Investor Currently Renovating, Flipping Multiple Rundown Rental Properties in Downtown Las Vegas

LAS VEGAS, NV – An investment group is currently in the process of sinking some impressive capital into Las Vegas, with 13 rundown rental properties located in the city’s downtown area currently in the midst of major renovations before eventually being put back on the market for sale once they are complete.

Property management and construction company Las Vegas Apartments Corporation has a history of purchasing vacant or dilapidated properties in Las Vegas’ downtown, putting money into fixing them up, and then flipping them on the open market in an effort to “revitalize” the area.

Currently, the group is the second-highest volume property owner in downtown Vegas, according to reports, with 13 properties currently under their belt – all of which are in varying degrees of renovation; once work is finished, they will all be put up for sale.

The most recent fixer-upper property that Las Vegas Apartments Corporation purchased, renovated, and successfully flipped was 10-unit apartment complex at 211 South 13th Street, off the corner of Carson Avenue; the group bought the building in 2018 for $675,000, and closed on it last Friday for $2.7 million, representing a significant return on their initial investment.

The irony is that Las Vegas Apartments Corporation hadn’t fully completed their renovations on the complex when they sold it for that whopping amount, but the demand for housing on 13th Street was so strong they were unable to pass up the huge offers they were receiving for the unfinished project.

Part of the deal, reports say, includes extending the leasing of the current tenants that currently reside in the apartment complex.

Next on Las Vegas Apartments Corporation’s to-do list is the renovation of the 1950′s era Safari Motel, a project that the group has only just acquired the permits for; upon completion of the repairs, the motel will be master leased to Veterans Affairs, according to reports.

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 – In an attempt to address the ongoing need for affordable housing options for Las Vegas’ senior population, two developers based out of Denver, Colorado are finalizing plans to develop a new senior-living facility in Southern Nevada, with the groundbreaking planned for the very near future.

MorningStar Senior Living and Confluent Senior are planning on developing a new project located near the intersection of Alta Drive and Hualapai Way – dubbed MorningStar at The Canyons – which will be comprised of a new 196,000 square-foot building with 168 apartment units spread out over four stories.

The units will be broken up into 95 independent-living units, with an additional 49 assisted-living units and 24 memory-care units reserved for seniors that require additional assistance in their day-to-day lives, reports say.

Assisted Living units feature around-the-clock support from on-site Care Managers with the activities of daily living, according to the developer’s website; memory care units are for seniors that are experiencing memory loss and other cognitive functions.

The project will be constructed upon a site approximately 3.7 acres in size that the developers purchased in February for over $7.4 million, with the groundbreaking ceremony slated to take place in the summer of 2022.

According to the developer’s website, the grand opening for the facility is expected to be held in the second quarter of 2024.

MorningStar at The Canyons will offer numerous attractive amenities for its senior tenants, including an outdoor bar, pool and hot tub, in addition to a movie theater, a gym, indoor and outdoor dining venues, and a clubroom terrace with views of the famed Las Vegas Strip.

This project marks the first collaboration between MorningStar Senior Living and Confluent Senior on a development project in the state of Nevada, reports say.

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 – Developers who have an already very established presence in Southern Nevada are teaming up to embark on a new project to build a huge industrial park in Northern Las Vegas, which is slated to include a series of large warehouses and other related structures that are sure to be a boon to the local business community.

Moonwater Capital and Western States Contracting will be co-developing multiple buildings in Apex Industrial Park, a facility situated upon thousands of acres of land that has not seen much in the way of use in recent years, until now, that is.

The project calls for several large-scale warehouses to be constructed upon 300 acres of the property, starting with an initial warehouse that is anticipated to be over 900,000 square-feet in size upon completion; groundbreaking on that building is expected to take place in the fourth quarter of 2022, according to Moonwater representatives.

Currently, Apex is mainly comprised of empty desert land, but the property – located off Interstate 15 at U.S. Highway 93 in North Las Vegas – offers vast potential for development, with the main factor for its disuse until recently being a lack of infrastructure due to its remote location.

However, Moonwater Capital and Western States Contracting are aiming to change all of that, with work already underway on establishing the needed infrastructure; it has been confirmed that electricity has been installed in Apex, and the developers have recently entered into an agreement with the city of North Las Vegas on a water pipeline. In addition, other needed additions – such as sewers and gas – are in the works as well.

Demand for warehouses in the Southern Nevada region have increased in recent years, due mainly to the COVID-19 pandemic, which increased the degree of online shopping local residents have engaged in; this, in turn, has increased the need for distribution space, which the new development at Apex Industrial Park aims to address.

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 indicates the ever-climbing rents in Las Vegas have reached a point where tenants have to devote a significant portion of their respective incomes to housing costs, increasing affordability concerns for a region that has otherwise always been known for its low cost of living when compared to other parts of the country.

The Realtor.com report states that the median rent in Las Vegas has reached $1,600 per month; this represents approximately 39 percent of the average monthly income in Southern Nevada, a number which is raising eyebrows, especially when compared to the median rent elsewhere in the nation comprising 30 percent of the average income.

These new numbers have catapulted Las Vegas into being the seventh least-affordable large city in the United States on a rent-to-income basis, according to the report.

The ever-increasing rents in Vegas, fueled by intense demand for housing options that have only been exasperated by the tail-end of the COVID-19 pandemic, is forcing some financially-challenged residents to resort to renting rooms in houses – some paying as much as $500 per month – or adding roommates in order to make ends meet.

The report indicates that, year-over-year from 2021, rents in Las Vegas have increased approximately 25 percent, which is a jump that is causing many people still recovering from jobs losses sustained during the pandemic to be frugal with their renting habits.

However, even resorting to renting a room to get by isn’t easy, the report says, as there can be safety and comfort concerns associated with such a move, in addition to a lack of space and/or the ability to keep pets, depending on the rules established by the person renting the space.

Luckily, experts say that the ever-increasing rents and home prices in Las Vegas are not sustainable, and expectations are that the market will eventually stabilize to more manageable levels.

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 – Bonnie Springs Ranch, a defunct attraction near Blue Diamond, Nevada that included an 1880’s-style western town replica and a zoo, is set to get a high-end makeover in the form of a new luxury housing development.

A groundbreaking was recently held for The Reserve at Red Rock Canyon – the new name for the property – which, upon completion of construction, is slated to include 16 luxury homes, each situated upon 2 to 4 acres of land apiece.

The homes are catering distinctly to the affluent, with prices starting at a whopping $6.6 million; however, that price only includes the plot of land; if owners want to actually have a residence in which to live as well, they’ll have to build one themselves.

But despite the steep price tag for the property, owners will not have free reign to build anything their hearts desire upon it; guidelines state that any residences must be “compatible with the canyon” and not “stick out,” and the home itself is encouraged to be comprised of several structures as opposed to “one giant building.”

Once development is finished, The Reserve at Red Rock Canyon – located off State Route 159 – will take the form of a guard-gated community comprised of over 60 acres, with the majority of it surrounded by federally-owned land and some degree of private property.

Homeowners will have access to a number of high-end amenities, such as boutique hotel, an outdoor amphitheater, an event barn, and a gourmet restaurant; in addition, residents will also be treated to perpetual breathtaking views of the Spring Mountains and surrounding Red Rock Canyon National Conservation Area, with developer Joel Laub stating that “Nothing will ever be built around this property.”

Water lines and fire hydrants have already been installed in the community, and additional infrastructure work is underway; actual construction of the community’s commercial aspects is slated to begin by the end of 2022, although that estimate is not set in stone.

“Show homes” are currently in the design process by luxury homebuilder Blue Heron and architecture firm Backen & Backen.

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 – Located in Downtown Henderson, The Pass Casino – formerly known as the Eldorado, until it was sold in late 2020 – has announced plans to add onto the establishment by building a six-story Atwell Suites-branded hotel on the property.

Developer Joe DeSimone, who renovated and renamed the Eldorado upon its purchase for an undisclosed price, has filed plans with the city of Henderson to construct the approximately $20 million hotel, which is slated to have 90 rooms. While a specific date has not yet been decided for the project’s groundbreaking, it is anticipated to take place in either September or October, reports say.

The Atwell Suites hotel – a brand of British-owned IHG Hotels & Resorts – is expected to offer a variety of amenities for guests, such as a pool and wine bar; however, construction of a dedicated parking garage is not necessary, DeSimone notes, since The Pass itself already possesses one that will be adequate enough to serve the needs of the hotel as well.

DeSimone, founder and owner of First Federal Realty DeSimone, said that building a hotel for The Pass is a great business move, as the casino’s location at 140 Water Street is centrally located in an up-and-coming area.

Recently, the once quiet Water Street has seen a large increase in foot traffic as breweries, restaurants, an ice rink, and other entertainment options have been added in recent years. DeSimone noted that The Pass has benefited from the street’s current upward trajectory – calling recent business “very strong” – and said that part of his reasoning for adding the hotel is due to the fact that the area is currently without any significant hotel competition.

The nearest large-scale hotel to The Pass’ location – the Fiesta Henderson – has yet to reopen after having shut down during the COVID-19 pandemic, and has not made any announcements regarding its future.

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 – As short-term rentals – such as Airbnb and Vrbo – finally approach a state of legality in Clark County as of July 1, lawmakers are signifying that they are in favor of establishing a lottery system for when it comes to issuing the over 2,800 licenses to individuals and companies that are looking to get involved in the local house-sharing industry.

The Clark County County Commission is not only looking to find an ideal method to address the huge number of house-sharing rental applications they will receive, but also how to crack down on the even larger number of illegal short-term rentals that are clandestinely operating within the county’s jurisdiction; current estimates put the number between 6,000 to 12,000 properties.

In 2021, Assembly Bill 363 – sponsored by Assemblywoman Rochelle Nguyen – was voted into law, and decreed that as of July 1, 2022, short-term rentals would begin to be legal in Clark County; furthermore, the county would also be tasked with regulating the new industry within its borders, and lawmakers have been working ever since to craft ordinances for that purpose.

Recently, Commissioners agreed on several possible regulations for short-term rentals, including capping licenses to one percent of all homes; adopting a 1,000-foot distance requirement between rentals; limiting licenses to one per homeowner or company; and enacting an application cost of at least $1,000.

As for tackling violations, lawmakers seemed to favor fines up to $1,000 per violation for legal short-term rentals, and fines of up to $10,000 per violation for ones that are operating illegally.

However, details are still in flux and have yet to be cemented amid various concerns that officials do not possess the significant backing in terms of finances or manpower that will allow them to enforce the new ordnances, both among legal and illegal short-term rentals alike. Renters finding ways to skirt around the laws – such as creating multiple LLCs – are a potential issue as well.

A recent survey indicated that the majority of Clark County’s residents are not in favor of short-term rentals becoming legal; those who want to provide input to the county’s plans can email them to [email protected].

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 – Just over three years after originally purchasing it, the owners of a prominent luxury Las Vegas apartment complex have turned around and sold the property off for a very impressive return on their initial investment.

It was announced this week by broker Cushman & Wakefield that the 220-unit South Beach was bought from Griffin Capital Company by San Diego real estate firm Logan Capital Advisors for $97.5 million. Griffin had originally purchased the complex in 2018 for $62 million, with this week’s sale representing a tidy profit of $30.5 million.

The $97.5 million sale price comes to approximately $443,182 per unit, which is twice what the average was on the market during 2021; when Griffin purchased the property in 2018, the per-unit price also was double that of the market average at the time at $281,818.

Upon the announcement of the purchase, seller Logan Capital issued a statement, touting South Beach’s “unmatched amenity package” and “excellent location” while cementing the high-end apartment complex as a leader in Las Vegas amongst “discerning lifestyle renters.”

Griffin also put out a statement, noting that originally they had intended to hold onto South Beach for the foreseeable future, but the firm was presented with an “opportunity to realize outsized returns” and due to that, they decided to sell “earlier than anticipated, and with a great result.”

Located at 8920 West Russell Road, South Beach offers numerous upper-crust amenities for tenants, including poolside cabanas, a huge outdoor TV, an outdoor gym, a sand volleyball court, a sports field, a Zen garden, fitness studios, a massage and treatment room, steam and sauna rooms, and a poker room.

Apartment sales in Las Vegas have been heating up recently amid the waning days of the COVID-19, whereas they had displayed a distinct drop in changing hands while the pandemic was at its peak; in 2021, 193 complexes were sold in the region, compared with just 91 in 2020.

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 – Recently, a Canadian real estate developer preformed a ceremonial groundbreaking on an upcoming Las Vegas-based warehouse project that, upon completion, will come in at over 250,000 square feet in size.

Ryan Beedie, who regularly travels to and spends time in Vegas – estimates that he’s been to the city as many as 200 times and counting – which influenced his decision to develop his very first-ever U.S. based project there, he said.

Last Monday, Beedie broke ground on the upcoming Pioneer Business Center, a two-building warehouse complex in the southwest valley that, upon completion which is expected by the end of 2022, will offer 261,751 square-feet of space.

Despite this being his very first construction project in Vegas, Beedie is no stranger to the local real estate marketplace, already boasting the ownership of industrial buildings and condominium towers in the northern region of the city.

Once Pioneer Business Center is completed and ready to open for business, Beedie notes he plans on selling the warehouse’s 26 units to individual buyers, as opposed to the more common practice of leasing them to tenants or selling the complex to a new landlord.

Beedie referred to this plan as his “niche in the market,” stating that it should appeal to companies put off by steadily rising rental rates in Southern Nevada; the developer has already lined up buyers for six units and counting, he said.

What should prove to be especially appealing about Beedie’s plan to sell space instead of renting it out is that for-sale warehouse space normally targets companies seeking in excess of 50,000 square feet. In contrast, Beedie will be offering smaller spaces for sale, which should interest smaller companies that don’t require the extra space; units in Pioneer Business Center, just north of Sunset Road between Tenaya Way and Buffalo Drive, will range in size from 7,791 to 13,186 square feet.

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 Realtors Association President Brandon Roberts is predicting that, as Southern Nevada’s home prices continue to break record after record – causing intense affordability concerns – the market will eventually right itself and stabilize, noting that the current situation is “not sustainable” long-term as it is.

In February 2022, the median price of existing single-family homes in Las Vegas reached a new record – $450,000 – which itself leapfrogged the previous record just the month before. Overall, the median price was just $355,000, with the new record representing a whopping 26.8 percent year-over-year increase and over three times the $118,000 existing homes were fetching in January 2012 during the recession.

It’s easy to see how much the intense housing demand is driving home prices up in the region; in 2021, there were 38,601 home sales in Vegas, and over 50,000 when townhouses and condominiums are added into the equation. However, this represents a situation that Roberts says can’t last.

“Local home prices can’t keep going up this fast, forever. The increases we’ve been seeing in the last year or so are just not sustainable,” he said. “It remains to be seen how much higher these prices can go and when we might start to see the market stabilize, as many national experts have been predicting. Either way, I seriously doubt you’ll see home prices more than triple again in a single decade.”

Given the record-setting nature of the real estate industry in 2021, Roberts said that he expects this trend to continue into 2022 but that prices and demand will start to level off as interest rates on home loans begin to slowly rise from the historic lows they hit during the COVID-19 pandemic.

“That affects people’s buying power, which could affect the demand on some of the properties,” Roberts said. “I do think we will stay strong because we have low inventory, and we will continue to see that. As soon as they are coming on the market, they’re selling. We’re in a shortage of housing, I don’t think builders could build it fast enough because of supply, labor and permits. I think we will see increases (in prices) but not at the level we saw last 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 – The defunct Terrible’s Hotel & Casino, which has been closed and sitting unused for two years, will be demolished and the property used to construct a large-scale industrial park, according to an announcement by a Reno developer.

Terrible’s, which originally opened in 1987 and closed for good in 2020, was owned by the Herbst family – operators of the Terrible Herbst gas station chain – and is located about 25 miles south of Downtown Las Vegas.

Public records show that on February 24, Tolles Development Company closed on a $44.7 million deal with the Herbst family for the sale of the approximately 142.3 acres of real estate in Jean Nevada off Interstate 15 that Terrible’s Hotel & Casino sits upon.

Tolles partner Cory Hunt noted that the location is ideal for an industrial park, since truckers delivering goods from Southern California could drop off their wares and be home in what would amount to a one-day round trip, as opposed to having to travel much further into Nevada. In addition, the location already has utility service in-place due to the hotel’s presence.

Hunt said plans are in-place to develop the property into a 1.9 million-square-foot warehouse and distribution complex, with a groundbreaking possibly planned for 2023; from there, it is estimated that the industrial park would take anywhere from three to five years to construct. Clark County commissioners approved plans for the project last month.

The last construction phase of the project will involve the current Terrible’s Hotel & Casino building itself, although it is not currently yet known how the structure will be demolished. However, Hunt facetiously said that if they decide to implode it, it would be done in over-the-top “Vegas style” and that he would be happy to allow a filmmaker to record the explosion for a movie to “help us celebrate blowing it up.”

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 – “Fremont9,” a ritzy apartment complex located in Las Vegas’ downtown area which constriction was funded by late entrepreneur and former Zappos CEO Tony Hsieh, has been sold for $80 million and will soon be christened with a new name.

The Calida Group, an apartment developer based in Las Vegas, confirmed that they purchased the 232-unit Fremont9 complex – which was 90.5 percent occupied on the day the deal went down – and news of the sale already has the property “trending upwards,” according to Calida co-founder Doug Eisner.

Fremont9 – which is located at 901 Fremont Street at the corner of Fremont and Ninth – will be officially rebranded within the next few months as “Ely on Fremont,” Eisner revealed.

When it originally opened in 2018, Fremont9 was the first new, large-scale apartment complex on Fremont Street in a number of years, and is part of a development trend concentrating on Southern Nevada urban-area rental facilities to address housing demand.

The sales price of Fremont9 equates to approximately $344,828 per apartment unit; in 2021, the average per-unit sales price of apartment buildings in the region was $215,151.

Eisner noted that part of the attraction to the purchase of Fremont9 was younger tenants who are “hyper-social” and are looking for apartments close to the many entertainment and restaurants options afforded by the Las Vegas Strip.

During the worst of COVID-19, renters tended to favor suburban rental properties in order to avoid densely-populated areas, but as the pandemic wanes, more and more people are once again looking for rentals amid the hustle and bustle of the city, Eisner said.

The five-story Fremont9 offers numerous amenities for tenants, including a clubroom lounge with billiards, outdoor courtyards with bocce ball and fire pits, a yoga and spin studio, a media lounge and more; in addition, Eisner said that there is also unrented ground-floor retail space that is being converted into live-work units.

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.