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Arts District, Las Vegas
Area Living , Development , Market Updates

2.3-Acre Vacant Lot in Arts District Slated for New $180 Million Apartment, Retail Complex

By Christopher Boyle February 14, 2024

LAS VEGAS, NV – A 2.3-acre vacant plot located in Las Vegas’s Arts District was purchased in January by Chicago-based developer CEDARst Companies and Utah-based Bridge Investment Group for $6 million, with the two groups now planning on using the property to build a $180 million apartment and retail complex.

The newly-announced project, which is officially called Flats Arts District, will be constructed at 123 West Imperial Avenue – located one block away from Main Street – and will be comprised of 311 apartment units and 5,100 square feet of retail space on the ground floor.

As an example of how property values have appreciated in Las Vegas over the years – particularly in the city’s downtown Arts District, which has become increasingly popular with developers – the last time this plot of land exchanged hands back in 2011, it was purchased at the time for the much more meager amount of $322,000, as per Clark County property records.

In a statement, CEDARst Chief Development Officer Mark Heffron noted that the company had been wanting to get in on the Las Vegas real estate scene for some time, with the Arts District property representing the perfect opportunity to finally do so given the area’s growing economy, highly diverse businesses, and close-knit residents.

There is a far greater sense of community in Las Vegas as well,” Heffron said. “This is obvious when spending time in a vibrant and walkable neighborhood like the Arts District. The addition of professional hockey, football and baseball teams are also furthering this sense of community.”

The Flats Arts District project Is slated to include 86 studio units, 185 one-bedroom units, 38 two-bedroom units, and two three-bedroom units.

The official ground-breaking ceremony is anticipated to take place in February; the first tenants are expected to be able to move into their units by the end of 2025, and the project is scheduled to be fully completed by late March 2026.

The Flats Arts District apartment complex will have numerous amenities for its tenants, including a fitness center, resort-style spa facilities with saunas, workspaces, and a sunset deck and lounge.

For more information on the Flats Arts District apartment complex call 855-443-5287 or visit: https://www.cedarst.com/portfolio/las-vegas-arts-district/

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.

Many of these people have already been negatively impacted by illegal short-term rentals in their communities, many of which are leased to groups who hold loud, disruptive parties; as a result, many who have given their opinions on possible regulations are split regarding their desire to even have rentals in their neighborhoods.
Area Living , Market Updates , Real Estate

Police to Crack Down on Super Bowl Parties at Short-Term Rentals, Asks Public to Report Disturbances

By Christopher Boyle February 10, 2024

LAS VEGAS, NV – With Super Bowl LVIII attracting thousands upon thousands of sports fans to Las Vegas – where the big game is being hosted on February 11 at Allegiant Stadium – police have announced that they will be cracking down on loud and rowdy parties at short-terms rentals this weekend, and are asking the public to contact them to report any disturbances in their neighborhoods.

Super Bowl LVIII will determine the champion of the National Football League (NFL) for the 2023 season. A rematch of Super Bowl LIV, it will be played between the National Football Conference (NFC) champion San Francisco 49ers and the American Football Conference (AFC) champion and defending Super Bowl champion Kansas City Chiefs.

In response to community concerns about disruptive parties at short term-rentals during the Super Bowl, the Las Vegas Metropolitan Police Department has been passing out flyers urging the public to contact them if they are experiencing any issues this weekend.

It’s almost Super Bowl weekend and we need your help,” the flyer reads, a copy of which was shared by authorities on X (formerly Twitter). “Please report large parties at short term rentals in your neighborhood. See flyer on how to report them. Thank you!”

The flyer states that the “LVMPD needs your help to report chronic nuisance or party homes in your neighborhood.” Residents are asked to call 911 to report “active emergencies or crimes” taking place, and 311 if they think that police “need to be aware of suspicious or nuisance behavior,” including large and disruptive parties. Service requests can also be filed at www.lvmpd.com, and anonymous online tips can be submitted to Crime Stoppers of Nevada at www.crimestoppersofnv.com.

If you are aware of a problem or a party house in your community, we want to know about it,” the flyer says.

The crackdown on short term rentals by police comes in the wake of the city of Las Vegas starting to impose large fines on unlicensed renters; recently, the city imposed a $180,000 penalty upon the owner of an Airbnb who they say was operating without the required license.

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.

Summerlin South Las Vegas
Area Living , Market Updates , Real Estate

Summerlin South is Las Vegas’ Newest High-End Hotspot, with NFL Raiders and Celebrities Alike Buying Up Homes

By Christopher Boyle February 5, 2024

LAS VEGAS, NV – Situated an approximate 20-minute drive west of the Las Vegas Strip, the master-planned community of Summerlin South has been becoming one of the most in-demand neighborhoods among the growing number of affluent sports stars and celebrities who have been calling Southern Nevada home in recent years.

Summerlin South is located within the development of Summerlin – also home to the communities of Sutherland North and West – and it is situated upon a 6,200-acre plot of land that originally began construction towards the end of the 1980s. Summerlin South is comprised of six residential districts, including the Red Rock Country Club, the Willows, the Gardens, Ridgebrook, Trilogy and Siena, all with their own unique layout, style, and amenities.

While Summerlin South features the same desert climate as the rest of Las Vegas, its residents experience a slightly cooler climate overall – anywhere from 5 to 7 degrees on average, with low humidity – due to the community’s higher elevation in general, which places it approximately 3,500 feet above sea level.

The homes in Summerlin South range in price by a wide degree depending on which neighborhood you’re looking at, going anywhere from a low of $500,000 to over $20 million, with the average luxury property fetching a minimum of $1 million and up.

A plethora of high-end amenities are the name of the game in Summerlin South, whose residents enjoy access to over 150 parks, 200 miles of scenic trails, numerous top-rated golf courses, recreational facilities, and Downtown Summerlin, which is a lavish, walkable shopping and entertainment center. In addition, Summerlin South’s constituent districts have their own dedicated amenities as well, including clubhouses, golf courses, parks, gyms, upscale restaurants and tennis clubs.

As for some of the more notable residents of Summerlin South, they include Hollywood A-lister Mark Wahlberg, acclaimed singer Celine Dion, musician Carlos Santana and numerous professional athletes such as Las Vegas Raiders wide receiver Davante Adams and Major League Hall of Fame baseball player Greg Maddux.

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.

Homebuilders
Area Living , Development , Economy

Las Vegas Homebuilders Say They’re Optimistic for 2024 Despite Lack of Land to Develop

By Christopher Boyle January 17, 2024

LAS VEGAS, NV – At the organization’s recent annual breakfast meeting, the Southern Nevada Home Builders Association welcomed over 170 building executives, with many expressing optimism for home development in Las Vegas in 2024 while also noting that they still face significant hurdles in terms of the lack of available land to them; something that continues to usher in affordability concerns for homebuyers.

Many Las Vegas builders at the breakfast – which was held Tuesday at The Orleans Hotel and Casino – stated that the continuing development of the city’s sports and entertainment industries have contributed greatly to the construction business in recent years.

The recent boom in the Las Vegas economy as a result of new professional sporting teams transplanting themselves to the city – in addition to new entertainment venues, events, and low cost of living relative to other regions in the country – has lured numerous new inhabitants in recent months who are in need of housing options, noted Frank Wyatt, President of Pinnacle Homes.

With the Raiders, Golden Knights, Formula One, I think the ultra high-end has been most affected by what’s going on,” he said. “There are more people (who) have a lot of money that are moving to town in higher numbers than ever.”

Some of the phrases brandied about regarding the Vegas new home market by builders included “good, improving, stable, and moderating.” The market – following a slow second half of 2022 due to rising interest rates driving up development costs – saw a 22% jump in net sales in 2023.

The new home building market has seen continued growth since October amid falling interest rates – which are currently under 7% – with builders now attempting to attract buyers by offering attractive incentives.

However, Wyatt said that the lack of available land to develop has hamstrung efforts of Southern Nevada builders to address housing needs, and called upon Congress to pass a law in order to make more federal land available for that purpose.

We live and work in a land-constrained community,” Wyatt said. “It’s probably one of the most constrained in the United States. It does nothing but increase the price of the end product to the homebuyer. We pay as much for land as we can justify and the home price is based on our cost. It’s not going to get any better.”

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.

Senior Apartment
Area Living , Development , Market Updates

Low-Income Senior Apartment Complex Starts Construction in Southwest Las Vegas Valley

By Christopher Boyle January 12, 2024

LAS VEGAS, NV – An apartment complex catering to low-income seniors has begun construction in the southwest Las Vegas Valley this week, a project spearheaded by a local non-profit organization known as Nevada Hand that is looking to address affordability concerns for elder residents.

Dubbed Buffalo Cactus Senior Apartments, and owned by Buffalo Cactus LP, the complex is located on Buffalo Drive and Cactus Avenue and, upon completion, will take the form of a 125-unit community for senior citizens, according to Nevada Hand’s Vice President of Community Affairs Wally Swenson.

We’re excited here to be breaking ground,” he said. “The only day that I’m more excited about than breaking ground is the day, we call it key day, when we give keys to the residents when they can move in.”

Swenson was on hand at this week’s groundbreaking, wearing a hard hat and getting his hands dirty with the rest of the crew in an attempt to keep up with the increasing demand for affordable housing in Las Vegas, particularly when it comes to its most vulnerable citizens.

We have a housing crisis throughout the nation and we have one locally,” he said. “We have one statewide. 84,000 is the gap between what we currently have and what we need.”

Buffalo Cactus Senior Apartments isn’t the only project that Nevada Hand has in the works to further their goal. In addition, they’re also currently building an additional 2,000 affordable units throughout the city, as well as housing 8,000 seniors and low-income families currently throughout 5,000 units they have already completed.

According to Nevada Hand, Buffalo Cactus Senior Apartments is targeted at individuals making between $20,000 and $35,000 per year, which is considered to be in the low to very low-income range. In contrast, the average one-person household adjusted income in the Las Vegas Valley is $60,700, as per the U.S. Department of Housing and Urban Development.

Nevada Hand is a non-profit that – in addition to housing – provides other services for seniors and low-income families in the city, including shuttles for their tenants and a food bank. The organization accepts donations, and if you are interested in helping to support them, please click here.

For more information on affordable housing call (702) 739-3345 or visit the Nevada Hand website; https://www.nevadahand.org, Nevada’s Nonprofit Leader in Affordable Housing.

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 Valley Water District
Area Living , Just Sold , Market Updates

Las Vegas Valley Water District Purchases Vacant Office Building for $21.2 Million

By Christopher Boyle January 8, 2024

LAS VEGAS, NV – A vacant office building in the city of Las Vegas has been purchased by the Las Vegas Valley Water District (LVVWD) for $21.3 million from the Class B asset’s previous owner, Meadow View Associates and BoydT2.

Located at 330 South Valley View Boulevard, the two-story, 166,409-square-foot building – which was fully vacant at the time of the sale – is located on approximately 10 acres of land. It was originally built in 1983 and has 870 parking spots.

The sellers were represented by Cushman & Wakefield and two other brokers, according to property records.

The building had been previously used by Centel/Sprint and, according to LVVWD spokesperson Bronson Mack, will now serve a number of different and useful purposes, including enhancing water utility operations and the district’s communications infrastructure. In addition, Mack noted that the property would also make an excellent location for a new groundwater well.

As the LVVWD replaces existing operational wells that are reaching the end of the service lifecycle, it is necessary to replace them and this site provides a good location for production wells to access the groundwater system,” he said.

Marlene Fujita Winkel of Cushman & Wakefield said in a statement announcing the sale that the building and its property should be very useful for the LVVWD, as it will add to the district’s already impressive portfolio of land ownership in Southern Nevada.

The property also resides just a few miles west of downtown Las Vegas and the World Market Center and is proximate to two premier master-planned communities, Summerlin and Green Valley,” he said. “It is well-suited for the real estate and locational needs of the LVVWD and the property it currently owns next door.”

The purchase goes along with the LVVWD’s ownership of 251 acres right across the street, which is comprised of administrative buildings, operation support, utility infrastructure, public education buildings, wells, watered storage tanks, and Springs Preserve, a 180-acre land preserve that is open to the public.

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.

Tropicana Hotel
Area Living , Development , Market Updates

Las Vegas Strip’s Iconic Tropicana Hotel to be Imploded in 2024 to Make Way for Oakland Athletics Stadium

By Christopher Boyle January 1, 2024

LAS VEGAS, NV – The second-oldest hotel on the Las Vegas Strip, the Tropicana, will be closed and imploded in 2024 following its partial closure in November to make way for the construction of a new home stadium for the transplanted Oakland Athletics Major League Baseball (MLB) team, signifying the loss of a major piece of Southern Nevada history in the process as the city moves on to a new year.

The Athletics’ ownership has reached a deal with the Tropicana’s operator, Bally’s Corp., and the owner of the resort casino’s underlying land, Vici Properties. In addition, the industry-leading construction firms responsible for building Allegiant Stadium – the Mortenson | McCarthy Joint Venture – have been contracted to build the MLB team’s proposed new $1.5 billion ballpark on the Las Vegas Strip.

The A’s previously announced that the firms will be responsible for handling all construction-related duties on the upcoming stadium, including estimates prior to the start of construction, scheduling and logistics planning, bidding, coordinating and managing labor, and engaging with the community.

The A’s home stadium – a project expected to cost a total of $1.5 billion – is slated to take the form of a 33,000-seat retractable roof stadium. $380 million in public funds have been earmarked for the A’s new stadium, and the project in its current form could potentially also receive up to $180 million in transferable tax credits as well.

One of the big goals is going to be flexibility for a unique seating capacity, anywhere between 30,000 to 33,000 seats,” A’s Design Director Brad Schrock said. “That really puts us in a sweet spot for a lot of other events aside from just baseball. So, we want to make sure the way that the seating bowl is designed has the flexibility to accommodate multiple events and that it’s a really fun place for fans to come and watch a game.”

The A’s are expected to play their first season in Las Vegas in 2028.

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.

Area15's second phase of construction for its 20 acre expansion has begun. (Area15Area15
Area Living , Development , Market Updates

AREA15, Las Vegas-Based Sci-Fi-Themed Retail and Entertainment Complex, Begins Construction on Expansion

By Christopher Boyle December 25, 2023

LAS VEGAS, NV – Area 15, a Las Vegas-based 126,000-square-foot science-fiction themed retail and entertainment complex that offers an “immersive” environment for attendees, broke ground on a 20-acre expansion of the facility last week.

Crews began building 36-foot walls that will enclose the expansion, with new attractions slated to include Universal Destinations & Experiences, a year-round horror entertainment experience called Horror Unleashed, indoor skydiving, and a plethora of other attractions that will cater to the ever-changing tastes of the tourists who visit Las Vegas, according to AREA15 Chief Executive Officer Winston Fisher.

Consumers continue to gravitate toward artful new forms of entertainment providing immersive experiences, authentic connections and real emotions,” Fisher said. “The demand continues to grow, and we are ready to dive into this substantial expansion and find more partnerships that will have a lasting impact on the AREA15 District and the City of Las Vegas.”

450,000 square-feet of retail and food and beverage space will be added as well, in addition to multiple building structures ranging from 1,000 to 60,000 square feet, all of which will be available for rent to merchants and businesses.

The completion date for the AREA15 expansion project has not been publicly revealed yet.

AREA15, located on a 40-acre lot in the vicinity of the Las Vegas Strip on the corner of Sirius Avenue and Rancho Drive, originally opened its doors for business in 2018 and has already attracted a reported five million visitors since then. With the name being a playful take on the infamous Area 51 – a secret U.S. Air Force base located in the Nevada desert – AREA15 offers a unique mix of conventions and expos focusing on sci-fi, fantasy, and comic books, in addition to other fanciful events and attractions.

The addition of music performances, corporate events, large-scale art exhibits, bars, nightclubs, and restaurants were originally announced when the venue first opened, and are only now coming to fruition with this new expansion.

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.

Brightline
Area Living , Investing , Market Updates

Brightline High-Speed Railway Connecting Los Angeles to Las Vegas Acquires $3 Billion in Federal Funding

By Christopher Boyle December 13, 2023

LAS VEGAS, NV – The long-gestating high-speed railway system between Las Vegas and Southern Los Angeles just got a significant boost this week when U.S. Senator Jacky Rosen announced that $3 billion in federal funding has been secured to begin construction of the project.

The Bipartisan Infrastructure Law is providing the new funding for the Brightline West high-speed rail system, which according to Senator Rosen, will “help bolster Southern Nevada’s tourism economy and reduce congestion on the Interstate 15 corridor.”

This historic high-speed rail project will be a game changer for Nevada’s tourism economy and transportation. It’ll bring more visitors to our state, reduce traffic on the I-15, create thousands of good paying jobs, and decrease carbon emissions, all while relying on local union labor,” Senator Rosen said. “For decades, Nevadans have heard about the benefits of high-speed rail, and I’m proud to have led the charge for months to push the U.S. Department of Transportation to secure critical funding to make this a reality. I’ll always fight to support Nevada’s tourism economy and create good-paying, union jobs.”

Brightline Founder and Chairman, Wes Edens, thanked the Biden Administration for the financial assistance that will finally bring the frequently-stalled high-speed railway system to life.

We’re honored and humbled in the confidence President Biden, Secretary Buttigieg, Senator Rosen and so many others have placed in Brightline’s vision to bring true high-speed rail to America,” he said. “This is a historic moment that will serve as a foundation for a new industry, and a remarkable project that will serve as the blueprint for how we can repeat this model throughout the country. We’re ready to get to work to bring our vision of American made, American built, world class, state-of-the-art high speed train travel to America.”

With the groundbreaking originally announced to take place back in 2020, the Brightline project, once completed, will take the form of a 34-mile stretch of track in Nevada running along Interstate 15 and 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. via a 75-minute trip.

Brightline is boasting that the railway could be responsible for removing “millions” of cars from the I-15, which would go a long way towards reducing pollution.

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.

public ice rink, which will be managed by the Golden Knights
Area Living , Development , Market Updates

Developer to Construct $380 Million Las Vegas Mixed-Use Facility; Includes NHL-Managed Ice Rink

By Christopher Boyle December 12, 2023

LAS VEGAS, NV – A California-based developer is planning to construct a $380 million mixed-use sports, entertainment, and retail facility in Las Vegas, with Agora Realty & Management having recently closed on financing and land purchases at the former site of two Las Vegas casinos in order to bring the project to life.

Plans for the upcoming facility including housing, retail, and the a professional-grade public ice rink, which will be managed by the NHL‘s Golden Knights, who play at the Las Vegas Strip’s T-Mobile Arena and won this year’s Stanley Cup championship.

The 73-acre project is slated to be called Hylo Park and will be located in North Las Vegas at the intersection of Rancho Road and Lake Mead Boulevard. It will be made up of 1300 residential units, a retail center anchored by a supermarket, and many sports and entertainment aspects that will be added in a number of construction phases.

The main attraction of the project – and the aspect the rest of the facility will be built around – is Champion Square, which will be a sports village and public plaza that will include the public ice rink, as well as practice facilities that can be utilized by youth and amateur hockey and skating leagues.

The idea behind the project is to capitalize on Las Vegas’ rising profile as a sports destination following the recent influx of transplanted major sports teams and events to the region, including NHL, NFL, MLB, and Formula One racing.

Agora Realty CEO Cary Lefton said in a statement that the extensive sporting attractions at Champion Square would appeal to both the local Las Vegas community as well as traveling sports teams, and stands to be a “lucrative traffic generator” for surrounding restaurants and businesses.

From our longstanding work with North Las Vegas we knew that the city needed more housing and community services for its growing population,” he said. “We also recognized an opportunity to leverage the draw of Las Vegas’ fast-growing sports industry.”

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.

Cello Tower
Area Living , Development , Market Updates

Construction Begins in Las Vegas on Luxury High-Rise Condominium Cello Tower

By Christopher Boyle November 22, 2023

LAS VEGAS, NV – Construction on the luxury high-rise condominium Cello Tower is slated to begin soon, with the ritzy residential complex to be connected to the Origin at Symphony Park mixed-use enclave in Downtown Las Vegas, according to Red Ridge Development. 

Cello Tower will be comprised of eight penthouse suites beginning at $4.5 million, along with an additional 240 one-and-two bedroom residences that will start at $700,000 and up. According to Las Vegas Mayor Carolyn Goodman, development of the high rise is intended to address the intense need for more housing in Las Vegas’ downtown area, and she praised Red Ridge’s CEO of Development, Patrick Brennen, for making the project a reality. 

Patrick Brennen is bringing us this wonderful project in a magnificent high-rise,” Goodman said. “People can live in the heart of the city, and there is so much to do with great access. The area is located in the center of our government with federal, state, city and county buildings. Patrick and his team have created this wonderful complex, which is walkable and bikeable along tree-lined streets and so safe.” 

Cello Tower will be comprised of 32 stories – the penthouses taking up the top two floors – and was designed by architecture firm Perkins Eastman. Buyers have the option to purchase as many penthouses on a given floor as they like if they wish to customize and/or combine them, up until the point that they either sell out or construction begins. 

The complex will feature numerous high-end finishes and appliances for its residents in addition to a great many amenities, including an elevated outdoor environment on the 25th floor featuring beautiful landscaping, gorgeous views, and a fountain; an exhibition kitchen and private dining room; pods for barbecues; a hyper-oxygenated resort-style pool; a TV media wall; a pet spa and park; and an entire 7,000-square-foot floor dedicated to wellness, including a full gym and spa facilities. 

Units at Cello Tower will go on sale by the end of 2023; construction on the high-rise is expected to be completed by 2026. For more information on Cello Tower, unit availability as well as to register a specific interest, please visit: https://originatsymphonypark.com/cello-tower

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.

Workforce Housing
Area Living , Market Updates , Rentals

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

By Christopher Boyle November 20, 2023

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.