Nevada

Durango-Las-Vegas
DevelopmentNevadaNewsWestern

NRP Group, Haseko Underway on $133 Million Las Vegas Project

by Lynn Peisner

LAS VEGAS — The NRP Group has partnered with Haseko North America, the U.S. subsidiary of a Japanese condominium builder, and broken ground on a $133 million community in Las Vegas. Located at the northeast corner of West Maule Avenue and Gagnier Boulevard, the site is across from the Durango Casino & Resort and adjacent to The UnCommons, a mixed-use destination featuring apartments, retail, dining and office space. The four-story, single-building development will comprise a mix of 309 studio, one-, two- and three-bedroom units. Amenities include a pool, two landscaped …

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Nines-at-Kierland-Scottsdale
ArizonaColoradoGeorgiaInvestment SalesNevadaNewsNorth CarolinaSouth CarolinaSoutheastWestern

Sunroad Sells $1.1 Billion Portfolio to Fairfield

by Lynn Peisner

SAN DIEGO — Sunroad Enterprises has sold a 15-property portfolio to Fairfield for $1.1 billion. Both firms are based in San Diego. The portfolio includes properties in six states: six in Arizona, one in Nevada, three in Colorado, two in North Carolina, two in South Carolina and one in Georgia. The deal took six years to put together. JLL, representing Sunroad, arranged the sale as well as a $415 million Freddie Mac loan for 10 of the assets and an additional $250 million in fixed-rate senior debt provided by KKR. …

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North-and-Valley
Affordable HousingDevelopmentNevadaNewsWestern

The NRP Group Developing Affordable Community in North Las Vegas

by Lynn Peisner

NORTH LAS VEGAS, NEV. — The NRP Group has broken ground on North & Valley, an affordable housing development in North Las Vegas. Completion is slated for April 2027. The community will offer 105 units reserved for tenants earning between 50 and 60 percent of the area median income. According to the City of North Las Vegas, residents’ average yearly income is $75,459. The development site spans five acres and will comprise two four-story buildings with a mix of one-, two- and three-bedroom residences. Amenities will include a resort-style pool, …

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Investment SalesNevadaNewsWestern

CONAM Group Acquires Las Vegas Asset

by Lynn Peisner

LAS VEGAS — The CONAM Group has acquired Reverb at Spring Valley in Las Vegas. The sales price and seller were not disclosed. The 180-unit property was completed in 2000 and consists of two-story, garden-style buildings with a majority of floor plans configured as two-bedrooms. Amenities include a clubhouse with a coffee bar, game room, fitness center and a pool deck with assorted outdoor games, fire pits and barbecues. 

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Tides_on_Commerce
ArizonaInvestment SalesNevadaNewsWestern

Kennedy Wilson Acquires Two Properties for $166 Million

by Lynn Peisner

BEVERLY HILLS, CALIF. — Kennedy Wilson, a Beverly Hills-based investment company, has acquired Tides on Commerce in North Las Vegas and Finisterra in Tempe, Arizona, for a combined total of $166 million. The figure includes $61 million in equity invested in the two separate transactions. The sellers were not identified. CBRE arranged the sale of Finisterra. Tides on Commerce is a 336-unit community, while Finisterra has 356 units. Both are low-density, garden-style properties. With these two acquisitions, Kennedy Wilson now has ownership interests in 40,000 units.

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Steve Nosrat
Investment SalesNevadaNewsPeople NewsWestern

Mogharebi Group Hires Steve Nosrat to Las Vegas Investment Sales Team

by Lynn Peisner

LAS VEGAS —  Steve Nosrat has joined The Mogharebi Group’s multifamily investment sales team as senior vice president in the firm’s Las Vegas office. The Mogharebi Group is headquartered in Costa Mesa, California. Nosrat’s prior commercial brokerage experience includes working with private capital, institutional transactions and new development. He comes to The Mogharebi Group from Avison Young, Las Vegas, where he was a principal. Previously, he was senior vice president at NAI Las Vegas.

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FinanceNevadaNewsWestern

Greystone Monticello Closes $40.3 Million in Bridge Financing for Two Properties in Las Vegas

by Channing Hamilton

LAS VEGAS — Greystone Monticello has closed two bridge loans totaling $40.3 million for two apartment complexes in Las Vegas. The funds will be used to refinance the outstanding bridge loans and provide additional time to enhance operations, positioning the properties for a potential future sale or permanent financing. Darryl Myrose of Greystone Monticello originated the loans. The borrower and properties were not disclosed.

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Bill Ketcham, The Mogharebi Group
DevelopmentFinanceInvestment SalesLeasing & MarketingMarket ReportsNevadaWestern

Development Boom has Turned Nevada into a Renter’s Market

by Channing Hamilton

The Nevada multifamily market, which is primarily made up of Reno and Las Vegas, faced significant challenges in 2023, particularly due to rising interest rates and a slowdown in sales volume.  Rents declined by approximately 8 percent since their peak in the fourth quarter of 2021. Despite these setbacks, investors remain attracted to multifamily properties in Nevada, buoyed by the state’s favorable economic indicators and potential for long-term returns.  However, supply constraints and rising construction costs pose ongoing challenges that could impact future market growth. Nonetheless, the Nevada multifamily market …

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The Perch PDX in Portland, Oregon
Affordable HousingDevelopmentFeaturesFinanceMidwestNevadaNortheastSoutheastTexasWestern

Industry Says Biden’s Proposed Rent Cap Would Punish Tenants

by Channing Hamilton

WASHINGTON, D.C. — The Biden administration has called on Congress to pass rent-control legislation that would affect more than 20 million rental homes across the country. Under the proposed rule, landlords with more than 50 units in their portfolios would forfeit federal tax breaks if they raise rents annually more than 5 percent on their existing units.  If passed, this rule would be in force beginning this year and would last through 2026. The plan would include an exception for new construction and for units currently undergoing substantial renovation or …

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Parkway Townhomes in Henderson, Nevada
Investment SalesNevadaNewsWestern

TruAmerica Multifamily Acquires 234-Unit Parkway Townhomes Near Las Vegas

by Channing Hamilton

HENDERSON, NEV. — TruAmerica Multifamily has acquired Parkway Townhomes, a 234-unit townhome-style community located at 2675 Windmill Parkway in the Las Vegas suburb of Henderson. CBRE’s Spence Ballif, Adam Schmitt and Jannie Mongkolsakulkit represented the seller in the deal. The seller and transaction price were not disclosed.  Parkway Townhomes was built in 1995. The community offers two- and three-bedroom units featuring full-size washers and dryers, stainless steel gas appliances, direct-access garages. Amenities include a pool, fitness center and dog park. The previous owners of the property conducted more than $3 …

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