376-Unit South Las Vegas Valley Apartment Complex Sells for $135 Million
LAS VEGAS, NV – Lyric, a high-end apartment complex situated in the south Las Vegas Valley and boasting of a unique set of amenities for tenants, has reportedly been sold last month for an impressive sum of money.
Located at 304 East Silverado Ranch Boulevard near Las Vegas Boulevard, Lyric was recently announced as having been acquired by Starlight U.S. Residential Fund in November for $135.2 million, the latest multi-million dollar rental property in the valley in a year replete with them.
Lyric features an impressive array of unusual and interesting amenities for its tenants, including a pet-washing station, poolside spin bikes, a karaoke lounge, and much more, according to the new owners, who purchased the property with 99 percent of its units already occupied.
The demand for rental units throughout the pandemic has skyrocketed over the past year, and investment groups have taken advantage by snatching up apartment complexes and rental homes whenever they have become available. As a result of the demand – driven by the vastly-improving local economy, despite the ravages of COVID-19 – rent has been shooting up at a record pace while demand far outstrips inventory.
That being said, Lyric is merely the latest such facility to sell for $100+ in the last 12 months; the 456-unit Ely at The Curve was acquired from The Calida Group by LaSalle Investment Management in October for $155.6 million.
In addition, Tuscan Highlands, a 304-unit complex near the M Resort, was purchased by Utah real estate investor Scott Keller in May for $115 million; as the per unit price of that sale amounted to over $378,000 per unit, many sources at the time of the sale referred to the sale as one of the highest prices ever paid for an apartment complex in the Southern Nevada region.
Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.