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Category Archive : Just Sold

Las Vegas

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.

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.

Shaquille

NBA Legend Shaquille O’Neal Reportedly Purchases Estate in Las Vegas for $2 Million

LAS VEGAS, NV – Shaquille O’Neal, legendary professional basketball player, actor, and current sports analyst on TNT’s Inside the NBA has purchased a private 1-acre estate in the southeast valley for $2 million, right after previously having sold the Southern Highlands residence he had bought prior to the COVID-19 pandemic.

O’Neal, regarded as one of the greatest basketball players and centers of all time, has business dealings in Las Vegas, so owning a home in the region makes perfect sense. However, confusion surrounded the sale after the listing agent, Zar Zanganeh, initially issued a Facebook post on July 9 congratulating O’Neal and his realtor on the acquisition, only to turn around and later delete the post.

Upon being contacted by local Southern Nevada media, Zanganeh reportedly said that she was unable to disclose the buyer of the property, only saying that it was a long-time client and friend; however, neither she nor O’Neal’s personal realtor would deny that the basketball great was the buyer when asked.

The home, a 5,980 square-foot, two-story, five bedroom residence located east of Sunset Park, closed on July 9 for $1.95 million, and according to Clark County records, the buyer was Lester J. Knispel Trust and Chexy Trust, which has been previously utilized for Las Vegas real estate deals by O’Neal.

Meanwhile, O’Neal’s Turnberry Place condo – which was also listed under the trust’s name – was sold in February 2020 for $677,000, after previously being purchased for $670,000 in January 2019, records say.

While O’Neal spends the majority of his time working in Atlanta, Georgia on TNT’s Inside the NBA, the listing agent did note that her client intends to live in the southeast valley residence, confirming that it was not purchased for a relative or as a rental.

Other real estate deals that can be attributed O’Neal include a two-story, 5,440-square-foot Southern Highlands home that he bought in September $765,000, featuring a swim-up bar; Clark County property records listed the Shaquille O’Neal Revocable Trust as the owner, and the home was later sold on June 28 for $1 million.

O’Neal’s other dealings in Las Vegas include co-ownership of Big Chicken sandwich shop east of the Strip.

Photo: Shaquille “Shaq” O’Neal at the ‘Killer Bees’ New York Special Screening at Landmark 57 Theater on November 12, 2018 in New York City. File: Ron Adar, Shutterstock.com, licensed.

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.

The Summit Club

Wealthy Buyer Breaks Records with $36 Million Purchase of Vacant Land in Vegas’ Summit Club

LAS VEGAS, NV – The recent sale of a vacant plot of land in The Summit Club – a private community nestled between Red Rock National Conservation and the Las Vegas Strip – has raised eyebrows and broken records, as a wealthy buyer from California paid a whopping $36 million for four separate parcels upon which they reportedly plan to construct a lavish estate.

The purchase overshadows even the impressive $25 million sale of a new home in MacDonald Highlands in Henderson this past June by billionaire Loan Depot founder Anthony Hsieh.

The Summit Club purchase, which closed June 15, was traced back to a buyer listed as Sunlight LLC, whose address is registered in both Nevada and California as that of a tax firm in Palo Alto. The individual buyer, if there was one, was not listed by name.

Of the four parcels of Summit Club land sold to the buyer, three of them were purchased from the Discovery Land Company, A company that originally developed the 555-acre Summit Club, as well as the Howard Hughes Corporation, the developer of Summerlin. The three parcels combined features a total of 3.7 acres of land worth $32.25 million, Clark County property records state.

The fourth and final parcel of land purchased in the deal was sold by KAHO 21 LLC, as per Clark County property records, and came in at 0.77 acres and cost $3.75 million.

The Summit Club would not comment on the record-breaking purchase to local Las Vegas media, but a real estate expert noted that it’s practically unheard of for a buyer – most likely a billionaire – to pay such an incredible amount of money for parcels of land that they intended to build a home upon.

The sale caps off an impressive June for the Las Vegas luxury real estate market; according to experts, the highest amount paid in the last 30 years for home and land was $17.5 million, but last month alone Vegas has now seen sales of $25 million for a home and $36 million for land. What will the future bring?

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.

Vegas Modern 001

“Vegas Modern 001” $25 Million Deal Sets Record for Highest Priced Home Sale in Las Vegas History

LAS VEGAS, NV – In a real estate marketplace such as Las Vegas that is regularly setting records as of late, it takes a whopper of a deal to stand out; one such deal has just taken place, and it has broken the all-time record for the highest-priced home sale in Southern Nevada history, according to reports.

The sale of Vegas Modern 001 – a three-story, 15,000 square-foot home in Henderson’s MacDonald Highlands community – has earned its place in the record books, reportedly going for a staggering $25 million. The brand-new home, built by luxury developer Blue Heron of Southern Nevada, was purchased by LoanDepot Founder and Chairman Anthony Hsieh.

The property was originally listed for $28 million, which was also noted at the time for being the most expensive home listing in Las Vegas history.

Intended to be an ultra-sleek, high-tech showcase with a plethora of eye-opening amenities, Vegas Modern 001 features a great room with retractable walls, an office casita, seven fire features, water on three sides and views of both the Las Vegas Strip and the Red Rock Mountains, 200 solar panels, and a “smart home” system that allows users full control over the security system, sound system, and energy management.

The home has seven bedrooms – including a primary suite with a private patio and a separate suite accessed by a glass bridge – as well as nine bathrooms and a garage with room for up to 11 cars.

The home’s chef’s kitchen is also impressive, with Wolf and Sub-Zero touchscreen appliances, a full catering kitchen, and a glass wine cellar.

Prior to the sale of Vegas Modern 001, the highest record for a home sale in Las Vegas was when illusionist David Copperfield bought a 31,000- square-foot house in Summerlin in 2016 for $17.55 million.

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.

North Dakota tribe bought a vacant Las Vegas lot

Vacant Lot off Las Vegas Strip Purchased for $12M by North Dakota Native American Tribe

LAS VEGAS, NV – A Native American tribe in North Dakota, flush with cash – $1.7 billion in tax revenues, to be exact – from lucrative oil-drilling operations they have carried out on their land for the past 15 years, have used some of those profits to purchase a multi-million dollar vacant lot adjacent to the famed Las Vegas Strip in Nevada, reports say.

However, what the tribe plans to do with their investment acquisition remains a mystery for the moment.

The Mandan, Hidatsa and Arikara Nation – known collectively as the Three Affiliated Tribes – had discovered a bankruptcy auction in Southern Nevada that had divided a large, vacant plot of land just off of Vegas’ famed central casino-lined corridor, and purchased an 8.7-acre plot of land for $12 million; according to tribal Chairman Mark Fox, the land could be used for a variety of different purposes, including building a casino or a parking lot.

“We saw it as an opportunity to get land — prime real estate land — in Las Vegas for a good price, and that’s essentially why we went there,” he said.

The 95 E. Ali Baba Lane property is situated just off the south end of the Vegas strip near the 43-story Mandalay Bay casino and about one mile from Allegiant Stadium, home to the Las Vegas Raiders NFL team.

Originally, the property purchased by the Three Affiliated Tribes was part of a 38.5 acre lot that was divvied up into smaller parcels of land after a developer had failed to get a Ferris wheel venture going and declared bankruptcy. The lot was completely unused, except for a brief stint where obstacle course-based reality television show American Ninja Warrior filmed some episodes there.

“We’re still in that phase of trying to develop a concept of development for the acreage. Nothing beyond that right now,” Fox said, noting that his tribe is meeting with developers to discuss potential uses for the property.

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 Developer Acquires Midtown Las Vegas Multifamily Property

Vintage Apartment Complex in Convention Center District of Las Vegas Sold, Reports Say

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

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

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

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

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

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

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

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of 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.

Gene Simmons buys Henderson home

KISS Rocker Gene Simmons Purchases Henderson Home, Adjacent Land for Nearly $11 Million

LAS VEGAS, NV – According to recent reports, KISS rock star Gene Simmons has splashed out for a lavish home in the Las Vegas Henderson hills master-planned community of Ascaya – in addition to a large plot of land next to it for privacy and potential future expansion – land he purchased for a whopping tune of $10.8 million.

The home – a two-story, six-bedroom residence that covers an impressive 10,871 square feet – was sold to Simmons for $8.2 million, with the rocker – also known as “The Demon” – also purchasing the adjacent .48-acre parcel of land for $2.6 million, which had been bought by the previous owners for a comparatively meager sum of $700,000, reports say.

Simmons, who had indicated through media contact a reluctance to comment on his purchases at this time, had previously been looking at properties in The Ridges in Summerlin and MacDonald Highlands in Henderson, according to records.

The property had been described at a ”distinctively modern estate in Ascaya offers a unique opportunity to live in a piece of art that has no equal in the Las Vegas Valley.”

According to Multiple Listing Service (MLS), the home has more than 11,000 square feet of living space and “residence blends indoor and outdoor appeal into a seamless whole that is not only exciting, but masterfully executed. Enter the home via a floating pathway over a sculptural koi pond. Highlighted by glass walls and soaring geometrical spaces, the transitions between indoor and outdoor space are blurred by disappearing glass walls throughout.”

In addition, county records show the property has six bedrooms, six full baths, two half-baths, a pool, 3,963 square feet on the first floor, 3,882 on the second floor, a finished basement of 3,026 square feet and basement garage of 2,284 square feet.

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.

Mark Davis

Las Vegas Raiders Owner Mark Davis Closes on $5.3 Million Summerlin Tower Condo

LAS VEGAS, NV – Las Vegas Raiders owner Mark Davis recently closed on a new $5.3 million clubhouse tower condo in Summerlin’s Summit Club, in addition to having recently purchased property in Ascaya – located in the Henderson mountains – upon which he intends to build his primary residence, according to reports.

Obviously needing a new place to hang his hat after bringing the famed Raiders NFL team to Las Vegas, Davis’ new residence in the Summit Club is a place where numerous executives and celebrities either already own luxury custom homes or are in the process of having them constructed. The closing on his home, which took place back on March 15, is the fourth highest price paid for a home in the area in the first quarter of 2021, reports say.

Previously, Davis has purchased a 1.21-acre lot in Summit Club for $8.5 million in 2017, but instead of building a home as was his original intention, he instead sold the lot for $10.5 million in July 2020, stating at the time that he had changed his mind because – part-way through the design process – he realized he would be unable to see the Raiders’ Allegiant Stadium, which was “starting to drive me crazy,” Davis said.

The lot in Ascaya – located closer to the Raiders’ Henderson headquarters is being constructed by luxury builder Blue Heron and yes, the property does indeed have a nice view of the stadium, he said.

This news come amid reports that luxury home sales and construction in the Las Vegas region is still exceeding real estate experts’ predictions, having shown very little negative impact due to the ongoing COVID-19 pandemic. For example, approximately one month ago a Vegas broker put a $1.8 million home on the market, and six minutes later he had a taker; another broker listed a $12.5 million home shortly afterwards, and within days she had two buyers she was actively negotiating with.

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.

Enclave Court

Estate of Former Las Vegas Casino Executive Barry Shier Sets 2021 Record with $11.3 Million Sale

LAS VEGAS, NV – Yet another real estate record was set in Las Vegas recently when the French countryside-style estate of former casino executive Barry Shier sold for a whopping $11.3 million, the highest price yet paid for a home in 2021.

That impressive record seems destined to be short-lived, surprisingly enough; in the Henderson hillside community of Ascaya, a 12,100-square-foot home is reportedly under contract for $15.9 million. But for now, the Shier sale is the king of the mountain in 2021.

The Shier property is located on Enclave Court in Country Club Hills in Summerlin, which is a seven-home exclusive neighborhood known as “Billionaires Row.” It was purchased by John Lagerling, the CEO of Mercari, an e-commerce website that is considered a competitor to sites such as eBay.

After closing on the property on Monday, Lagerling’s Realtor, Greg Clemens of Coldwell Banker Premier, reported that South Point casino owner Michael Gaughan made an offer to his client to acquire the property he had just purchased for $15 million, which would have netted him a $4 million profit. However, Lagerling turned the offer down, Clemens said.

Clemens noted that the Shier home fetched such a high price due to the fact that property in Las Vegas is in high demand, despite the impact of the ongoing COVID-19 pandemic.

“This is a home that has probably been on the market for about five years,” he said. “It sold now because our market is so strong. There’s no inventory. I have three to four people I am working with right now who are looking for homes over $10 million, and I can’t find them anything. It’s a sign of supply and demand. The supply is low, and demand is through the roof.”

The all-time record home sale in Las Vegas, however, remains the 2016 purchase of a 31,000 square-foot home located in Enclave Court to magician David Copperfield for $17.55 million.

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 Strip

TPG Real Estate Finance Trust Acquires 27.2 Acres on Outer Edges of Las Vegas Strip from Triple Five Group

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

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

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

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

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

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of 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.

7345 S. Ullom Drive

High-Tech “Net Zero” Las Vegas Home Sells for $2.75 Million

LAS VEGAS, NV – According to recent reports, a high-tech “net zero” home located in Las Vegas’ the south valley that actually generates more electricity than it consumes has sold for the sizable amount of $2.75 million.

The four-bedroom, five-bathroom home, known as the New American Remodel 2020, was purchased by a Manhattan couple who decided to relocated to Nevada amid the ongoing COVID-19 pandemic. The house, located in the vicinity of Warm Springs Road and Decatur Boulevard, was featured in a news conference that took place during the 2020 Las Vegas International Builders’ Show; the home was also the subject of numerous tours as well, giving the public a look at its high-tech features.

Element Building Co. was responsible for the creation of the New American Remodel 2020; the goal of the project was to demolish a home built in the 1970’s and use its foundation as a basis for a new, modern-era residence featuring the “latest and greatest technology,” with an emphasis on energy efficiency. The original house was purchased in 2018 for $415,000, with the subsequent work going into the property amounting to over $2 million.

The New American Remodel 2020 at 7345 S Ullom Dr, Las Vegas, NV 89139 features 4,802 square feet of living space, a “showroom” three-car garage, glass elevator, five fireplaces, outdoor kitchen, a rooftop terrace, steam shower and Amazon Alexa-based smart mirrors. In addition, the backyard has a heated pool and waterfall.

However, the tech is the real selling point, and to that end the home features solar panels, energy-efficient appliances, special insulation, a Savant Pro home automation system that controls motorized shades, lighting, the alarm system, cameras, music and more, and an air-recovery system that circulates fresh air throughout the residence.

All of this adds up to a “net zero” home, meaning New American Remodel 2020 actually generates more electricity than it consumes, and is actually considered 117 percent more efficient than the average newly-built 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.