Nevada

CEDARst Cos., Bridge Investment Group Break Ground on $112M Flat Arts District Multifamily Development in Las Vegas

by Amy Works May 30, 2024

LAS VEGAS — A joint venture between CEDARst Cos. and Bridge Investment Group has broken ground on Flats Arts District, a $112 million multifamily project on 2.2 acres in Las Vegas. Constructed is slated to take 24 months, with delivery of the first units expected around mid-year 2026. Located at 123 W. Imperial Ave., Flats Arts District will feature 311 studio, one-, two- and three-bedroom units, 5,100 square feet of ground-floor commercial space and 317 parking spaces within a structured garage. Apartments will include in-unit laundry, balconies, state-of-the-art appliances, smart-home systems and keyless entry. Community amenities will include a large fitness center, resort-style spa facilities with water circuitry and saunas, coworking spaces and a sunset deck/lounge.

May 30, 2024

Market Reports Nevada Retail Western Western Market Reports

Las Vegas Retail Market: A Tale of Two Cities

by Jeff Shaw May 23, 2024

— By Geoffrey West, Senior Vice President, Investment Property Sales and Acquisitions, MDL Group/CORFAC International — The Las Vegas retail market remains a tale of two cities with the tourism-driven Resort Corridor and surrounding MSA comprising two very different markets. In the past, the stories of the “cities” were somewhat divergent with robust development, premium rents, and top-tier restaurant, bar, entertainment and retail tenants dominating in the Resort Corridor. In contrast, the primarily suburban MSA experienced decreasing rental growth rates, metered new development and fewer exciting new tenants. However, looking at the past and current years, as well as into 2025, it appears the party isn’t just on the Las Vegas Strip anymore. Due in part to a statistical undersupply, the suburban Las Vegas retail market is poised to experience increasing rental growth rates over the next 12 to 18 months. The lack of new supply is expected to put continued upward pressure on retail leasing rates and downward pressure on vacancy rates, which are expected to be nearing record 2007 levels. Economic Summary The Las Vegas market saw the completion of more than $8 billion in development in 2023. Among these are the $3.9 billion, 3,644-room Fontainebleau Las Vegas, …

May 23, 2024

Acquisitions Multifamily Nevada Western

Northcap Commercial Negotiates $7M Sale of Sierra Park Apartments in Las Vegas

by Amy Works April 26, 2024

LAS VEGAS — Northcap Commercial has arranged the sale of Sierra Park Apartments, a multifamily property at 557 Sierra Vista Drive in Las Vegas. The asset traded for $7 million, or $111,111 per unit. Built in 1979, Sierra Park Apartments offers 63 units. Devin Lee, Robin Willett and Jerad Roberts of Northcap Commercial brokered the transaction. The names of the seller and buyer were not released.

April 26, 2024

Build-to-Rent Development Loans Nevada Single-Family Rental Western

Leggera Development Receives $11.5M Joint Venture Equity for Five Ridges Build-to-Rent Project in Sparks, Nevada

by Amy Works April 23, 2024

SPARKS, NEV. — Berkadia has arranged $11.5 million in joint venture equity for Five Ridges, a townhome-style build-to-rent development in Sparks, just east of Reno. Leggera Development is the developer for the project. Situated on 6.1 acres at 545 Highland Ranch Parkway, Five Ridges features 83 three-bedroom/2.5-bath units ranging in size from 1,494 square feet to 1,969 square feet. The community is situated within a 422-acre master-planned community comprising 1,246 residential units across 10 villages, including single-family detached homes, townhomes, multifamily, commercial properties, and two community parks with 100 acres of open space and 10 acres of amenitized community gathering areas. Cody Kirkpatrick, Chinmay Bhatt and Noam Franklin of Berkadia JV Equity & Structured Capital, along with Jared Glover of Investment Sales at Berkadia Nevada, represented Leggera Development. Berkadia arranged the equity through a global investment manager.

April 23, 2024

Development Nevada Restaurant Retail Western

Partners Capital, CNR Retail Unveil Plans for 100,000 SF Office-to-Retail Conversion in Las Vegas

by Amy Works April 17, 2024

LAS VEGAS — Partners Capital and CNR Retail have released plans to convert a 100,000-square-foot office complex, located at 2500-2550 Paseo Verde Parkway in Las Vegas’ Green Valley Ranch neighborhood, into an artisanal, food-driven, open-air lifestyle retail center. Dubbed The Cliff, the $30 million adaptive reuse development will offer 25 retail spaces, ranging from 1,800 square feet to 17,000 square feet; a central bar; a 26,000-square-foot covered outdoor dining lounge with communal meeting spaces; live performance area; fire pits; kiosks; and public art installations. The development team has also received approval of a tavern gaming license that would allow slot machines and small games of chance at one or more of the center’s pubs. The joint venture acquired the property in August 2023 for $17.2 million in an off-market transaction. Built in 2000, the property was 80 percent leased to office tenants at the time of sale. Pending final approval from the city, construction is scheduled to begin in October for completion in second-quarter 2025. AO Architects is serving as architect for the project.

April 17, 2024

Acquisitions Healthcare Industrial Nevada Office Retail Western

Dornin Investment Buys 20-Building Real Estate Portfolio in Northern Nevada for $70M

by Amy Works April 16, 2024

SPARKS AND RENO, NEV. — Dornin Investment Group has acquired a 20-building portfolio in Sparks and Reno for approximately $70 million. Totaling 413,172 square feet, the portfolio includes light industrial, retail and medical office properties. The majority of the buildings were constructed between 1977 and 1991, with retail assets built in 2005 to 2006. The portfolio collectively has more than 180 total tenants with a median size of 1,640 square feet. The office buildout of the warehouse units is 21.7 percent. The industrial buildings offer clear heights ranging from 12 feet to 16 feet. Mark Nicoletti, Maxwell Shapiro and Julia Lewitt of Allen Matkins provided legal expertise in the transaction. Bill Bernard and Tami Haworth of Stewart Title provided title and escrow services.

April 16, 2024

Acquisitions Multifamily Nevada Seniors Housing Western

Bascom Group Buys 72-Unit Seniors Housing Community in Boulder City, Nevada

by Amy Works April 16, 2024

BOULDER CITY, NEV. — The Bascom Group has purchased Homestead at Boulder City, a seniors housing property located in the Las Vegas suburb of Boulder City, for $3 million. The name of the seller was not released. Built in 1999, Homestead at Boulder City features 72 apartments with an average unit size of 467 square feet. Situated on 6.4 acres, the community offers 71 parking spaces, a private dining room, atrium, library, community living rooms, walking paths, fireplace parlor, covered patios, outdoor courtyard, multiple green spaces, fitness equipment and laundry facilities. Bascom plans to implement a renovation program that includes upgraded appliances, countertops, lighting, fixtures and wood plank flooring. Common-area improvements are planned for the leasing office, gym and entertainment lounges. Vincent Punzi and Lowell Takahashi of Berkadia arranged the debt financing for the acquisition, with Kairos Investment Management Co. as the lender. Brad Goodsell, Vince Viverito, Jason Punzel and Brad Clousing of Senior Living Investment Brokerage arranged the sale. Apartment Management Consultants will provide property management and SD-CAP will provide construction management for the property.

April 16, 2024

Market Reports Nevada Office Western Western Market Reports

Office Vacancy in Reno Grows as Investment Activity Rebounds

by Jeff Shaw April 16, 2024

— By Jason Hallahan, associate, Colliers — Northern Nevada’s office market remained resilient throughout last year in the face of strong headwinds. Reno’s office market saw a blend of market fundamentals as net absorption declined, investment activity slowed and available sublease space shrunk. Negative net absorption in three out of four quarters brought the annual total to nearly 23,000 square feet of negative absorption — the lowest the market has seen since 2020. Vacancy ticked up 100 basis points year over year to 11 percent by the end of 2023, though it is well below the pandemic peak of 13.4 percent of mid-2020. Average direct asking rents also softened slightly this year, though tenant demand and asking rates both remain strong among Class A office product. A combination of growing vacancy, heightened interest rates and continued uncertainty in office space needs have curbed investor appetite this year. Demand for Reno office product fell sharply at the beginning of 2023 when first-quarter sales shrank to less than 20 percent of the average quarterly sale totals from the past three years. Buyers and sellers struggled to reach a middle ground as elevated vacancies weakened sale prices and increased borrowing costs discouraged investors. There …

April 16, 2024

Loans Multifamily Nevada Western

Dwight Mortgage Funds $30.2M Bridge Loan for The Marlette Apartment Complex in Carson City, Nevada

by Amy Works April 15, 2024

CARSON CITY, NEV. — Dwight Mortgage Trust, an affiliate REIT of Dwight Capital, has closed a $30.2 million bridge refinance for The Marlette, a garden-style multifamily community in Carson City, south of Reno along Lake Tahoe. Fident Capital brokered this transaction on behalf of the borrower, Kingsbarns Realty Capital. Completed in 2023, The Marlette features 140 apartments spread across 10 two-story buildings on six acres. Community amenities include a clubhouse, pool, spa, fitness center, dog park, pet spa, community park and grilling stations. The loan proceeds will be used to refinance existing debt, cover final construction costs and fund an operating reserve to facilitate lease-up.

April 15, 2024

Acquisitions Multifamily Nevada Western

Northcap Commercial Brokers $1.8M Sale of Statz Street Apartments in North Las Vegas

by Amy Works April 11, 2024

NORTH LAS VEGAS, NEV. — Northcap Commercial has brokered the $1.8 million sale of 2131 Statz Street Apartments, a multifamily asset located at 2131 Statz St. in North Las Vegas. The asset traded for $1.8 million, or $118,000 per unit. Built in 1963, the property features 15 units. Jerad Roberts, Robin Willett and Devin Lee of Northcap Commercial arranged the off-market transaction.

April 11, 2024

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