193-Unit Intrigue Apartments Las Vegas, Workforce Housing, Sells for Nearly $34 Million

LAS VEGAS, NV – Workforce housing property Intrigue Apartments Las Vegas – formerly known as Andiamo Apartments – was recently sold by Wilshire Unlimited to a private family trust in a deal that was worth $33.5 million. 

Part of the sale price was comprised of a $17.5 million Fannie Mae loan that carries a seven-year term with four years of interest-only payments and a 30-year amortization schedule. 

Intrigue Apartments Las Vegas – located at 4600 Vegas Drive, in the vicinity of Highway 95 and five miles from downtown Las Vegas and two miles from North Las Vegas Airport – is made up of 193 units spread out over eight two-story buildings and was originally constructed in 1986. There are both one and two-bedroom floorplans available, with square footage ranging from 700 to 900 feet. There are numerous amenities for tenants including a fitness center, a clubhouse, a swimming pool, laundry facilities, and 300 parking spaces. 

As a workforce housing property, Intrigue Apartments is intended to be affordable to households earning between 60 and 120 percent of area median income (AMI), targeting middle-income workers which includes professions such as police officers, firefighters, teachers, health care workers, retail clerks, and the like. Many cities across the country are investing in workforce housing properties, as it is increasingly difficult these days for middle-income workers to buy or rent housing in the areas in which they work. 

Despite that fact, a recent Yardi Matrix report indicates that multifamily investment has decreased in Las Vegas over the past year. In the first half of 2023, the total sum of transactions amounted to $283 million, compared to the first half of 2022 when that amount was a whopping $2.2 billion. In addition, the average price per unit in the city of Las Vegas dropped by 25.7percent year-over-year this past June, amounting to $184,407. 

Shelter Realty Property Management specializes 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.

LAS VEGAS, NV – Realtors in Las Vegas have noted that sales of high-rise condominiums have gone through numerous ups and downs since the mid-2000’s recession. However, the latest surge in the market has been driven by something taking many by surprise: the phenomenon known as sports tourism, with the latest example being driven by an intense and unprecedented level of demand for high-rise apartments along the Las Vegas Strip due to the ongoing Vegas Grand Prix Formula 1 race. 

Heidi Williams, a Las Vegas realtor specializing in selling high-rise condos out of The Signature at MGM Grand, said that prices for luxury units at the complex “have increased anywhere from 30 percent to 50 percent depending on the type of unit” due to the Las Vegas F1, which runs along the Strip this week. 

I don’t think a lot of people understood how much money there was in F1 and how much money there is in the sport, in the backing (of fans),” Williams said. “I think that people are very excited about F1, and I think a lot of these people just want to be a part of it.” 

The 30-floor Signature at MGM Grand boasts 1,750 suites and offers condos ranging from 520-square-foot properties listed for $320,000 to 1,394-square-foot properties priced as high as $800,000. 

Williams noted that she began seeing purchases at the property related to the F1 race starting approximately nine months ago, with approximately 25 to 30 percent of her clients indicating to her that their condo purchases were specifically due to wanting to be in proximity to the race. 

The F1, running from November 16-19, has been anticipated to draw as many as 170,000 people to Las Vegas. The racecourse runs at the Formula One Pit Building across the street from the Signature off Harmon. From there, it heads down Koval Lane, circles around the MSG Sphere and then goes on Sands Avenue before turning onto Las Vegas Boulevard for a mile; from there, the course turns onto Harmon Avenue and then finally back toward the Pit Building. 

That being said, it’s no wonder units are being snapped up at The Signature at MGM Grand, as the building offers unique views of the racecourse that aren’t available to most spectators. Williams noted that many of the condos being sold at the facility are being purchased by people who solely wish to use them each year just to view the F1 race; The Signature at MGM Grand has a policy that allows units to be rented out when they are not “owner occupied,” thus allowing tourists to purchase them to generate income during the remainder of the year they are not residing there. 

Shelter Realty Property Management specializes 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.

LAS VEGAS, NV – The Formula One Las Vegas Grand Prix held its opening ceremonies on Wednesday, and short term rental owners in Southern Nevada where STR licenses are currently available – including Henderson, Las Vegas and North Las Vegas – are already reaping large financial benefits.  

Unfortunately, however, some frustrated Clark County landlords have been left out in the cold due to the long and drawn-out process of issuing licenses on the part of the municipality, leaving them unable to offer listings to take advantage of the many out-of-town tourists attending the F1 event, with the race taking place November 16-18. 

The state figured out that the ban wasn’t working and decided to mandate the county to get rid of its ban and start creating a licensing process for people to operate (short-term rentals),” said Jackie Flores, founder of The Greater Las Vegas Short Term Rentals Association. “Of course they have not issued any licenses even though they were supposed to start doing it by July of last year.”  

However, the loss on the part of Clark County renters is the gain of others located in neighboring cities, with many STR owners asking – and receiving – significantly higher rates than usual to house visitors attending the F1. 

An average Airbnb or Vrbo rental costs approximately $150 a night; currently, there are over 1,000 listings available in Las Vegas, with prices ranging from exuberant to budget-friendly and everything in between. 

The priciest rental for the F1 weekend is a 11-bedroom home located in Paradise just east of the Harry Reid International Airport that’s going for a whopping $4,121 a night. The residence is spread up into three separate buildings for a total size of 8,700 square feet, and includes numerous high-end amenities including an outdoor playground, basketball court, a pool, video game room, and much more. 

In contrast, the cheapest rental listed is a private study room for $39 a night in West Las Vegas, giving you the opportunity to “stay with Victor” as his guest during the F1 weekend. That fee will get you a twin bed, a desk, futon, wi-fi, and a door that locks via keypad; a municipal bathroom is located directly across the hall. 

And finally, if you’re looking for a listing based solely on its “cool” factor, another rental located in Paradise offers eight bedrooms and a slew of fun extras, including a putting green, pool, hot tub, outdoor poker table, half-basketball court, pool table, bocci ball, table tennis, an outdoor BBQ grill, and more, all for $1,850 a night. 

Shelter Realty Property Management specializes 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.

LAS VEGAS, NV – A new report released by H&R Block reveals that more middle-class Americans are moving out of state in search of affordable lifestyles, and that Las Vegas, Nevada is among the top destinations for families and individuals looking to get more bang for their hard-earned buck. 

Cities in Arizona, Nevada, Florida, and Texas are the top places in the country budget conscious members of the middle-class are moving to, according to 2022 tax data utilized by H&R block for their report. And the number two city on that list is Las Vegas, with the tax preparation company noting it is an up-and-coming destination for those seeking to relocate to a region in the country where taxes are lower and homes are more affordable. 

Andrew Arevalo, a real estate agent who is licensed in both Nevada and Colorado, said that in recent years Las Vegas has been stealing the thunder from other parts of the country that had previously been considered financially friendly to the middle-class. 

It’s weird to say this out loud, but I feel like Vegas is the new Colorado,” Arevalo said. “It has shifted from Denver getting a lot of people from out of town to Vegas. It has now officially taken over.” 

According to metrics from H&R block, the American middle-class is made up of those with an adjusted median household income ranging between $45,000 and $145,000 a year. The company based this on guidelines provided by the Pew Research Center as well as anonymously collected data from those who had filed taxes with them within that income bracket in 2022, coming in at 4.6 million people. 

Arevalo noted that – according to the Multiple Listing Service – there are presently over 13,000 homes listed in Clark County, which is where Las Vegas is situated; a number of properties on the market is currently assisting in keeping it affordable, with the median sales price of a Las Vegas home in September being $410,000, according to residential real estate brokerage and mortgage origination services company Redfin. 

In contrast, Arevalo noted that in Denver the median sales price of a home is $568,500, with currently only 4,700 homes available on the market. It is this reason, he said, that the cash-strapped middle-class are now passing over Denver and are instead heading to Vegas. 

At the end of the day, all they really care about is their bottom dollar in their pocket,” he said. 

Shelter Realty Property Management specializes 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.

LAS VEGAS, NV – The all-time highest priced home sold in Las Vegas is suddenly finding itself back on the market a mere two years after it was originally purchased, however with a substantial uptick in its asking price. 

The three-story, 15,000 square-foot home in Henderson’s MacDonald Highlands community earned its place in the record books after it was sold in 2021 for a whopping $25 million, after initially being listed on the market at $28 million.  

The brand-new home, located at 685 Dragon Peak Park and built by luxury developer Blue Heron, was purchased by billionaire and LoanDepot Founder and Chairman Anthony Hsieh. 

However, the home has recently found itself back on the open market once again, this time for the even more eye-opening sum of $34 million; when asked why its owner was willing to part with the property so soon after purchasing it, the listing agent stated that Hsieh is moving out because he is working on yet another home with Blue Heron that he intends to move into once its development is finished. 

685 DRAGON PEAK DRIVE, HENDERSON – $34,000,000.00

An ultra-sleek, high-tech showcase with a plethora of eye-opening amenities, Hsieh’s soon-to-be-former residence features a great room with retractable walls, an office casita, water on three sides, views of both the Las Vegas Strip and the Red Rock Mountains, 200 solar panels, and a “smart home” system that allows users full control over the security system, sound system, and energy management. 

The home also boasts seven bedrooms – including a primary suite with a private patio and a separate suite accessed by a glass bridge – as well as nine bathrooms and a garage with room for up to 11 cars. 

The home’s chef’s kitchen is also impressive, with Wolf and Sub-Zero touchscreen appliances, a full catering kitchen, and a glass wine cellar. 

While Hsieh’s $34 million asking price may seem steep, it should be noted that new-build luxury sales in Las Vegas have been proven to be largely immune to the real estate slowdown plaguing most of the nation, already breaking its record for the number of sales over $1 million in the first half of 2023. 

See full listing details for 685 Dragon Peak Park, Henderson

Shelter Realty Property Management specializes 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.

LAS VEGAS, NV – According to a new report, the prices of homes in the Las Vegas valley experienced a small increase during the month of October – which is usually the opposite of established norms during the fall season – while both sales and the number of listings currently on the market slowed slightly. 

As per industry group Las Vegas Realtors, in October the median price of an existing single-family home that was sold in Southern Nevada was $449,000, representing a 2.6 percent increase from September and an 18.3 percent increase year-over-year.  

One of the main factors that experts cite for the rise in home prices during what is normally considered an off season can be attributed to the lower number of listings currently available in the Valley, which is pushing the average list price for a home up. 

The number of available home listings last month was down 38 percent when compared to October 2022 and down 0.9 percent from September 2023, as per the Multiple Listings Service.  In addition, the number of homes sold in October also decreased from September by 6.7 percent and 1.5 percent year-over-year.  

All told, $922 million in homes traded hands in the Las Vegas Valley last month. 

Due to these and other issues currently impacting the industry – including record high inflation and increased interest rates instituted by the Federal Reserve to get that financial malady under control – Las Vegas Realtors President Lee Barrett noted that the real estate scene in Southern Nevada is going to be experiencing a few tough months. 

The historically tight housing supply we’ve been dealing with this year, along with the cyclical patterns we see almost every year around this time, seem to be propping up prices,” Barrett said. “We usually see home prices and sales cool down a bit along with the weather as we head into the fall and winter. We’ll see how these traditional trends play out this year. Higher interest rates and a smaller housing supply are playing a bigger role than in past years.” 

Shelter Realty Property Management specializes 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.

LAS VEGAS, NV – Multiple parcels of land in the Las Vegas Valley, totaling 589 acres, have been sold by the U.S. Bureau of Land Management (BLM) – an agency within the United States Department of the Interior responsible for administering federal lands – for the impressive sum of $93 million. 

BLM had previously announced that they would be auctioning off some of their land in the Las Vegas Valley this past July, with the federal agency being allowed to do so thanks to the Southern Nevada Public Land Management Act of 1998. 

While the majority of the parcels sold were relatively small in size, one parcel was particularly large – coming in at 505 acres and located east of Red Rock Canyon and West of Interstate 215 – and was purchased by Las Vegas real estate developer Lawrence Canarelli for $55 million. 

While Canarelli has not publicly stated what he intends to use the land for, experts note that due to its large size and how other properties in the area have been utilized in recent years, it will most likely be utilized for housing projects. 

The U.S. Department of the Interior Bureau of Land Management issued a press release announcing that the property sold was acquired by its new respective owners by way of a “competitive” online auction process. 

The sale of this public land within a congressionally-designated disposal boundary will generate funding to enhance recreation opportunities, promote species and habitat conservation and reduce the threat of wildfire in locations across the state,” the release said. 

BLM noted that 85 percent of the proceeds from the sale will be utilized mainly for projects to benefit the public, such as developing parks and trails as well as federal land capital improvements, purchasing land encountering environmental issues, landscape restoration projects, and the reduction of hazardous fuels. In addition, 5 percent will go towards the Nevada General Education Fund and the remaining 10 percent will go to the Southern Nevada Water Authority. 

An additional 225-acre parcel of land that was originally slated to be included in this auction will be put up for sale at a later date, according to the BLM, which currently owns 48 million acres in Nevada, or approximately 67 percent of the state.

Shelter Realty Property Management specializes 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.

LAS VEGAS, NV – Las Vegas has seen an explosion in the expansion of both its residential and commercial sectors in recent years – including Summerlin, Henderson, and the Las Vegas Strip, to name a few – but Enterprise, an up-and-coming township located in the southwest Las Vegas Valley, has been turning heads lately as one of the fastest growing areas in the United States.

Clark County statistics indicate that Enterprise is currently experiencing a degree of rapid growth that puts it ahead of any unincorporated area in the Valley; in fact, if it were to incorporate itself today, it would rank only behind Las Vegas, Henderson and North Las Vegas in terms of the largest cities in the county.

While Enterprise has been in existence for some time, Clark County Commissioner Justin Jones noted that the main factor contributing to its current skyrocketing growth was the recent construction of a major roadway and the development of several high-end neighborhoods.

Enterprise really started to explode with the construction of the 215 Beltway and development of the Rhodes Ranch, Mountain’s Edge and Southern Highlands master-planned communities, which began more than 20 years ago,” Jones said. “With the beltway providing a connection to the Summerlin and Henderson communities and easy access to the airport and the Strip, Enterprise was highly attractive to working families and businesses.”

Enterprise is located on a plot of land approximately 66 square miles – or 42,600 acres – south of the 215 Beltway, beginning in the vicinity of Fort Apache Road and Warm Springs Road and ending at the intersection of Interstate 15 and St. Rose Parkway.

In addition of the 215 Beltway and the aforementioned master-planned communities, other significant developments in the township consist of a planned high-speed rail Brightline Station that would serve as a direct link to Los Angeles; a potential NBA arena and casino resort; and several high-profile resorts and residential projects that are currently either in the planning or active construction phases.

According to 2022 Clark County statistics, Enterprise boasts a population of 233,896 residents, 185,506 single-family homes, and over 29,000 apartment units, with many industry experts calling the township a legitimate real estate hotspot that will continue to grow and thrive for years to come.

Shelter Realty Property Management specializes 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.

LAS VEGAS, NV – The sale of Decatur 215, a 126,678-square-foot shopping center in Las Vegas, was announced by owner Brixton Capital on October 30, who sold the property in a 1031 exchange to a private investor for $36.3 million, with the deal reportedly brokered by Lucescu Realty on behalf of the buyer. 

Brixton Capital had previously purchased Decatur 215 from Kimco Realty five years ago for $28.6 million; after acquiring the property, Brixton overhauled and renovated the parking lot, repaving it and restriping the parking spots. 

Construction on Decatur 215 was originally finished in 2013, at which time the retail shopping center opened its doors for tenants. It is situated on a 16.2-acre plot of land and is comprised of eight buildings, all of which were fully leased at the time of its sale.

Decatur 215 – located in The Springs neighborhood at the southeast corner of North Decatur Boulevard and West Tropical Parkway – features a wide variety of retail tenants, including such well-known brands as Target, Petco, ULTA Beauty, Hobby Lobby, Blaze Pizza, and many others. The shopping center’s proximity to Route 95 also provides easy and fast access to and from downtown Las Vegas.  

The sale of Decatur 215 isn’t Brixton Capital’s only high-profile real estate deal in 2023; earlier this year, the New York-based real estate investment firm also purchased a 143,217-square-foot retail center located in Stockton, California in an off-market transaction that was arranged by Hanley Investment Group. 

Despite numerous issues brought about by the nation’s ongoing struggles with inflation and the continued fallout from the COVID-19 pandemic, the retail sector in Las Vegas has not only shown signs of resiliency, but of continued growth as well. As per a new report by Marcus and Millichap, the city experienced a 3 percent population growth between 2021 and the first quarter of 2023, resulting in the creation of approximately 50,000 new households. Job growth in retail has also been steady, with the number of employees in the metro area increasing by 3,500 during the first five months of this year. 

Shelter Realty Property Management specializes 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.

LAS VEGAS, NV – During a presentation last week to the Las Vegas Stadium Authority by Mortenson-McCarthy, the construction manager of the Oakland Athletics, revealed that work is slated to begin on the Major League Baseball team’s upcoming Las Vegas ballpark in April 2025 for an anticipated completion date of April 2028 – just in time for that year’s regular season. 

The presentation laid out the entire timeline for the project, including plans to incorporate a variety of local vendors throughout the ballpark’s construction, with 15 percent of the work expected to be carried out by local and minority-owned businesses. Mortenson-McCarthy also noted that they intend to employ a diverse workforce, stating that 51 percent of the total construction hours for the project will utilize a combination of female, minority, veteran, and disabled workers. 

It was also revealed at the presentation that law firms have been retained by the A’s to draw up both a stadium lease as well as a community benefits agreement, covering a financial commitment from the A’s to the local Las Vegas community in addition to promises of paying livable wages to ballpark employees, diversity requirements, educational programs, community engagement, and more. 

The new home of the Athletics’ will be on a nine-acre plot of land situated on the 35-acre site of the Tropicana, located at Las Vegas Boulevard and Tropicana Avenue. Currently, the plan is to demolish the Tropicana to make way for the A’s stadium and to build a new 1,500-room hotel and casino on the remaining acreage. 

The A’s home stadium – the project is expected to cost a total of $1.5 billion – is slated to take the form of a 35,000-seat retractable roof stadium, with the project currently pending the passing of state legislation for public financing. Once the monies are obtained, full development of the ballpark will be in the hands of Bally’s. 

The A’s relocation from Oakland to Las Vegas still needs to be approved by MLB team owners, who are expected to vote on the matter next month. 

Shelter Realty Property Management specializes 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.

LAS VEGAS, NV – After an extended series of delays, the $3.7 billion Fontainebleau Las Vegas is finally set to open at the north end of the Las Vegas Strip on December 13, bringing to close a development saga that has spanned 23 years amid ongoing doubts at times that the resort would ever open to begin with.

Jeffrey Soffer, Fontainebleau Development’s chairman and CEO, first purchased the land for the resort back in 2000. Development later begun on the Fontainebleau in 2007 – with its grand opening scheduled to take place in 2009 – but work was indefinitely halted two years later by the recession, forcing the project into bankruptcy.

In 2010, Icahn NV Gaming Acquisition LLC purchased the Fontainebleau for $150 million, and then sold it off to developer Steve Witkoff for $600 million in 2017. Witkoff originally envisioned a 2022 completion date; however, that was derailed by the COVID-19 pandemic.

From there, the Fontainebleau sat unfinished for years until Soffer and Fontainebleau Development re-acquired the project and resumed construction in 2021, following Soffer’s securement of $2.2 billion in new funding.

When the resort finally opens its doors for business on December 13, it will be operated by the company’s subsidiary, Bowtie Hospitality LLC.

The Fontainebleau will mostly adhere to the original vision that was laid out for it back when the project was first announced and will consist of a 67-story tower containing 3,780 hotel rooms and suites, 550,000 square feet of convention and meeting space, a casino, restaurants, retail, health and wellness spaces, and many other high-end amenities.

In addition, the resort is expected to provide approximately 6,000 full-time jobs, which will greatly add to Las Vegas’ already booming economy.

Shelter Realty Property Management specializes 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.

LAS VEGAS, NV – MIG Real Estate LLC has announced the sale of Pecos Plaza, a 124,000-square-foot medical and office campus in Henderson, Nevada, to new owner Woodside Health for $26.7 million. The seller was represented in the transaction by Cushman & Wakefield and JLL, reports say.

Originally built in 2006, Pecos Plaza is a Class B medical and office campus that is anchored by a two-story building with an additional seven single-story medical and professional office buildings, all located on a 7.62-acre plot of land at 9005-9089 South Pecos Road. The plaza is situated nearly seven miles from downtown Henderson, just over 18 miles from Las Vegas, and has access to Interstate 215.

Reports indicate that the campus is currently 93 percent occupied, with the property anchored by multiple retail establishments such as Michaels, Starbucks, Denny’s and UPS, among others. The medical facilities located on the campus are Belle Medical, Las Vegas Urology, Serenity Dental and Innovative Pain Care Center, in addition to several more.

MIG Real Estate LLC had originally acquired Pecos Plaza in 2014, having purchased the campus for $17.5 million from Wells Fargo Bank.

New Pecos Plaza owner Woodside Health has an extensive history when it comes to the medical field. The company was originally founded in 2008, and this newest purchase represents their 48th acquisition overall, giving them a combined total of over 2.5 million square feet – about twice the area of Chicago’s Millennium Park – in healthcare assets across the country, spread out over Arizona, Florida, Georgia, Nevada, Ohio and Texas.

Earlier in 2023, Woodside – as part of a $140 million transaction – recapitalized a medical office portfolio spread out over four states, consisting of 10 properties with a combined size of 423,000-square-feet. And in June 2022 Woodside purchased Optum Center – a 81,907-square-foot medical office building anchored by UnitedHealthcare – in Phoenix, Arizona for $20 million.

Shelter Realty Property Management specializes 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.