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Category Archive : Just Sold

Las Vegas Grand Apartment Complex Sells to California Investor for $47.6M

LAS VEGAS, NV – According to recent reports, developer Joseph Daneshgar – founder of California-based 3D Investments – has purchased a luxury condominium complex located in the vicinity of the Las Vegas Strip for a whopping $47.6 million.

The Las Vegas Grand, a 212-unit building located at 818 East Flamingo Road, is among several Las Vegas-based real estate acquisitions made by Daneshgar as of late; in February, he purchased approximately 60 acres of property – the majority of it undeveloped – at Harmon Avenue and Koval Lane for $130 million, in addition to a luxury condo complex adjacent to the Las Vegas Strip, the Boca Raton, for $44 million in 2018.

The Las Vegas Grand is among several Vegas-based acquisitions made by developer Joseph Daneshgar – founder of California-based 3D Investments; in February, he purchased approximately 60 acres of property at Harmon Avenue and Koval Lane for $130 million, in addition to a luxury condo complex adjacent to the Las Vegas Strip.

A high-end property with 96 percent of its units already leased, the Las Vegas Grand features a pool, tennis and basketball courts, and a private parking garage. The complex is located within close proximity to all of the glitz and glamour of Vegas Boulevard, which is obviously an attractive aspect that is sure to keep it packed to capacity at all times.

In recent years, developers and real estate experts have been snapping up apartments and condos in the Las Vegas area due to the high demand for housing from new transplants in the region, which has served to drive up rents while reducing the amount of rental units available on the market.

The Las Vegas Grand was constructed in the early 2000’s by developer Christopher DelGuidice; the project hit trouble with the advent of the 2005 recession, and the property went into foreclosure in 2007. Envisioned as a grand five-building complex but only realized as one building, the Las Vegas Grand rode out the challenges brought about by the recession and finally opened for tenants roughly 10 years ago. The company that Daneshgar purchased it from had acquired the property in 2012.

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.

Former Las Vegas Home, Surrounding Land of Famous Entertainer Wayne Newton Sells for Over $10 Million

LAS VEGAS, NV – Wayne Newton, known far and wide as “Mr. Las Vegas” for his many years serving as an entertainment headliner, is making news this week as his former Clark County ranch has sold for a whopping $10.53 million, according to reports.

The 36-acre ranch called Casa de Shenandoah, 6629 S Pecos Rd, Las Vegas, NV 89120, is a single family home built in 1952 and has 21,000+ square feet, 3 beds, 4 full and 3 half baths.

Despite the large dollar amounts involved, however, the sale price – which also includes a separate deal for surrounding commercial property – represents a significant drop from the $19.5 million it was purchased for back in 2010, reports say.

The 36-acre ranch – called Casa de Shenandoah – is located at 6629 South Pecos Road and was part of a double real estate transaction where the ranch was purchased for $5.56 million, and 10.3 acres of surrounding property – which contained retail land that catered to tours of the Newton ranch, including a gift shop – for an additional $4.97 million, Clark County records say.

The Newton estate includes a white mansion, an additional six homes, horse stables, tennis courts, and an equestrian pool. Public tours were previously held on the property from 2015 to 2018.

The sales were made by ICSD LLC, which purchased the ranch in June 2010 from Newton with failed plans of turning it into a tourist attraction. The buyer was Harsch Investment Properties; currently, there are no publicly-disclosed plans as to what Harsch’s plans are for the property.

Wayne Newton, now 77, is a world-famous singer and entertainer and one of the best-known entertainers in Las Vegas, where he is known by the nicknames The Midnight Idol, Mr. Las Vegas and Mr. Entertainment. His most well-known songs include “Daddy, Don’t You Walk So Fast,” “Years,” and “Red Roses for a Blue Lady.” His signature song “Danke Schoen” was famously-used in the soundtrack for the film Ferris Bueller’s Day Off.

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 Caesars Rio Hotel Sold to New York Based Real Estate Group for $516 Million

LAS VEGAS, NV – According to reports, the Rio All-Suite Hotel and Casino in Las Vegas, Nevada has been sold by Caesars Entertainment to a real estate investment company for $516.3 million.

Multiple sources are saying that Caesars Entertainment has agreed to sell the Rio All-Suite Hotel & Casino to a New York-based real estate group. Photo: Scripps TV Station Group.

The buyer, controlled by the firm Imperial Companies, has agreed to acquire the Rio Casino-Hotel, which is located on the famed Las Vegas Strip. Under the terms of the announced agreement, Caesars will still operate the hotel/casino for at least the next two years, paying the new owners $45 million a year in rent. After two years, Caesars retains a $7 million option to continue managing the property for an additional year; further years of management are also possible after the expiration of the lease as well, according to the agreement.

Caesars CEO Tony Rodio noted in a released statement that the move to sell the Rio would enable the company to concentrate on their many other holdings in the Southern Nevada region and beyond.

“This deal allows Caesars Entertainment to focus our resources on strengthening our attractive portfolio of recently renovated Strip properties and is expected to result in incremental EBITDA at those properties,” he said.

Caesars Entertainment Chief Executive, Tony Rodio

First opening its doors for business on January 15, 1990, the Rio was the first all-suite resort in the Las Vegas area. It was named after the city of Rio de Janeiro and is influenced by Brazilian culture, and is the host casino for the World Series of Poker.

The hotel towers are covered in blue and red glass. The Rio hotel’s 2,522 suites range in size from 600 to 13,000 square feet and have floor to ceiling windows. There are several private villas on the property for high-rollers. In addition, the complex includes a wine cellar that has more than 50,000 bottles. The Rio Pavilion convention center has a total of 160,000 square feet of space. A Race and Sports Book is also available.

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.

Famous “SkyFire Estate”, Contemporary Mansion, Sells for Second-Highest Price in Las Vegas History, $16M

LAS VEGAS, NV – The former residence of developer Jim Rhodes, dubbed The SkyFire Estate,” recently sold for the record price of $16 million, making it the second-highest sale price of a home in the history of Las Vegas.

Skyfire, a huge mansion clocking in a whopping 21,633 square feet, is located in the Spanish Hills community at 5212 Spanish Heights Drive on a two-acre plot of land. 

The house was originally listed for a whopping $30 million in January with a different real estate agency, and then subsequently removed in April, only to be re-listed at $25 million a week before it sold. Photo credit: GLVAR.

The house features eight bedrooms – including a 3,010-square-foot master bathroom with a two-story walk-in closet – ten bathrooms, a 15-car garage, and a 110-gallon infinity pool. SkyFire also boasts impressive, 360-degree views of the Las Vegas Strip, city, and surrounding mountains.

SkyFire features unique design elements, being made up extensively of curved exterior surfaces with many floor-to-ceiling windows. The mansion was sold quickly- it was only on the market for a single week before being snapped up by a buyer, who is remaining anonymous.

With its large price tag putting it in the record books as the second-highest residential sale price in Vegas history, that begs the obvious question- what did the highest-price house go for, and who did it belong to? Well, the answer is famous magician David Copperfield’s home in the community of Summerlin, which sold for $17.55 million.

Despite selling for a steep $16 million, SkyFire could have potentially sold for even more. The house was originally listed for a whopping $30 million in January with a different real estate agency, and then subsequently de-listed in April, only to be re-listed at $25 million a week before it sold. However, owner Jim Rhodes, in a hurry to sell and move on, lowered the price by $9 million, prompting an almost immediate sale.

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 Mass Murderer Stephen Paddock’s Home Purchased for $305,000; Proceeds to be Distributed Among Victim Families

LAS VEGAS – The Reno, Nevada home of late Stephen Paddock, the individual behind the tragic 2017 Las Vegas shooting that claimed the lives of killed 58 people and wounded 422, has been sold for $305,000 in cash after sitting on the market for the past nine months, according to reports.

The MLS photo for the W Del Webb Parkway home in Reno as it sat for sale.

Northern Nevada real estate agent Margaret O’Neill purchased the two-bedroom property, offering a bid that was $5,000 higher than a couple who were also interested in it. O’Neill was quoted in media reports as saying that her firm will likely attempt to re-sell the home, which is located in a 55-and-older community.

On the night of October 1, 2017, Stephen Paddock opened fire on a crowd of concertgoers at the Route 91 Harvest music festival on the Las Vegas Strip in Nevada. He killed 58 people and wounded 422, and the ensuing panic brought the injury total to 851. Paddock, a 64-year-old man from Mesquite, Nevada, fired more than 1,100 rounds of ammunition from a suite on the 32nd floor of the Mandalay Bay Hotel. The shooting occurred between 10:05 and 10:15 p.m. PDT; about an hour later, Paddock was found dead in his room from a self-inflicted gunshot wound. His motive remains undetermined.

The incident is the deadliest mass shooting committed by an individual in the history of the United States.

According to a court ruling, any money generated via the sale of Paddock’s assets – including this home, as well as a second home he owned in Mesquite that sold earlier this year, both of which were seized by the court and put on the market – will be distributed among the families of the 58 people he is responsible for killing.

The Reno house was initially appraised for $367,000 and listed on the market for $400,000, considered at the time an unrealistic amount due to Paddock’s infamy and it’s expected affect on the home’s real-world value; after no offers were made on the property, the price was lower to $374,900 before eventually selling for $305,000. According to reports, the majority of people who showed up to open houses for the property were there more out of morbid curiosity than any real desire to purchase the house. In contrast, Paddock’s Mesquite house was appraised for $394,000 but sold in January for $425,000 to an Oregon couple.

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.

Gramercy Commercial / Apartment Space Sells for $61.75 Million Amid Region Revival

LAS VEGAS, NV – The Gramercy – formerly known in its original incarnation as “ManhattanWest” – has sat partially finished in Las Vegas for a number of years, a mute testament to the impact of the recession upon Southern Nevada real estate. Construction originally started on the 187,000 square-foot mix of retail, office, and apartment space in 2008 by investor Alex Edelstein’s Gemstone Development, who pulled out six months after the first brick was laid – $170 million poorer – amid the crushing blows dealt by a collapsing economy and a real estate market no longer able to sustain itself as a result. However, as a sign of Vegas’ continued revival, the mixed-use condo space on Russell Road west of the Beltway – re-dubbed The Gramercy – was recently sold to developers The Koll Company and Estein USA by WGH Partners and The Krausz Cos., who in turn originally purchased the property from Edelstein in 2013 and completed its construction. Koll/Estein paid a cool $61.75 million for The Gramercy, which is a bump-up in price from the $20 million Edelstein let it go for in 2013; part of the reason WGH Partners sold the property off this April was due to the difficulty in leasing out the retail space, although the vast majority of the office space has been rented. Representatives of Koll/Estein have stated a number of reasons for their purchase of The Gramercy; among them the fact that they are happy with the amount of square footage that has currently been leased, and envision a continued influx of tenants – and, as a result, increased revenue – as the property sits amid a part of the southwest Las Vegas community, an area that is experiencing perhaps the largest spurt of rapid economic and population growth in Southern Nevada at the moment. As a result, investors across the board have been snapping up whatever properties in the region they can get their hands on. The Gramercy consists of two apartment buildings with approximately 600 living units and two office buildings with retail space at ground-level; an additional condominium tower, started in 2008 but never completed, was imploded and destroyed in 2015. Plans currently exist for additional office space to possibly be built on the property. Several high-profile retailers are currently taking up residence at The Gramercy, although precious few represent national chains, something the previous landlords purposely sought to avoid according to reports. Among the higher-profile retail tenants calling The Gramercy home are the DW Bistro, a 4,512-square-foot eatery described as “Jamaican Meets New Mexican Cuisine” and featuring a full bar; Pinches Tacos, a Mexican restaurant; The Cuppa Coffee Bar; exercise studio Raw Fitness; and, eventually, Kitchen Table Squared, the new second location of Henderson’s popular Kitchen Table upscale restaurant, slated to feature an “upscale dining room, formal pastry and coffee bar and an oyster bar.” With the new buyers putting real money into a property that was considered almost dead and buried just a few short years ago, The Gramercy – along with record-breaking home and apartment prices and sales in the region as more and more people seeking employment opportunities move in – represents the real estate and economic boom that Southern Nevada in general, and Las Vegas in particular, is currently experiencing after several years of financial drought, and points to a bright and prosperous future as this trend is cultivated and grown.