Las Vegas Multifamily Wrap-Up – July 2020

Wood Partners JV delivers Henderson community. Dwight Capital provides $40 million HUD loan. Here is our July selection of Las Vegas must-knows.
Las Vegas. Image via Pixabay.com

As Las Vegas continued to see its COVID-19 caseload rise, casino operators announced layoffs and furloughs, staffing properties to meet reduced foot traffic. Despite the challenges the metro’s multifamily sector faces, developers pressed onward with several major projects.

At the start of July, residential evictions got the green light to proceed after Governor Sisolak issued a new rule in late June. Proceedings may only begin for lease violations, however: Evictions for non-payment are still on hold until September at the earliest. Additionally, the state received $50 million in coronavirus relief funds and will use $30 million for multifamily rental assistance, with the remaining $20 million going to commercial tenants. Catch up on our July list of Las Vegas must-reads:

1. FINANCING – Dwight Capital secures $40 million for 304-unit community.

The firm arranged a HUD 223(f) loan for Villas at Sunrise Mountain Apartments, an ENERGY STAR certified property. The note has a Reduced Green Mortgage Insurance Premium of 25 basis points. The financing package replaces an $18.4 million HUD loan which KeyBank provided in 2012. Located on 15 acres at 6360 E. Sahara Ave., the community’s 38 two-story buildings delivered in 2000.

2. DEVELOPMENT – Joint venture debuts upscale Henderson property.

A partnership between Wood Partners and Principal Real Estate Investors opened Alta NV, a 347-unit community. The amenity package includes a fitness center, resort-style pool with tanning deck, outdoor barbecue station, speakeasy-style bar and dog park. The unit mix has one- and two-bedroom apartments. The property sits on 16 acres at 1250 Wigwam Parkway, less than 2 miles from the intersection of interstates 215 and 515.

3. PEOPLE – Seabreeze Management names vice president of community management.

The company promoted Sherry Withrow, who has served as general manager since 2017. In her new role, Withrow’s responsibilities include mentoring and leading the firm’s operations staff at all levels. She has more than 10 years of experience in the industry. Prior to joining Seabreeze, she worked as a community manager at CAMCO Management Co. Withrow earned a bachelor’s degree in business management from the University of Nevada.

4. DEVELOPMENT – Arts District community opens doors.

Cherry Development completed shareDOWNTOWN, a 63-unit property close to the city center, according to Yardi Matrix. Amenities include a gym, business center, media room and outdoor grilling station in addition to a 1,924-square-foot retail component. Situated on a half-acre parcel at 1300 S. Casino Center Blvd., the community is close to Las Vegas Boulevard and Interstate 15.