Rental Application     Tenant Login     Market Updates     Call Us:   702-376-7379


Category Archive : Real Estate

Luxury Residential Development

384-Unit Elysian at Sunset Apartment Complex in Las Vegas Sells for $118 Million

LAS VEGAS, NV – Amid an uptick in overall real estate sales in Southern Nevada as of late, a large apartment complex in Las Vegas was recently sold by its developer for almost $120 million.

Elysian at Sunset, a 384-unit complex in the southwest valley, was sold by the Calida Group for $118 million, with the transaction closing in late January of this year. The buyer, according to property records, was Faring, a real estate firm located in West Hollywood, California specializing in pedestrian-oriented commercial and residential properties.

Based on the $118 million sale price for Elysian at Sunset, the price per unit equates to $307,000, which is considerably higher than average for the Las Vegas market; as per Calida co-founder Eric Cohen, the luxury apartment complex was over 90 percent occupied at the time of the sale.

Situated at 8150 Rafael Rivera Way between Buffalo and Durango drives just north along the 215 Beltway, Elysian at Sunset boasts numerous high-end amenities for tenants, including poolside cabanas, an outdoor volleyball court and a 9,000-square-foot clubhouse with arcade machines, billiards, and massage and tanning rooms.

Jason Illoulian, Faring Founder and CEO, said that his firm made purchasing Elysian at Sunset a high priority for his firm due to numerous factors, such as its prime location in a hot market, as well as the affluence of its many tenants.

Las Vegas continues to demonstrate resilient population growth and demand for quality rental housing, making this an attractive acquisition for our portfolio,” he said.

While apartment sales in Las Vegas have decreased in recent years due to high loan interest rates, the subsequent lowering of prices have recently enticed investors to dip their toes back into the city’s real estate waters, so to speak.

For example, only seven apartment complexes were sold in Vegas in 2023, whereas that number jumped to 22 in 2024; while a very distinct improvement, that is still much lower than the 45 sold in 2022, but experts note that such purchasing activity is anticipated to continue to increase going forward as investors adjust to the market.

Shelter Realty Property Management specializes in the areas of  HendersonLas 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.

The median home sold price in Centennial Hills was $424,942 in October 2023, down 5% from last year, and the median price per square foot was $228.

143-Unit Luxury Brownstone Apartments in Las Vegas Sells for $42 Million

LAS VEGAS, NV – Brownstone Apartments, a 143-unit luxury apartment community located in the Las Vegas neighborhood of Centennial Hills, has been purchased by Irvine, California-based SB Real Estate Partners (SBREP) for $42 million in an off-market transaction.

As a result of the purchase, SBREP has officially re-branded Brownstone Apartments as Portola Centennial Hills. The acquisition of the property now brings SBREP’s holdings in the Las Vegas Valley to a total of 640 apartment units.

The newly-christened Portola Centennial Hills, originally constructed in 2022, is located at 7531 Tule Springs Road, approximately 15 miles northwest of The Strip, and is situated within walking distance of numerous lifestyle amenities, including coffee shops, restaurants, Sprouts Farmers Market, and Pop Squires public park.

The complex offers deluxe luxury finishes for all of its apartment homes, with one, two, and three-bedroom layouts available; the 143 units are spread out amongst nine low-rise buildings, and amenities include a clubhouse, a resort style pool, barbecue areas, a 24-hour fitness center and tuck-under garages.

In addition, SBREP is planning on making several improvements for tenants, including offering a Smart Home tech package and minor upgrades to common areas.

SBREP Founder & Managing Principal, Srijin Bandyopadhyay, noted that the Las Vegas market has become a high-priority location for his firm’s investments, with plans to continue to acquire real estate there persisting into the near the future.

The Las Vegas metro has one of the lowest supply pipelines in the country when compared to other high-octane growth markets across the Sunbelt, with the Centennial Hills submarket having virtually no future supply over the next few years,” Bandyopadhyay said. “Given that backdrop of favorable supply/demand balance, along with other supportive multifamily fundamentals, SBREP plans to remain an active buyer in the Las Vegas [Metropolitan Statistical Area].”

Shelter Realty Property Management specializes in the areas of  HendersonLas 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

Valley Currently Has One of the Highest Rates of Real Estate Deals Falling Through

LAS VEGAS, NV – According to a new report released by Redfin, the Las Vegas Valley currently has one of the highest instances of pending real estate deals falling through in the entire country.

In January 2025, the valley placed third in the nation in terms of the number of pending home sales being cancelled, with about 17.9 percent of them failing; this also represented a year-over-year increase, as the rate for the valley in January 2024 was 16.4 percent.

The top spot was taken by Atlanta, Georgia, which placed first at 19.8 percent, and followed by Orlando, Florida in second place, with 18.2 percent, as per Redfin.

Realtor Mike Roland said there are a lot of potential roadblocks that can get in the way of a real estate transaction these days, and that Las Vegas is currently feeling the effects of those issues more than most areas.

It doesn’t take much to blow up a deal these days. Even the smallest issue can lead to a cancellation, especially with the lingering uncertainty surrounding the economy,” Roland said. “On top of that, with inventory increasing, buyers have more choices and are becoming more selective. If there’s a rough inspection or appraisal issue, buyers aren’t sticking around like they would a couple years ago. In today’s slowing market, growing inventory means buyers have options, and they’re taking their time to choose wisely.”

However, the amount of real estate transactions falling through is up pretty much throughout the entire country; in January 2025, the failure rate was 14.3 percent, the highest number since 2017 and a noteworthy year-over-year bump from 13.4 percent.

Redfin cited several reasons for the rising number of cancellations nationally, including economic uncertainty, supply rising while demand is falling, and sticker shock on the part of buyers as it relates to current elevated home prices. For example, Las Vegas home prices reached their all-time high in January, hitting $485,000, with that number remaining the same in February as well.

Shelter Realty Property Management specializes in the areas of  HendersonLas 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.

infill Housing

State Officials to Break Ground on Two New Affordable Housing Complexes in Las Vegas

LAS VEGAS, NV – As the housing crisis continues in Southern Nevada, state officials announced this week that ground will soon be broken on two new affordable housing apartment complexes in Las Vegas, bringing a total of 201 much-needed units to the city’s residents.

The Southern Nevada Regional Housing Authority (SNRHA) confirmed that one of the new affordable housing communities will be located at the intersection of Duncan and Edwards, whereas the other will be at 28th and Sunrise.

The combined total of 201 units will be made available to lower-income Las Vegas residents; the main requirement for consideration is that the applying household as a whole is earning between 30 and 80 percent of the area’s median income.

According to the National Low Income Housing Coalition’s data, Nevada is currently lacking in terms of affordable housing units, with more than 78,000 needed; Las Vegas accounts for the majority of that shortfall, with the city in need of at least 60,000 units – which comes out to 14 units available for every 100 needed – if not more.

In addition, as per research provided by the Lied Center for Real Estate at the University of Nevada, Las Vegas (UNLV), Nevada ranks in the top three of states where renters are especially feeling financially burdened by their housing expenses; currently, UNLV estimates that approximately 45 to 50 percent of tenants are spending over 30 percent of their monthly income on keeping a roof over their heads.

However, Nancy Brune – City of Las Vegas Councilwoman and Vice Chair of the SNRHA – is hopeful that the two new affordable housing complexes that are now in the works will go some way to addressing the city’s housing crisis, but also acknowledged that much more needs to be done in order to make a real impact.

During the great recession, Nevada was hit by a couple of big economic fallouts and back in 2008 we just stopped building because there was a lot of uncertainty,” Brune said. “I think we are just catching up to meet the demand we are seeing. We are one of the fastest growing states in terms of people coming here, and we just haven’t caught up yet to the demand.”

Shelter Realty Property Management specializes in the areas of  HendersonLas 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.

Construction File photo: Sravan Karayil, licensed.

Construction on Two New Apartment Complexes Underway in Las Vegas Arts District

LAS VEGAS, NV – Formerly a quiet neighborhood free of the hustle and bustle of the Las Vegas Strip, the city’s Arts District is now seeing an uptick in foot traffic and activity as two new apartment complexes are currently under construction, with both slated to open next year.

A 337-unit apartment building is currently in the works, courtesy of developer Southern Land Company of Nashville, Tennessee. Located at the intersection of California Avenue and Third Street, the currently-unnamed project will be comprised of three seven-story buildings upon completion, and will offer a two-story fitness center and rooftop deck, in addition to ground-floor commercial and retail space.

According to Alex Woodin, Southern Land Company’s Development Manager, the complex is scheduled to open its doors for business early in 2026.

The second apartment building project that is currently under construction in the Arts District is situated at the corner of Commerce Street and Imperial Avenue, and upon completion will offer 311 apartment units and ground-floor commercial space, as well as tenant amenities such as a large fitness center and resort-style spa facilities that will include saunas.

According to co-developers Cedar Street Companies out of Chicago, Illinois and Bridge Investment Group of Salt Lake City, Utah, the project – which is also currently unnamed – is anticipated to open in the middle of next year.

For a number of years, the Arts District was one of the quieter areas of Las Vegas, with numerous vacant storefronts, empty plots of land, and a general lack of foot traffic; however, recently the neighborhood has seen an influx of businesses – including restaurants, coffee shops, and retail shops – that have attracted more and more people.

And with the Arts District’s growing popularity have come higher rents, not to mention the need for more housing options, which these two in-development projects should help to address.

Shelter Realty Property Management specializes in the areas of  HendersonLas 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.

Overpriced

February Homes Prices in Las Vegas Flat Month-Over-Month, Remain at All-Time Record High

LAS VEGAS, NV – After several months of prices fluctuating and slowly rising, Las Vegas homes in January finally set a new all-time record for the region, and as of February that record has remained firmly in-place, with prices remaining flat month-to-month.

According to a new report by industry group Las Vegas Realtors (LVR), the median price of an existing single-family home in Las Vegas was $485,000 in February; this is the same exact amount as last month, which was a historic record high for Southern Nevada.

The previous all-time record home price in Vegas was $482,000, set back in May 2022.

George Kypreos, LVR President, said in a statement that the median home price holding steady from last month that represented a degree of stability and balance potentially returning to the region following an extended degree of time in which it had remained a “seller’s market.”

We’re seeing more homes available for sale here in Southern Nevada, giving buyers more choices,” Kypreos said. “The decrease in mortgage interest rates during the past week or two is also welcome news for home buyers. Overall, it’s a more level playing field right now.”

The rising home inventory in Vegas shows that this may indeed be the case; there were 5,229 single-family homes listed for sale without any type of offer by the end of February, which is a jump of 50.6 percent year-over-year, LVR says. There were also 2,025 condominiums and townhomes listed without offers in February, a 74.6 percent increase from the same period of time one year prior.

Currently, Southern Nevada is in the grips of a housing crisis driven by a number of issues, such as high mortgage and interest rates – Redfin notes that the average rate for a 30-year-fixed term mortgage is 6.6 percent – as well as home prices escalating to near all-time record levels, a dwindling amount of land that can be developed, and affluent buyers from neighboring states such as California whose big bank accounts are squeezing out locals when it comes to homebuying competition.

Shelter Realty Property Management specializes in the areas of  HendersonLas 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.

Augmented Reality

TheMLS.AI Platform Seeking to Transform Real Estate Industry with Augmented Reality Tours

LAS VEGAS, NV – A new and innovative real estate platform – TheMLS.AI – is seeking to transform and revolutionize the industry with a cutting-edge combination of artificial intelligence (AI) and augmented reality (AR), with the developer claiming that the ripple effects for both buyers and sellers are anticipated to be felt the world over.

The key elements of TheMLS.AI are its use of AI and AG to create a “seamless experience” that will make the process of buying and selling homes more streamlined, efficient, and cost-effective, according to the platform’s Founder and CEO, Simon Wilby.

TheMLS.AI is designed to improve accessibility in real estate by breaking down language barriers. By integrating AI and AR, we aim to create a more seamless experience for buyers, sellers, and agents around the world,” he said. “Our goal is to redefine the real estate industry and make it more accessible and efficient for everyone involved.”

TheMLS.AI will be able to provide accurate and real-time information on properties, market trends, and pricing to users by utilizing AI. In addition, the use of AR will enable buyer to partake of virtual walkthroughs of prospective properties and create visual representations of potential renovations or design alterations, as per the following bullet points pulled from the platform’s website:

  • Virtually tour properties in real-time, exploring interiors, layouts, and surroundings with lifelike precision.
  • Customize spaces in AR, experimenting with different furniture, finishes, and designs before making a purchase decision.
  • Access interactive neighborhood insights, visualizing schools, parks, transit routes, and local amenities through an augmented lens.

In addition, AI will be able to provide real-time translations of 165 languages during the AG tours, ensuring that language barriers are never an issue to closing on a deal.

Whether reviewing contracts, negotiating deals, or exploring property details, buyers and investors can seamlessly communicate across borders without missing any critical information,” TheMLS.AI’s website states. “This ensures clarity, transparency, and confidence in every transaction.”

Slated to launch in April 2025, TheMLS.AI has the potential to radically transform how real estate transactions are carried out globally; however, time will tell if this truly will be the case.

Shelter Realty Property Management specializes in the areas of  HendersonLas 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.

Vegas Business

New Study Says Las Vegas Has Most Volatile Large Housing Market In U.S.

LAS VEGAS, NV – According to a new study released by Construction Coverage, a company that specializes in researching construction software, insurance, and related services, Nevada, Georgia, Michigan and Arizona rank among the least stable states for real estate, and Las Vegas is currently the most volatile large housing market in the nation.

In order to gauge housing market stability in the long-term, the study utilized data obtained from Zillow to analyze home price trends across major metropolitan areas across the country. The markets in question were then ranked based on the likelihood that a random buyer would have experienced a price drop of over 5 percent following a purchase.

Based on that criteria, eight major metros displayed a greater than 40 percent chance of a 5 percent or more price drop, with Las Vegas ranking at the top of that list as being the most volatile.

Las Vegas has been the most volatile large metro, with a 48.5 percent probability of a 5 percent or greater price drop and a 63.9 percent peak-to-trough decline, amounting to a staggering $210,860 loss in home value,” the report reads. “While home prices in Las Vegas have increased 182 percent since 2000, reaching a median value of $428,434, this growth has come with severe price fluctuations, particularly during the housing crash of 2008 and the rapid price corrections following the pandemic-era boom.”

The city’s high volatility can be attributed to speculative investment, a tourism-dependent economy, and a rapid influx of new housing supply, which amplifies both booms and busts,” Construction Coverage adds.

In contrast, the reports names South Dakota, Oklahoma, Alaska, Iowa, and Vermont as the states being the most stable, and Buffalo, New York as being the least volatile city.

When asked about his thoughts regarding Construction Coverage’s study, Chairman and CEO of Coldwell Banker Premier Bob Hamrick said that two events shaped the current real estate market in Las Vegas – the Great Recession and the COVID-19 pandemic; however, he noted that the market in Southern Nevada is showing signs of returning to stability.

I’m hearing that we have a balanced market now,” Hamrick said. “We do have a balanced market when you look at the period of time. It’s over a 25-year period of time. When you look at that period, there were two monumental events that took place then— both of which had significant impact on Las Vegas.”

Shelter Realty Property Management specializes in the areas of  HendersonLas 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 High-Rise

1,500-Unit Luxury Housing Development to be Built on Former Las Vegas Badlands Golf Course

LAS VEGAS, NV – Following almost ten years of legal wrangling back-and-forth with the property’s now soon-to-be former owner, the Las Vegas City Council last Wednesday approved a plan to build a nearly 1,500-unit, upscale housing development on the grounds of the former Badlands golf course, despite staunch opposition from the residents of an adjacent neighborhood.

The council gave the thumbs-up to the project on a vote of 6-0. The greenlight has thus been given for developer Lennar Homes to proceed with their plan to construct 1,480 luxury homes, townhomes and condominiums on the 250-acre defunct golf course property.

With great pleasure, I move to approve,” said Councilwoman Victoria Seaman. “I’m just grateful that we’re here, all those months of negotiation and we’ve come together this far.”

The vote on Wednesday brought a close to a nearly decade-long saga that saw great opposition by the residents of the nearby Queensridge neighborhood regarding how the property was slated to be developed; in addition, the council also had numerous legal clashes with EHB Cos. CEO Yohan Lowie, the former owner of the property that had attempted to develop housing there himself.

The council had blocked Lowie from developing housing on the course, and in turn Lowie and EHB filed a lawsuit, claiming that the city “took” the land from him. The courts agreed with Lowie, and a $286 million settlement was reached that involved the city purchasing the Badlands property from EHB for $636 million; Lennar Homes will pay the city $350 million for the land, and the remining $286 million balance will be paid by the city to EHB to satisfy the terms of the settlement.

As for the opposition of the Queensridge residents to the project, reports indicate they had expressed concerns about density, traffic and the number of schools in the area, and decried the lack of involvement they had in the decision-making process; another lawsuit is reportedly being considered.

Shelter Realty Property Management specializes in the areas of  HendersonLas 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.

America First Center ice rink

The Watermark, Henderson Mixed-Use Apartment Complex Mired in Bankruptcy, Finally Resumes Construction

LAS VEGAS, NV – A mixed-use apartment complex in downtown Henderson that was aborted mix-construction and has since sat dormant while its developers were mired in bankruptcy proceedings has ben given a new lease on life in the form of new funding, and is now expected to be completed by the end of 2025.

The Watermark, located at 212 South Water Street, will resume construction after its project developer, Strada Development Group, received nearly $28 million in new funding, with the revised completion date now slated for the end of May.

The $65 million complex, located across from the America First Center ice rink, will take the form of a 151-unit apartment complex that will also incorporate 30,000 square feet of commercial and retail space.

The resurrection of The Watermark comes after construction was halted last year due to lawsuits and, ultimately, a declaration of bankruptcy. However, after the developers managed to close on a $27.9 million loan – as per a filing with the U.S. Bankruptcy Court in Las Vegas – lead contractor Gillett Construction issued a press release earlier this week announcing that the project will now be “officially moving forward.”

The Watermark is a vital project for Henderson, and we are thrilled to see it moving forward again,” Gillett owner Darren Gillett said.

An owner’s representative has been appointed to ensure oversight of the project and to make sure that all project timelines are adhered to; construction is anticipated to be finished in late spring to early summer, according to the release.

The 1.2-acre plot of land for the project was originally purchased from the city of Henderson’s Redevelopment Agency in 2020 and later broke ground in 2021. However, cost increases and supply-chain shortages drove up development costs by over 20 percent, and lawsuits filed by the contractor – alleging non-payment of more than $11 million – as well as one of their lenders ultimately drove the project into bankruptcy until now.

Shelter Realty Property Management specializes in the areas of  HendersonLas 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

Growth Spurt: North Las Vegas Housing Stock Increases 50 Percent in Last Two Decades

LAS VEGAS, NV – North Las Vegas has been experiencing a boom when it comes to the number of residential homes available over the course off the past 20 years, with U.S. Census Bureau data predicting the city’s population could reach as many as 400,000 people by 2050.

Since 2005, the municipality – which currently boasts 290,144 residents – has seen a 50 percent increase in the amount of available single-family homes within its borders, which amounts to 40,000 units having been added during that span of time. North Las Vegas’ Director of Land Development and Community Services, Alfredo Melesio, notes that the “tremendous growth” the city has experienced could be contributed to a number of factors.

For more than a decade, we have consistently looked for ways to improve and streamline our development processes,” Melesio said. “By moving at the speed of business and maintaining direct communication with developers, we’ve capitalized on the region’s strong growth while ensuring thoughtful community development. Our team works closely with builders and developers to provide answers and solutions, making the development process as efficient as possible.”

When the total amount of housing options is taken into account, North Las Vegas’ growth over the past 20 years is even more impressive; in 2005, the city had 44,882 single-family homes, 3,714 duplexs, 838 mobile homes, 5,949 apartments, 1,025 townhomes and 1,560 condominiums, for a total of 57,968 units overall. Fast-forward to the end of 2024, and there were 73,310 homes, 5,010 duplexs, 771 mobile homes, 12,072 apartments, 3,819 townhomes and 2,217 condos for an overall total of 97,199 units, which represents an impressive increase of 67 percent.

Melesio said that North Las Vegas’ population boom can also be attributed to the growth of its industrial and retail sectors, as well as having cultivated a reputation for being business and developer-friendly, a status that city leaders are working hard to maintain and grow even further.

Right now, we’re focused on transforming neighborhoods and building community spaces that make North Las Vegas a destination where people want to live,” he said. “Our vision extends beyond new buildings, we want to create vibrant neighborhoods where residents can work, live and gather.”

Shelter Realty Property Management specializes in the areas of  HendersonLas 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

Japanese Developer to Build Summerlin West Luxury Community; Home Prices Starting at $1.4M

LAS VEGAS, NV – Summerlin West, a master-planned community located in the western part of the Las Vegas Valley, will soon be welcoming a new community within its borders in the form of a pricey, ultra-luxury neighborhood, thanks to a Japanese developer.

The fifth-largest homebuilder in the United States, Sekisui House, will be selling Shawood-branded homes in Summerlin West’s new Arcadia community at the northwest corner of Sky Vista and Fox Hill drives. Home sales are set to start on March 1, with prices to range between $1.4 million and $1,6 million, according to the developer.

The project, Sekisui House’s first-ever endeavor in Las Vegas, initially began construction in July.

The homes that will be on offer in the community will comes in three different layouts with three- and four-bedroom configurations, and will range in size from 3,176 to 3,399 square feet.

The residences will have “Zero Energy” classification, which denotes a structure with net zero energy consumption, meaning the total amount of energy used by the building on an annual basis is equal to the amount of renewable energy created either on or off the site utilizing technology such as heat pumps, high efficiency windows and insulation, and solar panels.

In addition, in a clear nod to the developer’s Japanese roots, the homes will have a “Kokage lounge” option; according to the Shawood website, “the Japanese word Kokage means ‘under the shade of the big tree,’ and the lounge features soaring ceilings, expansive glass doors, and sloping eaves reminiscent of radiating branches, filling your home with light, air, and tranquility. A perfect place for connection and reflection.”

In 2024, Summerlin was ranked by national real estate consultant RCLCO 5th in the nation among best-selling master planned communities, having sold 1.055 homes last year.

Shelter Realty Property Management specializes in the areas of  HendersonLas 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.