Category Archive : Development

LAS VEGAS, NV – According to reports, a vintage apartment complex located in the Convention Center District of Las Vegas has been sold to the Camino Verde Group, a Southern Nevada-based real estate investment, development and asset management company, with this being the fourth such purchase they’ve made in this area recently.

Kevin Romney, co-founder and managing director of Camino Verde Group, noted that Sherwood Palms – an aging property located at the north end of the Las Vegas Strip – would be an excellent source of housing for the local area workforce once much-needed restoration has taken place.

“Sherwood Palms was a great opportunity to restore this vintage Las Vegas property and provide quality workforce housing for workers on the north end of the Las Vegas Strip,” he said. “With the opening of the Convention Center Expansion, Resorts World and Circa, the need for affordable and workforce housing grows. Sherwood Palms fills an important need for that.”

Sherwood Palms was originally constructed on 1963, and consists of 24 two-and-three bedroom apartments – with floor plans of up to 1,000 square feet – spread out over two stories, with the property featuring an enclosed outdoor courtyard, a community laundry facility, high-speed internet access, and air-conditioning and heating units.

The Camino Verde Group has extensive renovation plans for Sherwood Palms, according to Romney, including new appliances, countertops floor coverings, and more.

“Many of the properties Camino Verde Group acquires are in dire need of rehabilitation and nearly uninhabitable,” he said. “We repair holes in the walls, broken windows and security issues to make them both safe and aesthetically pleasing to tenants. We are committed to providing affordable housing that our hard-working industry workers will appreciate.”

Once the renovations are completed, Sherwood Palms – which stands in the middle of public transportation routes – is anticipated to be a significant lodging draw for those working at numerous local high-profile employers, including the Convention Center, Resorts World, The Westgate, the Strat tower, Fremont Street Experience and the Fashion Show Mall.

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 – According to reports, the upcoming high-speed railway system between Las Vegas and Southern Los Angeles that has been long-gestating has finally seen some forward momentum, as Brightline West CEO Mike Reininger has confirmed construction of the high-speed railway system – expected to have top speeds of 200 miles per hour – is still on-track to start in 2021.

Reininger had noted that the COVID-19 pandemic had created a series of speed bumps that interfered with the anticipated raising of funds for the project, but that Brightline West had made good progress with their plans to sell private activity bonds allocated for the project by the U.S. Department of Transportation – as well as both Nevada and California – to finance the railway’s construction.

“The world changed as a result of the pandemic, but we continued to work wherever we possibly could towards advancing the ball,” Reininger said. “The project remains a very high priority for us. The tenor of the financial markets today is dramatically different, the stock market is doing incredibly well, people are optimistic about a massive rebound in the economy, jobs are heading in the right direction. That gives us confidence about our ability to keep the project on track.”

The finished rail line would result in a 34-mile stretch of track in Nevada, running along Interstate 15, ending at a station located on the south end of the Las Vegas Strip. This line would be fed by several lines from various locations in California, resulting in a total of approximately 185 miles of track overall. Travelers from Las Vegas would be able to continue from the system to Los Angeles via the Metrolink, which would effectively link Las Vegas with L.A.

Construction will be broken into six segments, three in California and three in Nevada. The project, according to Brightline West’s official website, will create more than 40,000 construction jobs and more than 1,000 permanent jobs, with an economic income of $9 billion. In addition, it will generate $1 billion in tax revenue.

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 – According to reports, Auric Symphony Park – a new luxury midrise apartment community at Symphony Park in downtown Las Vegas – has officially begun pre-leasing units, according to an announcement by Southern Land Company.

Southern, a national real estate developer whose mixed-use developments and master-planned communities have won awards, will be holding hard hat tours for interested tenants later in April while the community is still under construction. The first batch of residents are currently anticipated to begin in June of this year.

Auric Symphony Park is described as a luxury apartment complex for those seeking “a blend of indulgence, comfort and respite.” All units will come with high-end finishes including quartz countertops, stainless steel appliances and tile flooring.

The 480,000-square-foot, five-story building is located north of Donald W. Reynolds Symphony Park – an open-space park outside of The Smith Center for the Performing Arts – on six acres of land, and is the first luxury multifamily development in that area.

The community will offer a mixed-use property consisting of 324 studio, one-bedroom and two-bedroom for-lease apartment homes, with the ground floor offering a selection of restaurants and retail establishments as well as a secure parking garage for residents-only.

Speaking of secure, residents of Auric Symphony Park will have multiple security features safeguarding them, such as access control via an app they can download and utilize on their smartphones; residents can also send entry codes to guests as well , in addition to a multitude of video surveillance cameras and overnight private security.

Residents will have access to an impressive number of amenities, such as a resort-style pool with two-story cabanas and an outdoor bar, rooftop bar overlooking Symphony Park, resident lounge, a fitness center, pet park, grooming area and a business center.

Apartment homes will range in size from 591 square feet to 1,452 square feet for studio, one-bedroom and two-bedroom units, with rent starting at just over $1,300 per month.

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, NY – Tower 16 Capital Partners, a real estate investment and management company based out of San Diego, has recently sold a three-property group of apartment buildings located in Las Vegas for the whopping total of $182 million, according to reports.

The three apartment buildings in question include Accent on Rainbow, a 540-unit complex located at 6666 W. Washington Avenue; Accent on Decatur, a 313-unit complex at 2950 S. Decatur Boulevard; and Accent on Sahara, a 312-unit complex at 4801 E. Sahara Avenue.

All three buildings are multifamily communities with each having multiple resident amenities, including pools, a workout gym, a clubhouse and more. In addition, Accent on Sahara also features a children’s play area and a dog park.

Tower 16 originally bought all three properties over two years ago for a total of $112 million, and then invested an additional $10.3 million in renovations across all three buildings, including improvements made to leasing offices, adding amenities, and upgrading approximately 40 percent of the apartment units. The undisclosed buyer will be continuing to invest into the renovation efforts of all three properties, according to reports.

Tyler Pruett, a Tower 16 co-founder, noted that the three properties needed some TLC to get them into proper shape for a sale.

“We are excited to announce the successful sale of our Las Vegas portfolio to a very strong and reputable buyer,” he said. “Upon our acquisition, all three assets needed significant physical and management improvement, which we quickly implemented at all three properties. The result was an extraordinary execution, far surpassing our goals for the properties.”

Mike Farley, another Tower 16 co-founder, said that Las Vegas is an ideal city to invest in multifamily rental properties, and that his company would continue to do so in the future.

“Las Vegas has proven to be a very strong market for multifamily, especially in the workforce housing space,” he said. “We remain enthusiastic about the future of Las Vegas and will continue to look for new acquisition opportunities in the 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 – Long in development, Elon Musk’s “The Boring Company” has finally completed the Tesla-powered underground people mover – AKA “The Loop” – that will service attendees of the Las Vegas Convention Center going forward, according to reports.

The Loop is comprised of a series of underground tunnels, dug by The Boring Company, that will ferry people back and forth to the Convention Center in a series of Tesla automated electric cars in approximately two minutes each way. Normally, the route would take an average of 30 minutes for a person to walk on their own.

The Loop system project cost is $52 million, with construction originally started in 2019 underneath the convention center campus. The system will be serviced by 62 Tesla cars, although it has been said that the system can handle more if needed; the current vehicle allotment can transport an estimated 4,400 people per hour.

The Boring Company has stated that they plan on expanding the tunnel system that they have started for the Convention Center, with plans for new people mover routes to various area resorts and even the airport having already been submitted to city officials.

The expanding high-tech underground people mover network is anticipated to be yet another major draw for tourists in Las Vegas, where the local economy is dependent on the income brought in by out-of-town visitors.

The first major event at the Convention Center that will make use of The Loop will be The World of Concrete, the commercial construction industry’s largest annual international event for concrete and masonry professionals, set to be held from Tuesday, June 8 through Thursday, June 10, 2021.

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.

NORTH LAS VEGAS, NV – Reports indicate that a prominent real estate developer that specializes in warehouses has purchased a huge stretch of land in North Las Vegas with plans to develop a large-scale industrial park for use by e-commerce firms and other companies.

350 acres were bought for $44.75 million by VanTrust Real Estate, which noted in a press release announcing the deal that was the one of the largest in recent years by a private developer in the Southern Nevada region.

The property was sold by Southern Nevada land investor and broker Mason Harvey, and according to property records the sale closed on March 31.

Work on the project’s initial infrastructure phase is slated to commence this fall and will make up approximately 1.5 million square feet; this phase of construction is expected to be completed in 2023, at which point the second phase will begin.

Currently, the final completion date for the industrial park has yet to be announced.

In recent years, the industrial component of Las Vegas’ construction has been expanding and increasing, with many developers concentrating on building warehouses that end up housing businesses such as distribution centers for e-commerce firms. The allure of developing these projects in Southern Nevada is due to the large amounts of land available and the low prices and cost of living when compared to many other regions of the United States.

VanTrust has completed several such warehouse facilities in North Las Vegas in recent years, with big companies such as Amazon, The Honest Company, Sephora, and Fanatics among those that have moved in to establish distribution centers there.

VanTrust’s overall construction in North Las Vegas is comprised of 5.5 million square feet, all of which has been quickly sold, with their most recent sale being the $110 million sale of an 855,000-square-foot Amazon warehouse to an investment firm in Los Angeles.

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 – Due to the low housing inventory throughout Southern Nevada – coupled with high demand – more and more people seeking residences are turning to North Las Vegas, causing prices to shoot up to a degree that is causing real estate experts to do a preverbal double-take, according to reports.

While upscale communities such as Henderson and Summerlin have been the hotspots for home buying in recent years, North Las Vegas is considered a major up-and-coming territory, with many expecting the region to become a dominant force in the real estate market for the next ten years, at least.

New homes are selling as fast as they’re being built, reports say, and waiting lists are becoming the norm for many developments. New home sales in North Las Vegas have tripled in the last two years; for example, Valley Vista had 1,073 closings in 2020, and Tule Springs had 543 closings, which represents a huge flurry of sales in a relatively short amount of time.

In addition to the availability of inventory at the moment, another attractive feature of North Las Vegas that is bringing in buyers is its relative affordability when compared to other parts of Vegas; currently, the average home in North Las Vegas is selling for $340,000, compared to the southwest where similar homes are going for as high as $497,000.

Experts say that the city of North Las Vegas has been doing an excellent job of making the region attractive to builders. In addition, the region has a surplus of land to build upon when compared to other areas in Las Vegas currently, making it an ideal place for buyers to find a home in their price range, especially those who are working from home due to the pandemic and are looking for an affordable residence to call their own.

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 community of Henderson, located on the tip of the Las Vegas Valley, is set to receive a new factory next year, as a California-based company is gearing up to soon begin construction on the $327 Million facility, according to reports.

Haas Automation, a company that builds machines for manufacturers, currently has construction crews on the site who are in the process of prepping the land for development, including grading the land and installing underground utilities. Ground for the project was originally broken in the fall, and should start showing serious signs of progress by the early-to-mid summer, reports say.

Upon its expected completion in late 2022, the 2.5 million square-foot facility – located south of Henderson Executive Airport – will be the latest addition to the western region of Henderson, which has seen a notable uptick in construction of apartment complexes, homes, and industrial structures such as warehouses in recent years.

The Haas Automation facility is also expected to bring in a number of new jobs to the area, and any new employment opportunities not tied to casinos is a welcome boon to Las Vegas’ growing economy, which is primarily dependent on tourism.

The facility has been an ongoing project for over two years; originally Hass purchased the 279 acres – owned by the City of Henderson with the sale approved by the City Council – for $27.4 million in February 2019, with tax breaks coming from the Governor’s Office of Economic Development later that year to the tune of $10.5 million.

According to reports, the reasoning behind the generous tax breaks is because the Hass facility is being constructed in an area that is currently light on factories, and the state wants to encourage that type of development in the future.

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 – A Las Vegas-based husband and wife are suing the producers of the well-known reality television show “Property Brothers,” alleging that the renovations to their home carried out by the siblings’ crew were sub-par, according to reports.

In 2018, Mindy and Paul King participated in an audition to appear on the reality show, hosted by twin brothers Drew and Jonathan Scott; the renovations they sought for their homes were originally budgeted at $110,000, but that amount increased to over $168,000 upon buying a home located in the Las Vegas Valley, situated near Elkhorn Road and Tenaya Way, according to the lawsuit.

It should be noted that only the producers of the show are named as defendants in the lawsuit, and not the Scott brothers.

A complaint filed by attorney Ryan Ellis, who is representing the Kings, alleges that the couple were lied to and that misrepresentations were made to them “solely for Defendants’ financial gain,” and that the renovations carried out “was plagued with issues” that left the couple with numerous code violations, improperly installed doors, warped cabinets, and poor grout work, according to the lawsuit.

However, Cineflix – the production company behind “Property Brothers” – filed a motion to dismiss, saying that they acknowledged the issues and offered to make the needed repairs, but that the Kings refused to allow the contractor to carry them out. The motion to dismiss the suit noted that Nevada law allows a building contractor a “reasonable opportunity” to make good upon their work.

When the episode of “Property Brothers” in question aired, the Kings appeared to be happy with the work that was done to their home, but they maintain that they were fooled by the show’s production company as to the quality – or alleged lack thereof – of the work.

A judge is scheduled to make a decision on Cineflix’s motion to dismiss at a hearing at the end of March.

Feature Photo: Drew Scott (left) and Jonathan Scott (right) attend the Paper Towns premier at AMC Loews Lincoln Square on July 21, 2015 in New York City. Editorial credit: Debby Wong / Shutterstock.com, 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 – According to recent reports, VICI Properties, a real estate investment trust specializing in casino properties based in New York City, has agreed to purchase several Las Vegas Strip hotels and casinos from seller Las Vegas Sands for the whopping price of $4 billion, which many experts see as a huge vote of confidence in the economy of the tourism-dependent city to bounce back quickly after the COVID-19 pandemic.

The deal, paid in cash, includes the real estate for the Venetian Resort Las Vegas, the Sands Expo and Convention Center, and the land underneath the MSG Sphere, which is expected to open in 2023. Once the deal is completed, this will put VICI in possession of the largest hotel complex in the country – over 7,000 rooms – in addition to its largest convention and trade center – 2.3 million square feet – as well.

Apollo Global Management is slated to acquire the operating business and lease the property from VICI for $250 million per year, reports say.

In all, VICI Properties will be the owners of 99 acres of Las Vegas property, with call rights on another 28 neighboring acres. Currently, the company owns 28 casinos and four golf courses in America.

Many experts are calling VICI’s decision to make such a large purchase a “bold move,” especially right after one of the worst years that Las Vegas has ever experienced due to the economic impact of the ongoing COVID-19 pandemic, which costs thousands their jobs and caused many businesses, casinos, and hotels to close. Clearly, experts say, VICI is confident that Vegas will bounce back quickly and that tourism – the lifeblood of Las Vegas – will return to its previous successful 2019 level sooner rather than later, similar to how the famous “roaring twenties” were born out of the pandemic of 1918.

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 – With the competitive landscape of the current housing market, many homes are facing bidding wars and selling for well over asking price. In fact, in 2021 there will be a record number of new homes built – the most since before the housing crash of 2008. If you can’t find a home you like, you should consider building a new home. Builders will often customize the home to your preferences, so you can add that home office or luxury bathroom. The process of building a new home can be complicated and overwhelming. That’s why Redfin asked industry experts (new home builders and real estate agents) to share the most common misconceptions around building a new home and the truth behind them.

1. Assuming Your Designer Knows Exactly What You Want

The level of communication between the homeowner and designer can impact the final results of the project. Therefore make sure that you communicate well and ask questions anytime that you have concerns. Also, be ready to reply to the designer’s queries. – Gosia Thurfjell, 9th Floor Design 

2. You Won’t Need A Home Inspector

When building a new construction home, it’s a wise idea to hire a home inspector to conduct several inspections throughout the various phases of construction.  Buyers always hire home inspectors for resales, but when it comes to a new home, buyers feel that since it’s new, no inspections are needed.  I’ve seen homes in which the plumbing for a sink in an island wasn’t accounted for in the foundation, braces in the trusses of the attic were missing, recessed lighting was off-center, etc., and hiring a home inspector to monitor the construction is a smart investment. – Lauren Stark, Elite Realty

3. Custom Equals Expensive

Custom can mean a well-thought-out space that makes sense for any particular family to live in. We build custom $350k projects, and custom $2M projects. – Journey’s End Homes

4. Building Is Extremely Difficult And Time-Consuming 

Building a new construction home is not as hard or time-consuming as you think. have fun and be practical, but don’t be afraid to ask questions. Pinterest is great but doesn’t always meet building code and might not always be the most reliable. – Kensington Custom Builders

5. Construction Will Progress Flawlessly And Without Hiccups

The most damaging misconceptions new home buyers often have is that construction will progress flawlessly and without headache during the build and that they will move into a picture-perfect home upon completion. In the real world of new home construction, there are usually delays and unforeseen issues during active construction, and then service items or minor touch-ups and repairs that need to be addressed after the home is completed. Keeping a positive attitude and rolling with the punches is key to a fun and satisfying experience when building a new home. – Joel Comino, Next Modular 

6. Using Price Per Square Foot To Compare Custom Builders

Sometimes the lowest price doesn’t include the things you would expect like garbage disposals and garage door openers. Once the items you would expect are added in the price per square foot balloons. Having a detailed specifications sheet from your custom builder is key to ensuring you have the items you want to be included in your home without lots of expensive change orders throughout the building process. – Old World Custom Homes 

7. A New Construction Home Is Overwhelmingly Complicated

With the right team, design, communication, and building can be a nearly seamless process. – Heartwood Builders 

8. Thinking You Won’t Need Representation

New homebuyers think that they don’t need representation because the agent in the sales office will handle everything. The agent in the sales office represents the builder and will work in the seller‘s best interest. If they have their own representation, their agent can advise them on issues that they don’t even realize are there. Their agent can also negotiate on their behalf when most buyers don’t even realize they can negotiate with a new home builder on the sales price, options, incentives, and terms. – Tony Sena, Shelter Realty

9. Underestimating The Skill Required To Design And Build Modern Homes

Many clients today seek our architectural expertise to design modern homes with a minimal, yet sophisticated material palette. Often these clients underestimate the skill required to design and build these types of designs, not realizing that achieving crisp lines and clean joints requires essentially zero tolerance between dissimilar materials.  The truth is that executing modern design requires a tremendous amount of thinking and coordination between the architect and contractor to deliver this level of exquisite, modern residential detail.  Modern design undoubtedly affirms the saying “less is more.” – Brian Grieb, GriD Architects

10. Building A New Construction Home Is A One-person Show

A good project is the result of a good team, from the design team (architects and engineers) to the construction team (GC and each sub) and finally the owner/client who needs to make sessions in a timely manner and avoid changes. – Tagliaferri Architects, Inc 

11. You’ll Save Money Not Using A Real Estate Agent

One of the most common misconceptions homebuyers have when buying a new construction home is that they think they will save money on the home by not using a Real Estate Agent. It’s quite the opposite, in fact. The commission percentage is a predetermined amount worked out by the builder and the sales representatives so the number does not change one way or the other. You’re more likely to work out a better deal with a Real Estate agent working on your behalf because they know how the process works and what to ask for.  You’ll also have added protection throughout the entire home building and buying process with the resources a Real Estate Agent can provide. -Ryan Fitzgerald – Uphomes 

12. That A Custom Build Will Be Less Expensive And Happen Quickly

When it comes to building a custom home, there have been a lot of changes in the Puget Sound with coverage and zoning and there is less and less land to build on that is close to areas homebuyers want to be. There’s also the fact that raw materials and labor have seen double-digit increases over the last few years which helps add to the rising costs of homebuilding. But a custom-home has a lot of rewards. It has your signature touch and hopefully has design elements that make it special to you.  But it is a journey, and I’ve yet to meet anyone who hasn’t had to compromise somewhere. – Joe Patterson, Realogics Sotheby’s International Realty 

Lexi Klinkenberg of Redfin contributed to this story which was originally published on The Redfin Blog.

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 – Mortgage lender TPG Real Estate Finance Trust has recently acquired 27.5 acres of prime real estate along the north and south edges of the famed Las Vegas Strip, according to recent reports. TPG acquired the property from Triple Five Group, according to Clark County records, through a “deed in lieu of foreclosure,” which typically involves avoiding foreclosure on a piece of property by the transfer of ownership.

According to reports, it’s assumed that the new property owner TPG – who is a lender, not a developer – will attempt to sell the property, as opposed to developing anything on it. The property sits upon one of the most desirable areas in Southern Nevada- a major tourism district located directly across from the currently under-construction Resorts World Las Vegas.

Experts have cast further doubt on TPG potentially developing the property themselves due to the many construction issues presented by the ongoing COVID-19 pandemic; more than likely, TPG will attempt to coincide a potential sale closer to the time where there is at least some sort of projected end of the pandemic so that buyers can plan for a return of mass tourism to Las Vegas.

The seller, Triple Five Group, is a conglomerate based in Edmonton, Alberta, Canada, which specializes in shopping malls, entertainment complexes, hotels, and banks, along with 3 indoor amusement parks. The company owns and operates two of North America’s largest malls, the West Edmonton Mall in Alberta and the Mall of America in Minnesota, both of which contain a wide variety of entertainment attractions alongside traditional retail.

According to their website, the buyer, TPG Real Estate Finance Trust is a balance sheet lender that originates first-mortgage loans greater than $50 million in primary and select secondary markets throughout the United States.

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.