conference center and gyms.

2. DEAL – Benedict Canyon Equities buys upscale community.

Next Wave Investors finalized the $21.5 million disposition of Harlow Luxury Apartments, a 98-unit Class A property. Walker & Dunlop provided a 10-year, $16 million Freddie Mac loan for the purchase. The asset last changed hands in 2019, when Pathfinder Partners sold it for $17.1 million. Located on 5 acres at 10620 W. Alexander Road, the community’s 13 buildings delivered in 2003.

3. DEVELOPMENT – Wood Partners kicks off luxury project.

The firm broke ground on Alta Southern Highlands, a 228-unit Class A community with a scheduled completion date in the fall of 2021. The company acquired the 7-acre parcel for $4.7 million from Olympia Cos. and Stonehill Capital Management, according to Clark County records. Located near the junction of Interstate 15 and St. Rose Parkway, the site is 11 miles south of the Las Vegas Strip.

4. DEAL – Virtu Investments sells Spring Valley portfolio for $82.5 million.

A private investor acquired The Tower at Tropicana and Gloria Park Villas, two Class B communities totaling 501 units. CBRE Capital Markets provided acquisition financing, public records show. The assets last traded in 2017, when Angelo Gordon & Co. sold them for $62.5 million. Located at 6575 W. Tropicana Ave. and 3625 S. Decatur Blvd., the properties were built in 1989 and 1993, respectively.

5. DEAL – AllPro Capital sells 128-unit community.

A private investor paid $19.5 million for Toscana Apartments, a 16-building property in the southeastern part of the city. AllPro Capital paid 3D Investments $9.7 million for the asset in 2017, according to Yardi Matrix data. The community, built on 7 acres in 1994, is located at 4550 Karen Ave. The unit mix includes 48 three-bedroom apartments and 80 two-bedroom units. The amenity package features a business center, fitness studio, pool and laundry facility.