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Company With $10B Portfolio Buys Vegas Apartments; Among “Most Fundamentally Sound Multifamily U.S. Markets”

LAS VEGAS, NV – TruAmerica Multifamily, a Los Angeles-based multifamily investment firm that specializes in the acquisition and renovation of large class B apartment properties across the United States, recently announced the acquisition of several rental properties across the country, including a garden-style community in Las Vegas, Nevada.

TruAmerica stated that they have “increased their footprint” in Las Vegas; Tampa, Florida; and Salt Lake City, Utah, with Co-Chief Investment Officer Matthew Ferrari referring to these regions as being “among the most fundamentally sound multifamily markets in the U.S. exhibiting solid wage, population and employment growth.”

“Much of this is due in large part to the migration of corporations and families that follow them to these lower-cost-of-living states,” he said.

The purchases among these three states, TruAmerica announced, come to a total of $209 million, and account for a combined total of approximately 1,000 apartment homes, with Nevada, Florida, and Utah now representing about 25 percent of TruAmerica’s entire real estate portfolio. The company has plans to invest heavily in these properties – especially Nevada, which has experienced skyrocketing growth in its local economy and real estate market as of late – with improvements currently in the works to interiors, exteriors and amenity spaces.

Since its founding in 2013 by real estate investor Robert E. Hart, TruAmerica has acquired and/or manages a portfolio of more than 45,000 apartment units valued at roughly $10 billion, located in California, Washington, Oregon, Colorado, Arizona, Nevada, Utah, Maryland, Florida, Georgia, North Carolina, Massachusetts, Tennessee and Texas.

TruAmerica largely focuses on investing in and renovating older mid-level or “Class B” garden style and midrise apartment communities. In its first years of existence, TruAmerica focused on investments in major metro areas throughout the western U.S., with Las Vegas counting among the earliest cities that the company has put extensive amounts of money into.

Shelter Realty is a Real Estate and Property Management Company specializing 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.

alta southern highlands

Atlanta Developer Building Upscale Apartment Complex in Southern Las Vegas Valley

LAS VEGAS, NV – The southernmost edge of the Las Vegas Valley is going to be the recipient of a new upscale apartment complex, compliments of a developer hailing from Atlanta, Georgia that had previously opened another rental property across town during the early stages of the COVID-19 pandemic.

Wood Partners is currently in the process of building a new 228 unit project – dubbed Alta Southern Highlands, which broke ground in August 2020 – situated in proximity to the M Resort, located off Southern Highlands and St. Rose parkway, which is slated to be completed and open their doors for business in early 2022.

According to the company’s website, Alta Southern Highlands will possess “next-level finishes” and numerous high-end amenities for residents, including a game lawn, a fitness facility with yoga studios, and more.

The project, upon completion, will no doubt help to address the intense demand in the Las Vegas Valley for rental apartments; during the pandemic, many people moved into the valley – especially from out-of-state – to work remotely while taking advantage of the lower cost of living the area afforded.

However, soon rental space became harder and harder to come by, and correspondingly, rents began to climb in response to the demand; in August, the average rent of a home in Las Vegas was $1,718, which represents a 25 percent increase over the same period of time one year prior.

According to a report released by listing website Zillow, the degree of rent growth in Vegas was the fastest among the 50 metro areas that they examined; projects like Alta Southern Highlands will help to address the demand for rental properties in the region, in addition to stabilizing prices that so far are raising affordability concerns among local residents.

Wood Partners also built a 347-unit apartment complex that is currently completed and open in Henderson, called Alta NV.

Shelter Realty is a Real Estate and Property Management Company specializing 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.

House with Two Car Garage

Amid Slow Stabilization of Market, Las Vegas Home Prices Set Yet Another Record in September

LAS VEGAS, NV – Home prices in Las Vegas set yet another record in September, all while several experts have noted that the skyrocketing real estate prices in the Southern Nevada region are finally showing signs of beginning to stabilize.

The median sales price of previously owned single-family homes, which accounts for the majority of the home sales in Las Vegas, hit a record $406,500 in September, which represents a 0.4 percent increase from August and a whopping 20.5 percent jump from the same period of time last year, reports say.

3,209 houses were purchased in September, which is a virtually identical number from August but a 1.9 percent decrease from September 2020. Inventory of available homes on the market increased slightly last month, but still hovered at levels well below what was available last year.

At the end of September, 3,463 single-family houses were on the market without offers, representing an increase of 6.4 percent from August but a decrease of 27.8 percent from September 2020.

The real estate market in Las Vegas has essentially been supercharged over the past year, with the city bouncing back far quicker than anticipated after the economic impact of the COVID-19 pandemic resulted in lost jobs due to extended lockdowns of businesses.

A fast-recovering economy, low-cost home loans, high demand and low inventory have resulted in rapidly accelerating housing prices – with intense competition often driving buyers to pay more than the asking price – that had some worrying about affordability issues, with the median sales price having increased by over $100,000 since January 2020.

However, experts have also noted that while records are still being set, increases have been gradually slowing going up by smaller and smaller amounts but recognizing that pricing trends seen before the pandemic may soon become the norm, especially as developers work diligently to address demand for affordable housing and rental options.

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.

Martha Stewart to Open Restaurant at Paris Las Vegas Hotel and Casino

LAS VEGAS, NV – Businesswoman, writer, and famed television personality Martha Stewart has announced that she will be opening a restaurant at the Paris Las Vegas Hotel and Casino, which is planning to demolish part of the existing building to make room to accommodate the new eatery.

The information for the new venture was obtained via paperwork for a construction permit for the facility, which is currently named simply “Martha Stewart Restaurant,” but will most likely obtain a more colorful moniker later on. The restaurant is slated to take the place of the recently-closed Martorano’s, a South Philadelphia-inspired eatery.

Stewart will not be the only celebrity to have a restaurant at the Paris Las Vegas Hotel and Casino; instead, she will find herself in the company of Gordon Ramsay Steak – an ultramodern spot serving dishes such as beef Wellington in a “boisterous British setting” – and Brioche by Guy Savoy, a sweet and savory grab-and-go brioche shop offering delectable flaky French pastries.

In addition, this winter will see Paris Las Vegas also open the Vanderpump à Paris, a cocktail bar by British restaurateur, designer, television personality Lisa Vanderpump.

Stewart’s previous attempt at entering the restaurant field was in New York City when she opened the Martha Stewart Café in 2015, which permanently closed its doors for business in 2019.

Caesars Entertainment – the owner of Paris Las Vegas – has yet to officially announce Stewart’s restaurant, nor have any announcements been made in regards to the type of cuisine the establishment plans to serve or its anticipated opening date, but word will likely come soon as construction permits have already been applied for.

Shelter Realty is a Real Estate and Property Management Company specializing 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.

Tony Hsieh

Estate of Zappos’ Late CEO Tony Hsieh Selling Lavish Las Vegas Home for $2 Million

LAS VEGAS, NV – The estate of Tony Hsieh has put the late Zappos CEO’s 1970’s-style Las Vegas estate on the market for a whopping $2 million, following the recent news that much of his Las Vegas real estate empire has been listed on the open market by his family, totaling nearly 100 properties throughout the downtown area.

Hsieh had passed away in November at the age of 46 due to injuries suffered in a Connecticut house fire and had no will before his death, reports say.

For two decades, Hsieh – who was worth hundreds of millions of dollars at the time of his death – headed up retail giant Zappos before selling it to Amazon in 2009 for over $1 billion; he later retired as CEO in August 2020. He is also credited for having pledged $350 million to the renovation and revitalization of Downtown Las Vegas.

Scotch 80s, the neighborhood where Hsieh’s former estate is located, was originally developed in the 1950’s and 60’s, and was known for its elaborate luxury homes.

The neighborhood where 1250 Shadow Lane is located was originally developed in the 1950 and 60, and known for its elaborate luxury homes.
The neighborhood where 1250 Shadow Lane is located was originally developed in the 1950’s and 60’s, and known for its elaborate luxury homes.

Hsieh first purchased the 14,336 square-foot Scotch 80s residence in 2012 for $1.5 million shortly after his Amazon sale. The estate – originally constructed in 1977 – 1250 Shadow Lane still retains its original charm and design aesthetic, and features seven bedrooms, 15 bathrooms, and is noted for its huge, open-design living spaces and dormitory-style bedrooms. In addition, it also boasts an apartment situated above the garage and several additional bedrooms in a separate carriage house.

Hsieh clearly had no issues entertaining guests in the estate’s large in-ground pool and golf putting green, or wowing them with the home’s many amenities, such as crystal chandeliers, large columns, fleur de lys embellishments, delicate stained-glass windows, and gold leafing.

In addition to his Las Vegas estate, Hsieh also spent a great deal of time living in a 240-foot Airstream trailer he had developed, located in Las Vegas’ downtown, as well as Park City, Utah, luxury home.

Shelter Realty is a Real Estate and Property Management Company specializing 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.

Real Estate Experts Offer Tips on Navigating Cutthroat Las Vegas Rental Marketplace

Rising Rents in Las Vegas Making it Difficult for Some to Find Affordable Housing Options

LAS VEGAS, NV – Amid skyrocketing demand and a shortage in options on the open market, finding affordable housing in Las Vegas is becoming difficult to achieve for some residents, citing steadily rising rents in the valley – which reports say are seeing some of the highest increases nationwide –  as the reason why.

Some Southern Nevada residents are reporting that the cheapest monthly rents they are encountering when looking among available inventory of two-bedroom apartments on the market is ranging from approximately $1485 in the valley’s northeast area to as high as $1700 in Henderson and $1850 in the southwest.

In addition, a report published recently indicates that rents in Henderson have ballooned by as much as 45 percent from one year ago.

Of course, contributing to the rental issue is the fact that Las Vegas is still in the grip of a housing and rental shortage that developers are struggling to address, with numerous apartment complexes and housing communities currently in the works that real estate experts are saying are expected to help stabilize rents in the region once they are completed.

But in the meantime, reports indicate that owners and investors are currently testing the waters in terms of seeing how much they can get for their rental properties in a red-hot marketplace, often increasing their asking prices in light of any amenities that their properties possess, such as it being a newer build or if it has a pool.

However, until more house and apartment rentals are available in Las Vegas – with more and more projects are being announced and started by the day – some local residents are expressing sincere concern over finding affordable places to live in the meantime.

Shelter Realty is a Real Estate and Property Management Company specializing 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.

Model 3

Developer Announces Plans for Two Las Vegas Housing Communities That Come With Free Teslas

LAS VEGAS, NV – It’s not every day that you get a car thrown in at no-cost to sweeten the deal when you purchase a home, but that’s the plan that was announced by developer Livv recently, who intends to construct two new housing communities in the Las Vegas area whose residences will all come with free Tesla electric cars.

The communities, which are slated to be built in Henderson and the southwest valley, are to be comprised of luxury “smart” and “sustainable” homes, and to that end Livv has stated that each buyer will receive a Model 3 Tesla electric car, each with a retail value of $40,000.

Livv – which constructed Las Vegas Raiders head coach Jon Gruden’s Southern Highlands new $4.3 million home – has stated that the Henderson project – dubbed “Neo” – will break ground in the fall of this year, whereas the southwest valley project to be known as “Magnus” will have work commence upon it in 2022.

Neo will be developed upon 60 acres in the vicinity of MacDonald Highlands, southeast of Horizon Ridge Parkway and Stephanie Street. Plans call for the guard-gated community to be comprised of 84 homes when completed; home prices will begin at $2.3 million and go up as high as $4 million.

The one-and-two story homes in Neo will be semi-customized for the buyers, will offer unobstructed views of the Las Vegas Strip and mountains, and will range in size from 3,600 square feet to 5,000 square feet with three-to-four bedrooms. In addition, each house will have an either three-or-five car garage as well.

Seven floor plans will be available for buyers to choose from after they plunk down the required $25,000 deposit, and selectable interior designs will range from “Euro chic, bohemian and ultra modern.”

The plans for Magnus have yet to be finalized, but the community will be located on 27 acres in the southwest valley, and 94 semi-custom homes are anticipated, ranging in price from $1.3 million to $2.8 million.

Livv has a wide array of projects on their plate, currently with 12 housing communities in the works throughout the world.

Shelter Realty is a Real Estate and Property Management Company specializing 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 Cosmopolitan

Blackstone Enters Agreement to Sell The Cosmopolitan Hotel and Casino of Las Vegas for $5.65 Billion

LAS VEGAS, NV – New York-based private equity firm Blackstone has entered into an agreement with MGM Resorts International to sell operations of The Cosmopolitan, the Las Vegas-based luxury casino and hotel on the Las Vegas Strip, for $1.625 billion. In addition, the hotel and casino’s real estate assets are being purchased by the Cherng Family Trust – which was set up by the owners of the fast-food chain Panda Express – for over $4 billion.

The total sale, valued at $5.65 billion, was announced on Monday; MGM Resorts International will run the daily operations of the venue for the next 30 years, with three options to renew their lease once it expires for an additional 10 years each time. MGM will pay the Cherng Family Trust a yearly rent of $200 million, with a yearly increase of two percent for the first 15 years of their lease.

Two years ago, Blackstone had attempted to sell the Cosmopolitan for a $4 billion asking price, but found no takers. They put the resort back on the market again this month, now seeking at least $5 billion, and this time it didn’t take long for a buyer to snag the iconic establishment.

The Cosmopolitan opened its doors for business in 2010; it was later sold by owner Deutsche Bank AG to Blackstone in 2014 for $1.73 billion, who then put $500 million into renovating the resort, which features 3,027 rooms, a 110,000 square-foot casino, 300,000 square-feet of retail and restaurant space, a spa and fitness facility, a 3,200-seat theater, and 150,000 square-feet of meeting and convention space.

The transaction is expected to close in early 2022, at which time MGM Resorts International will assume the operations of the resort going forward.

Shelter Realty is a Real Estate and Property Management Company specializing 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.

Promontory

Las Vegas Real Estate Broker Scott Gragson’s Mansion Listed for Rent at $50K Per Month

LAS VEGAS, NV – The mansion of Scott Gragson – a Las Vegas-based real estate broker who is currently serving time in prison in connection with a fatal drunk-driving accident – has been listed on the rental market, for the whopping price of $50,000 per month.

The mansion, located at 5 Promontory Ridge Drive in The Ridges – a wealthy master-planned community in Summerlin – is described as a “desert contemporary masterpiece,” comes in at 10,621 square-feet in size, is fully furnished, and features six bedrooms.

The residence also features a number of posh amenities for its tenant, including clear views of the famed Las Vegas Strip, a private movie room, a guest house, a gym, and a basketball court.

If security is a concern, the mansion also has a a series of two gated entrances with a guard on-duty.

Gragson, 55, had been arrested on May 30, 2019, after he had been involved in a drunk-driving crash in The Ridges that left Melissa Newton, a 36-year-old mother of three, dead. Gragson pleaded guilty in February 2020 to one count of DUI resulting in death and one count of DUI resulting in substantial bodily harm and was sentenced to eight-to-20 years in prison.

In addition to the prison term, Gragson had also reached a settlement deal to pay restitution to Newton’s family in the amount of $21 million; he would pay $12.8 million, and his insurance company would pay the remaining $8.2 million.

Additional settlements were also reached with the surviving passengers of the vehicle – Greg Tassi and Christie Cobbett – although the amounts of those have not been publicly revealed. A third passenger, Christopher Bentley, is set to begin his civil suit against Gragson this November.

Shelter Realty is a Real Estate and Property Management Company specializing 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.

Vrbo

Due to New State Law, Clark County Mandated to Regulate, Tax Short-Term Vacation Rentals

LAS VEGAS, NV – A new state law that was signed by Nevada Governor Steve Sisolak on June 4 will, once it officially goes into effect next year, require that Clark County – and a number of cities – to tax all short-term vacation rentals (STVRs) within the city’s limits, in addition to imposing a number of other regulations upon the industry as well.

Assembly Bill 363, due to go into effect July 1, 2022, only applies to counties with over 700,000 residents – currently Clark County only –  and cities with over 25,000 residents, which includes Las Vegas, Henderson, and North Las Vegas. In addition, the bill will override the ban on STVRs that’s currently in-place in some of Clark County’s unincorporated areas, and will establish a number of rules governing them. Bill 363 mandates that the municipalities it covers establish a series of regulations covering owners of STVRs to:

  • Have a state business license
  • Pay an annual fee after acquiring local authorization
  • Designate a local representative for the rental
  • Maintain liability coverage, and
  • Collect lodging taxes from guests

In addition, Bill 363 lays out a number of other rules that cover how STVRs can be utilized and where they can be located:

  • Guests must stay a minimum of two nights in a non-owner-occupied property and one night in an owner-occupied property
  • Short-term rental properties must be located at least 660 feet away from each other
  • Vacation rental properties must be located at least 2,500 feet away from resort hotels
  • Vacation rentals within a multifamily dwelling are limited to no more than 10 percent of units
  • No more than 16 guests may stay in a short-term rental property
  • Operators may hold no more than five local authorization permits per state business license
  • Short-term rentals are prohibited in apartment buildings
  • Governments must establish specific requirements for noise, trash, and security
  • Short-term rentals are not allowed in communities with homeowners associations unless the association expressly allows them

Officials of local governments covered by this law are also required to establish and enforce penalties of operators of STVRs deviate from any of these rules, although certain minimum fines are laid out in the law; in addition, local governments are also allowed to create their own rules that are tailored for their individual needs and circumstances.

Third-party companies that facilitate short-terms rentals, such as Airbnb and Vrbo, are also required to collect taxes from individuals who utilize their services, in addition to having to submit reports each quarter to the cities they are operating in.

Shelter Realty is a Real Estate and Property Management Company specializing 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.

Sunset Station

Developer Planning to Build 55+ Apartment Complex Next to Sunset Station Casino

LAS VEGAS, NV – A developer has announced plans to construct an apartment complex catering to the 55-and-over community, situated right behind a Las Vegas business that considers those in that age group among its core customer base- Henderson’s Sunset Station Hotel and Casino.

Ovation Development has filed plans with Henderson city officials for the apartment complex – dubbed Radiance at Sunset – that would be constructed upon a 5.3-acre section of property that is owned by Sunset Station, located off Warm Springs Road between Marks and Stephanie streets.

Apartment construction has been picking up in Southern Nevada as the pandemic has been slowly subsiding, with developers attempting to address the very real need for affordable housing options in the region fueled by Las Vegas’ recovering economy and job market.

Radiance at Sunset would consist of 249 apartment units, and should have no problem attracting tenants, since Southern Nevada has proven to be a popular destination for individuals that have retired and are looking for an affordable location to call home – Nevada lacks state income taxes and boasts a low cost of living – that also offers nearby entertainment options such as casinos and golf courses.

Sunset Station’s ownership noted that while younger people frequent their casino, their main clientele – especially as restrictions related to the COVID-19 pandemic have eased – remain those aged 65 and older, making a neighboring apartment complex aimed at the older set ideal.

Radiance at Sunset will also be located near other local amenities that would likely prove attractive to seniors, including a 72-lane bowling alley, 13-screen movie theater, bingo, and the Galleria at Sunset shopping mall.

Representatives of Ovation Development have noted that the project is still very early in the development process, and that they are currently “working through some typical predevelopment issues” before construction can commence.

Shelter Realty is a Real Estate and Property Management Company specializing 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.

Tennessee-Based Developer Unveils New Downtown Las Vegas Luxury Apartment Complex

LAS VEGAS, NV – Auric Symphony Park, a new luxury apartment complex situated in downtown Las Vegas, was recently unveiled by Nashville, Tennessee-based developer Southern Land Company, providing some much-needed housing options in that part of the city.

Southern Land Company’s vice president of multifamily development west, Kevin House, said that the developer’s founder, Tim Downey, feels that Auric Symphony Park will “revitalize” the downtown Las Vegas area.

“I think we were probably taking a little bit of a leap when we bought the site,” House said. “Tim, the founder of our company, really saw the vision of the area and saw what the city saw so we were excited to buy in and become part of the area.”

House said that new businesses and entertainment establishments that have recently set up shop in the vicinity – such as The Smith Center for the Performing Arts and World Market Center – will create the need for more housing for employees and tourists, saying that “We’ll bring even more bodies and more life to the area.”

Auric Symphony Park – which took two years to complete – features one- and two-bedroom apartments – varying in size from 591 square feet to 1,452 square feet – with rents ranging from $1,495 to $3,100 per month.

The apartment complex features a plethora of lush amenities for its tenants, including two-story cabanas overlooking a large pool area, a gym that offers residents on-site fitness classes, bike storage with a workshop area, a pet spa and pet park offering free tennis balls for pets, and a resident’s lounge on the fifth floor with impressive views of the Las Vegas cityscape.

In addition, the property also boasts approximately 21,000 square feet of ground level retail and restaurant space. Auric Symphony Park began renting units in early July; currently, the 324-unit complex is about 30 percent pre-leased and 18 percent occupied.

Shelter Realty is a Real Estate and Property Management Company specializing 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.