Top Multifamily Completions in Las Vegas
As rent growth remains among the strongest in the nation, developers are warming up to the metro’s suburban areas, expanding rental product in the area.
While hospitality investors have long focused on Las Vegas’s core, multifamily developers have claimed the bulk of activity in the city’s periphery. Nearly 3,500 units were delivered in the metro in the past 12 months, with the majority located in Spring Valley and Henderson, two of the market’s fastest-growing suburban areas. The inner parts of the metro are far from inactive, though—more than 20 percent of active multifamily construction currently underway is happening within the city’s more central submarkets.
Las Vegas rents increased 7.3 percent year-over-year in April, one of the fastest growth rates in the country. Combining that rate of improvement with the metro’s rapid population growth, has led to the metro becoming an increasingly attractive option for developers.
The table below uses data from Yardi Matrix to highlight the largest 10 multifamily projects which completed during the previous 12 months ending in May.
5. The Abode Red Rock
A joint venture between Pillar Income Asset Management and Transcontinental Realty Investors began construction of the 308-unit Adobe Red Rock in early 2017. Macquarie Bank provided $42.5 million in financing for the Class A development, which delivered in December last year.
Located at 9450 W. Hacienda Ave. in the Spring Valley West submarket, the four-story pet-friendly asset includes one- and two-bedroom floorplans, from 714 to 1,528 square feet. The building offers a range of amenities including a fenced-in dog park, conference room and parking garage. SunRidge Management Group oversees the community’s operations.
4. The Gallery
Warmington Cos.’ The Gallery Apartment Homes opened last summer, adding 325 units to the Enterprise submarket. The developer broke ground on the 21-building project in 2015, with financing through Western Alliance Bank. Following the asset’s completion, the owners refinanced with a $40.5 million Fannie Mae loan from Walker & Dunlop.
Positioned at 7688 Blue Diamond Road, the community is approximately 15 miles southwest of downtown Las Vegas, accessible via Interstate 15. Amenities include two spas, on-site recycling and a business center. The property, which contains both one- and two-bedroom apartments, is already stabilized, with an occupancy rate of 95.4 percent as of April, per Yardi Matrix.
3. Elysian at Flamingo
The Calida Group’s 360-unit Elysian at Flamingo opened its doors at the start of May. The luxury development kicked off in the first half of 2017, backed with $46.3 million in construction financing via U.S. Bank.
The community’s two three-story buildings are located at 4150 S. Hualapai Way in Spring Valley West, approximately 10 miles west of the Strip and alongside the Bruce Woodbury Beltway. The property is next door to a large selection of retailers, including Target and Albertsons. Elysian at Flamingo’s units include one-, two- and three-bedroom apartments, ranging from 619 to 1,752 square feet. Notable amenities include a 14,000-square-foot clubhouse with a wine tasting lounge and tanning room, a 24-hour convenience store and a dog park.
Las Vegas’ second-largest delivery in the past 12 months, the 376-unit EVO Apartments, completed in August. Principal Financial Group originated the first tranche of funding for the project with $20 million in construction financing. In November, the property’s owner refinanced with a CMBS loan totaling $55.1 million.
The project, at 8760 W. Patrick Lane, is the Spring Valley West submarket’s largest delivery since early 2017, though three more developments totaling 870 more units are underway in the area. The community is within 10 miles of the Strip and is near IKEA, a Walmart Supercenter and a medical center. The property’s amenity mix includes sauna and steam rooms, a library, fire pits and a rooftop lounge.
1. The Well
The Wolff Co.’s The Well Apartments was the largest multifamily development to be completed in Las Vegas over the past year, delivering 396 Class A units to the Henderson East submarket in early May. The project began in mid-2017, funded by a $32.7 million construction loan from Wells Fargo. The owner has contracted Avenue5 Residential to oversee management operations for the asset.
The community’s 17 buildings are located at 1050 Wellness Place, within 1 mile of Interstate 515 and 12 miles southeast of downtown Las Vegas. The property’s floorplans vary from 465-square-foot studio units to 1,201-square-foot, three-bedroom apartments. Amenities include a conference room, sports court, community dining room and an outdoor lounge equipped with grills.