Groundbreaking Held on “Sync Apartment Homes,” New 203-Unit Las Vegas-Based Rental Project

LAS VEGAS, NV – “Sync Apartment Homes,” a new apartment complex that is slated to be constructed near the Aliante Hotel in North Las Vegas, broke ground this week, with a completion date estimated to be in the fourth quarter of 2022.

Development firms American Nevada Co. and Warmington Properties have teamed up to build Sync Apartment Homes; the two companies held the groundbreaking ceremony for the new apartment complex – located off Aliante Parkway and the 215 Beltway in North Las Vegas – on Tuesday, November 9 which, upon completion, will be comprised of 203 units with a number of high-scale amenities that are sure to attract scores of tenants.

Sync Apartment Homes is to be comprised, according to reports, of several two and three-story buildings built upon a 9.4-acre project site, and will feature attached garages and a resort-style pool area for tenants to utilize. The apartment units are to range in size from 815 to 1,338 square feet and are to offer competitive rental price points.

Sync Apartment Homes is one of three brand new multifamily apartment communities that Warmington Properties will complete in the Las Vegas area in 2023, bringing their total in North Las Vegas to twelve.

Apartment complexes such as this are, according to many real estate professionals, the key to solving the skyrocketing rental prices that Las Vegas is currently experiencing that are leading many to question the region’s long-standing reputation for affordability.

According to their website, Warmington Properties – via a group of residential building companies – has constructed approximately 40,000 homes in core markets throughout the West Coast of the U.S. They offer “professionally managed, lifestyle-centric communities” in many sought-after locations in Southern California, Las Vegas, Nevada, and Salt Lake City, Utah.

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.

LAS VEGAS, NV – The Russell Apartments, a 241-unit garden-style apartment community in West Las Vegas, has been purchased by a California-based firm that is making its first foray into the Southern Nevada real estate marketplace.

SB Real Estate Partners reportedly paid $67 million for The Russell Apartments, which was 98 percent leased at the time of the sale. SB has announced that they intend to invest an additional $2 million for renovations and upgrades into the property, located at 9620 West Russell Road, with plans to re-brand it as “Portola on Russell.”

Planned renovations to the property include improvements to apartment interiors, common areas, and the facility’s exterior.

The Russell Apartments features one, two, and three-bedroom apartments, in addition to an array of upper-scale amenities, such as a resort-style pool area with a pool-side cabana, barbecue grills, lounge seating areas, a fitness center, dog park, playground, sand volleyball court and a putting green.

SB Real Estate Partners have stated that upon completion of the proposed renovations, the apartment community will be able to compete with higher-end rental complexes in the Las Vegas valley, while offering a lower-than-average price point for rent.

As California residents have been fleeing the state due to ever-increasing taxes and unsustainable living costs, Southern Nevada has seen new additions to its population on a regular basis due to it’s much more reasonable living expenses when compared to its neighboring state to the west.

In addition, the prominence of remote working during the COVID-19 pandemic – especially when it comes to the tech industry – has also been driving up Nevada’s population as well in the past year, and due to these realities, SB Real Estate Partners noted that it was time for them invest in the Las Vegas real estate marketplace.

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.

LAS VEGAS, NV – As the pandemic winds down and more travel restrictions are removed, more people are looking to catch up on the vacationing that they were forced to do without when the pandemic was at its worst. And, in Las Vegas, according to Fox News, short-term rental hosts are taking in bigger profits than ever before as tourists seem to be willing to pay nearly any price to get away for a few days.

Travis Schurr, an Airbnb “superhost” – which Airbnb’s website describes “as experienced hosts who provide a shining example for other hosts, and extraordinary experiences for their guests” – currently runs nine rental homes in Henderson.

Because of his superhost status, Schurr is able to access software programs that synch up with current rates that hotels in the region are charging, allowing him to change his pricing of his short-term rentals dynamically on a day-to-day basis in order to remain competitive. And so far in 2021, the profits he’s enjoyed month-to-month have only gotten higher and higher due to the incredible demand.

“January we did $30,000 and then we did more the following month and then we did more the following month,” he said. “We didn’t see a slowdown from January until August we dipped and then September we outdid August, and then October we outdid September.”

October was a huge milestone for Schurr, with the superhost earning over $150,000 from his Henderson rentals, which range from a two-bedroom condominium to a half-acre of land with a four-bedroom house.

Prices can really go up if a major local event is taking place, Schurr notes; for example, when the Las Vegas Raiders NFL team played their first-ever home game at Allegiant Stadium, he was able to change sports fans as much as $1,300 per night – often for several nights in a row – to stay at his properties.

With holiday travel expected to pick up in November, Schurr said that he is expecting this month’s profits to continue their upward trajectory.

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.

LAS VEGAS, NV – When it comes to apartments in Las Vegas, they’ve never been more in-demand than they currently are now. And when it comes to what people are paying for those in-demand apartments, it seems that is yet another aspect of life in the Southern Nevada region that’s hit an all-time high.

Reports indicate that the prices of one-bedroom and two-bedroom apartments in Las Vegas have seen a 30 percent jump when compared to the same period of time just one year ago, representing a significant increase in a relatively short amount of time.

The average rent of a one-bedroom apartment in Las Vegas is approximately $1,800 per month, and the average rent of a two-bedroom apartment will set someone back about $2,000 per month; these prices represent a new all-time high for the city.

The reason for skyrocketing rent is simple – demand, which has been fierce as the COVID-19 pandemic ends and the economy continues to recover. Competition has been strong for rental units in Vegas, and landlords and property managers recognize that; as a result, prices have been creeping ever-skyward, because it’s a given that someone will be willing to pay.

Rent prices in Vegas are currently at the point where it is beginning to fuel serious worry about the city’s continued affordability, an aspect of life in the city that has proved until now to be most attractive for people from neighboring states such as California, where taxes can make life unsustainable for some residents.

However, developers have been working on multiple apartment projects in Las Vegas that, upon completion, will hopefully feed into the ongoing demand and, as a result, help to stabilize rent prices.

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.

LAS VEGAS, NV – Vegas, long thought of as one of the most cost-effective and affordable places to live in the United States, will likely hold onto that distinction for quite some time to come. However, at least one aspect of that impressive reputation has been starting to unravel in recent months, with a report indicating that Southern Nevada’s ultra-competitive home prices are now increasing faster than the national average, leading to many being priced out of the market.

The dependence that Las Vegas has on tourism as one of the main driving forces of its economy has always resulted in an ebb-and-low over the years, and the region’s housing market has been just as vulnerable to those variations in activity.

Over the past 20 years, real estate has hit extreme lows and highs, and currently Las Vegas is in the midst of yet another high, thanks mainly to a rapidly-recovering economy, low inventory, and very low borrowing costs that have enabled home buyers to get the very most for their money.

Similar circumstances have taken hold across the country – home prices have increased nationwide overall – but currently there is nowhere it is quite as acute as it currently is in Las Vegas, according to a new report.

The recently-released S&P CoreLogic Case-Shiller index show home values in Nevada increasing at rates far outpacing the national average; prices in Southern Nevada were up 23.8 percent year over year in August, which represents a much bigger overall jump than the national average of 19.8 percent.

In contrast, August 2020 home prices in Nevada had only increased 4.7 percent year over year, whereas the national average was 5.8 percent, the index notes.

Of course, it should be pointed out that home prices in times of economic hardship have also tended to hit Nevada harder than many other parts of the country as well. During the mid-2000’s recession, home prices in Las Vegas had plunged almost 33 percent year over year; nationally, however, the worst drop by home prices was seen in early 2009, which was just shy of 13 percent.

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.

LAS VEGAS, NV – Less than one year after purchasing the property, legendary KISS rock-and-roller Gene Simmons has listed his luxury home overlooking the Las Vegas Strip for $15 million, which is over $4 million than what he originally paid for it back in May of this year.

Simmons had previously purchased the two-story, six-bedroom, 10,871 square-foot residence at 7 Talus Court, in Henderson for $8.2 million, with the 72 year-old rocker – also known on-stage as “The Demon” – also purchasing the adjacent .48-acre parcel of land for $2.6 million, for a total of $10.8 million.

Of course, the fact that Simmons is already selling the property – so closely after having plunked down a significant amount of dough to acquire it to begin with – begs the obvious question of “why?” However, the answer – which Simmons recently gave during an interview with the Wall Street Journal – is actually more mundane than one would have expected.

“They’re not fans of 115-degree weather,” Simmons said of his wife, model Shannon Tweed, and their two adult children. “How many houses do you need anyway?”

County records show the property has six bedrooms, six full baths, two half-baths, a pool, 3,963 square feet on the first floor, 3,882 on the second floor, a finished basement of 3,026 square feet and basement garage of 2,284 square feet. However, the home has remained largely unused since the purchase.

In a separate interview with the NY Post in March, Simmons noted that he was also parting with his long-time Los Angeles home in favor of a “quieter life” in the form of a 12,000 square-foot mansion in Lake Tahoe, isolated from the public on an extensive four acres of land.

“We are moving out of LA for a number of reasons: one of which are the tour buses. After a certain point, we have had enough of that, even though we appreciate the attention,” Simmons said. “I’m done. There are earthquakes, fires and pandemics every year. Even though there is nice sunshine, I’m done.”

Simmons also noted that that California has become “inhabitable” due to its insanely-high tax rates.

Editors Note: Photo shown is Simmons and his wife Shannon Tweed arriving at the 2011 American Music Awards at the Nokia Theatre in downtown Los Angeles. File photo: E Jaguar PS, Shutter Stock, licensed.

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.

LAS VEGAS, NV – Ely at The Curve, a 456-unit apartment complex located in the Spring Valley suburb of Las Vegas, has been purchased by Chicago-based LaSalle Investment Management from previous owners, The Calida Group, for $155.6 million.

Ely at The Curve, which offers easy access to not only the Las Vegas Strip, the greater Las Vegas Valley, and Downtown Las Vegas, but also several office and retail complexes, making it an ideal place to live for those looking for an apartment that is close to both business and entertainment options.

Situated at 6355 South Riley Street, Ely at The Curve was originally constructed in 2010 and offers one and two-bedroom apartments that come in at an average size of 945 square feet. The units offer a variety of attractive amenities for tenants, including walk-in closets, stainless steel dishwashers and high ceilings with crown molding.

In addition, there are two swimming pools, private cabanas, a clubhouse with coffee bar, a fitness center, and an outdoor lounge with fireplace. Ely at The Curve is located in a prime location in the Las Vegas Valley and looks to be an attractive option for professionals who have moved to the city amid the remote-work craze born out of the COVID-19 pandemic.

With the Las Vegas economy rebounding faster-than-anticipated after the end of mandatory business lockdowns, rental units in the heart of the city have proven to be an attractive – and highly-sought after option for those looking for new transplants to Southern Nevada.

Investors have been extremely active in the Las Vegas marketplace recently, with a number of high profile apartment sales having taken place as of late. In April, an unnamed buyer purchased three properties for $182 million from Tower 16 Capital Partners; in July, The Bascom Group also purchased three-properties for $72 million; and in August, TruAmerica Multifamily purchased Vida, a 252-unit building located near the Las Vegas Strip.

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.

LAS VEGAS, NV – Infill housing – the insertion of additional housing units into an already-approved subdivision or neighborhood – has been increasing in the Southern Nevada real estate marketplace, with the newest example being Casa Bella, a housing development currently being built in the Las Vegas Valley.

The new development, with is under development in the middle of the valley near Boulder Highway and U.S. Highway 95 on the east side, will be made up of energy-efficient homes that will range in size from 1,500 square feet to 2,500 square feet, and can feature as many as five bedrooms.

Since it is considered infill housing, the 70-lot project is being constructed on an 8-acre vacant plot of land located in an established community comprised of older homes. As a result, the architectural style may clash with the established neighborhood, although the developer is confident that the modern features – and especially the affordability – of the new homes will mean that buyers will likely not mind this aesthetic issue, or the project’s vicinity to a busy expressway.

As opposed to the median price of an existing home in Las Vegas, which is $406,000 as of September, the homes in Casa Bella start at an extremely attractive $290,000, and will feature amenities such as covered front porches and granite kitchen countertops.

Already, half the homes in the community have been sold, the developer says, which is clearly supporting the recent new – and still rare, but gaining in popularity – trend in Vegas of building small housing developments in areas of the Valley where the land is still relatively cheap, which could go a long way to addressing affordability concerns expressed recently by many buyers in response to rising home prices.

However, the concept of infill housing still faces steep challenges, as the remaining land for development in the Las Vegas Valley is finite and deceasing all the time, causing some to lobby for the release of additional federal lands in Southern Nevada where new homes could be built.

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.

LAS VEGAS, NV – The Nevada State Apartment Association (NVSAA) released a report earlier this week indicating that the apartment marketplace of Las Vegas is showing definite signs of stabilizing after months of skyrocketing rents and low availability, while nonetheless remaining one of the very fastest-growing markets in the United States.

The report shows that, in the third quarter of 2021, apartment rents in Southern Nevada jumped an eye-opening 22 percent when compared to the corresponding period of time in 2020. The current average apartment rent in Las Vegas is $1,403 per month, representing a $255 increase year-over-year, when the average rent in the region was $1,148.

NVSAA Executive Director Susy Vasquez noted that the report is good news for Southern Nevada, as its previous rate of growth was not sustainable in the long-term.

“Rents are stabilizing as we enter the time of year fewer people tend to move,” she said. “Rents are expected to continue increasing, but not at the rate we’ve experienced this year. The growth rate of the past 12 months is just not sustainable for a healthy market.”

In addition, the average apartment vacancy rate in the third quarter of 2021 was 3.9 percent; this number represents a sizable decrease from the third quarter of 2020, when that number was at 5.4 percent.

The NVSAA noted that Las Vegas is still holding on as one of the fastest-growing apartment marketplaces throughout the COVID-19 pandemic. 2020 data indicates that the number of residents of Clark County has jumped by approximately 40,000 people – or 2 percent of the overall population – over the course of the last year.

The fact that the county’s population has continued to swell despite the effects of the pandemic and subsequent business lockdown measures speaks to the region’s quickly-recovering economy and increasing job growth in the recovering leisure and hospitality sectors.

The report also indicated increasing growth in apartment construction, with 6,300 new units currently in development during the third quarter of 2021, as opposed to only 3,800 units in the second quarter.

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.

LAS VEGAS, NV — Elon Musk’s Boring Company is currently one step closer getting the approvals it needs to begin construction on its so-called “Las Vegas Loop,” which would see the developer of the successful Las Vegas Convention Center “people mover” create a similar project running underneath the famed Las Vegas Strip.

Next week, the Boring Company will be attending a series of meetings with Clark County officials in an attempt to gain the approvals it needs to make the Las Vegas Loop a reality. The project would consist of a 15-mile underground dual-tunnel system that will ferry people back and forth through the Resort Corridor – with additional stops at Allegiant Stadium and UNLV – via automated Tesla electric vehicles.

Boring Company will be presenting a proposal for the alignment of the proposed route to Clark County officials next week; however, each stop along the proposed route would need additional individual land use permits before they can be constructed, which may represent a lengthy procedural process for billionaire Elon Musk’s company.

Plans classify the Las Vegas Loop as a monorail, but this is not accurate; in reality, passengers would be whisked to their destinations on paved roads and in unmanned Tesla electric cars. 

Currently, the Las Vegas Loop is slated to stretch underground along Las Vegas Boulevard from Russell Road to Sahara Avenue, with additional stops to the North of Sahara that are outside of the city of Las Vegas’ jurisdiction; these stops will have to acquire additional permits before they can be developed.

In addition, a particular route – dubbed “Caesars Loop” – will stop at several properties operated by Caesars Entertainment on Las Vegas Boulevard, as well as connecting to the previously up-and-running “people mover” that the Boring Company had constructed for the Las Vegas Convention Center.

Boring is also seeking a franchise agreement that would enable them to establish the times that the loop would operate, collect fares, and sell advertising and concession deals, and offer discounts to patrons of various hotels and casinos.

If the franchise agreement is granted and Boring is unable to complete construction of the Las Vegas Loop for whatever reason within a specified period, they will be on the hook for filling in any tunnels that may have already been excavated.

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.

LAS VEGAS, NV – After numerous delays, the construction of the Majestic Las Vegas – a new hotel located just off the Las Vegas Strip – is slated to have its groundbreaking in early 2022 according to the hotel’s website, which touts the facility as being a “one of a kind” non-gaming, non-smoking, ultra luxury resort.

The hotel, which will cost $850 million, will be located on the site of the Clarion Hotel on Convention Center Drive, across from the newly expanded convention center. The Clarion was purchased in 2014 by developer Lorenzo Doumani, who eventually tore the hotel down nine months later in anticipation of developing the Majestic on the property.

Originally, the Majestic was to have been completed in the summer of 2021, but ran into numerous delays. However, even with the announced early 2022 starting date, the developer anticipates the project being completed by late 2024.

Once completed, the Majestic – which will be developed by Lorenzo Doumani’s Majestic Resorts – will feature 720 rooms and will not have gambling or smoking allowed on the premises. According to the five-star hotel’s website, it has been designed by renowned architect Paul Steelman and will have six “extraordinary” freestanding restaurants, 270,000 square feet of Corporate Sky Suites located on the tower’s top ten floors, and an “all encompassing” medical wellness spa and fitness facility that will be “amongst the finest of its kind anywhere in the world.”

“I think what’s not here; what’s lacking is a high-end boutique, non-gaming, non-smoking, ultra-classy sophisticated kind of place and that’s what we’re going to do,” he said.

Prices of suites will start at $10 million, reports say, with Doumani – who originally officially announced the project in 2019 – saying that the Majestic is something different for Las Vegas, which is exactly what the city needs at this point in time.

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.

LAS VEGAS, NV – TruAmerica Multifamily, a Los Angeles-based multifamily investment firm that specializes in the acquisition and renovation of large class B apartment properties across the United States, recently announced the acquisition of several rental properties across the country, including a garden-style community in Las Vegas, Nevada.

TruAmerica stated that they have “increased their footprint” in Las Vegas; Tampa, Florida; and Salt Lake City, Utah, with Co-Chief Investment Officer Matthew Ferrari referring to these regions as being “among the most fundamentally sound multifamily markets in the U.S. exhibiting solid wage, population and employment growth.”

“Much of this is due in large part to the migration of corporations and families that follow them to these lower-cost-of-living states,” he said.

The purchases among these three states, TruAmerica announced, come to a total of $209 million, and account for a combined total of approximately 1,000 apartment homes, with Nevada, Florida, and Utah now representing about 25 percent of TruAmerica’s entire real estate portfolio. The company has plans to invest heavily in these properties – especially Nevada, which has experienced skyrocketing growth in its local economy and real estate market as of late – with improvements currently in the works to interiors, exteriors and amenity spaces.

Since its founding in 2013 by real estate investor Robert E. Hart, TruAmerica has acquired and/or manages a portfolio of more than 45,000 apartment units valued at roughly $10 billion, located in California, Washington, Oregon, Colorado, Arizona, Nevada, Utah, Maryland, Florida, Georgia, North Carolina, Massachusetts, Tennessee and Texas.

TruAmerica largely focuses on investing in and renovating older mid-level or “Class B” garden style and midrise apartment communities. In its first years of existence, TruAmerica focused on investments in major metro areas throughout the western U.S., with Las Vegas counting among the earliest cities that the company has put extensive amounts of money into.

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.