Careers     Rental Application     Tenant Login     Call Us:   702-376-7379

Category Archive : Investing

Apartment Properties

Real Estate Investment Firm Sells Three Las Vegas Apartment Properties for $182 Million

LAS VEGAS, NY – Tower 16 Capital Partners, a real estate investment and management company based out of San Diego, has recently sold a three-property group of apartment buildings located in Las Vegas for the whopping total of $182 million, according to reports.

The three apartment buildings in question include Accent on Rainbow, a 540-unit complex located at 6666 W. Washington Avenue; Accent on Decatur, a 313-unit complex at 2950 S. Decatur Boulevard; and Accent on Sahara, a 312-unit complex at 4801 E. Sahara Avenue.

All three buildings are multifamily communities with each having multiple resident amenities, including pools, a workout gym, a clubhouse and more. In addition, Accent on Sahara also features a children’s play area and a dog park.

Tower 16 originally bought all three properties over two years ago for a total of $112 million, and then invested an additional $10.3 million in renovations across all three buildings, including improvements made to leasing offices, adding amenities, and upgrading approximately 40 percent of the apartment units. The undisclosed buyer will be continuing to invest into the renovation efforts of all three properties, according to reports.

Tyler Pruett, a Tower 16 co-founder, noted that the three properties needed some TLC to get them into proper shape for a sale.

“We are excited to announce the successful sale of our Las Vegas portfolio to a very strong and reputable buyer,” he said. “Upon our acquisition, all three assets needed significant physical and management improvement, which we quickly implemented at all three properties. The result was an extraordinary execution, far surpassing our goals for the properties.”

Mike Farley, another Tower 16 co-founder, said that Las Vegas is an ideal city to invest in multifamily rental properties, and that his company would continue to do so in the future.

“Las Vegas has proven to be a very strong market for multifamily, especially in the workforce housing space,” he said. “We remain enthusiastic about the future of Las Vegas and will continue to look for new acquisition opportunities in the marketplace.”

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 Las Vegas

Report: 350 Acres Purchased in North Las Vegas by Warehouse Developer for Industrial Park

NORTH LAS VEGAS, NV – Reports indicate that a prominent real estate developer that specializes in warehouses has purchased a huge stretch of land in North Las Vegas with plans to develop a large-scale industrial park for use by e-commerce firms and other companies.

350 acres were bought for $44.75 million by VanTrust Real Estate, which noted in a press release announcing the deal that was the one of the largest in recent years by a private developer in the Southern Nevada region.

The property was sold by Southern Nevada land investor and broker Mason Harvey, and according to property records the sale closed on March 31.

Work on the project’s initial infrastructure phase is slated to commence this fall and will make up approximately 1.5 million square feet; this phase of construction is expected to be completed in 2023, at which point the second phase will begin.

Currently, the final completion date for the industrial park has yet to be announced.

In recent years, the industrial component of Las Vegas’ construction has been expanding and increasing, with many developers concentrating on building warehouses that end up housing businesses such as distribution centers for e-commerce firms. The allure of developing these projects in Southern Nevada is due to the large amounts of land available and the low prices and cost of living when compared to many other regions of the United States.

VanTrust has completed several such warehouse facilities in North Las Vegas in recent years, with big companies such as Amazon, The Honest Company, Sephora, and Fanatics among those that have moved in to establish distribution centers there.

VanTrust’s overall construction in North Las Vegas is comprised of 5.5 million square feet, all of which has been quickly sold, with their most recent sale being the $110 million sale of an 855,000-square-foot Amazon warehouse to an investment firm in Los Angeles.

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.

Virtual House Hunting

The New Normal: Las Vegas Real Estate Tips for Virtual House Hunting In A “Seller’s Market”

LAS VEGAS, NV –  The single most significant purchase one may make in their lifetime is a home. With that being the case, it may seem unusual that often times, this purchase will be made without ever setting foot inside the property, but in today’s “new normal” ushered in by the ongoing COVID-19 pandemic, it’s something more and more people are doing.

According to Las Vegas Weekly, in 2020, 63 percent of the homes sold in the United States were sold without the buyers ever having seen them in-person, which represents a unique development in the real estate industry; generally, this is attributed to random instances such as buyers from outside the region. However, more and more Las Vegas real estate agents are giving prospective buyers tours of properties via video; some of them are forced to do so out of heath COVID-related worries, but many are also due to the popularity of Southern Nevada real estate with those looking to take advantage of its affordability.

For example, one real estate agent recently gave a video tour of a Vegas home to a military couple stationed in the Middle East who were hoping to secure a residence in anticipation of returning to the United States.

It continues to be a “seller’s market” in Las Vegas, despite the pandemic and its resultant recession; the reason for this is low interest rates on home loans combined with and affordable cost of living and a small amount of inventory on the open market. The result is a competitive marketplace for properties – with regularly raising prices – that people are willing to circumvent conventional real estate processes for.

That said, buyers should be reminded to not rush into a perceived good deal too quickly; be judgmental of any and all pictures you may be presented with, and always question anything you may be wary of; it’s better to get these potential issue settled in the here and now than saddle yourself with a home you may regret for the next decade.

Always remember – it’s expected to remain a competitive “seller’s market” in Las Vegas in 2021, and with desirable properties getting purchased fast, it still makes sense to learn everything you can about a property – even if it’s virtually, before quickly snapping it up.

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 Sign

Report Indicates Las Vegas Home Prices Still Rising, Yet Slower Than Other Cities

LAS VEGAS, NV – According to reports, while Las Vegas has been making waves in the real estate world for its steadily rising home prices despite the ongoing COVID-19 pandemic – raising concerns over affordability if they continue to go up – prices are nonetheless rising much faster in many other cities, highlighting the current low cost of living in Southern Nevada.

Prices of homes in Las Vegas have gone up 6.8 percent from November 2010 to November 2020, which while an impressive feat, nonetheless falls well below the national year-over-year average of 9.5 percent, according to the S&P CoreLogic Case-Shiller index released by S&P Dow Jones Indices.

Indeed, among the 19 markets examined for the index, Phoenix, Arizona was the region with the fastest-rising home prices, and has steadfastly held that position for the past 18 months; in contrast, Las Vegas’ growth – while still very healthy, especially given the financial impact of the pandemic – was the market with the slowest-rising prices in the index.

Experts say the reason Las Vegas is not higher on that list is due to the fact that the city’s main industry is tourism, which has been devastated by the pandemic; jobs related to that industry have experienced huge losses.

However, despite the economic turmoil that Vegas has experienced, pace of its home price increases have broken several records over the course of the past year due to demand, low mortgage rates, and the overall low cost of living. Reports indicate that numerous home-buyers, many from out of state, have swooped into Southern Nevada to take advantage, and that the intense competition for homes is not expected to slow down any time soon.

The median sales price for homes in Las Vegas was an all-time record high $345,000 for both November and December 2020, which represents a 10.2 percent from the same period of time in 2019.

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.


Growing Demand for Las Vegas Area Apartments Despite Pandemic, New Report Says

LAS VEGAS, NV – A new report released by the Nevada State Apartment Association (NVSAA) with data from CoStar notes that the market for apartments in the Las Vegas region is currently doing far better than anyone had predicted it would given the current COVID-19 pandemic, according to reports.

Apartment rents in Southern Nevada have continued to increase at levels faster than average nationally; by the very end of 2020, rents had increased over the course of the year by 4.8 percent when compared to the same period of time in 2019. Actual rents averaged at $1,138 per month in the fourth quarter of 2020, representing an increase over the third quarter – when average rents were from $1,128 – and a significant jump from the fourth quarter of 2019, when the average asking price for an apartment  was $1,080 per month.

The national average for apartment rent in the fourth quarter of 2020 was $1,373, which only represents an increase of 0.2 percent over the same period of time in 2019.

In addition, the number of apartments for rent on the Las Vegas market during 2020 dropped. During the fourth quarter of 2019 the vacancy rate was 6.5 percent, but fast forward to the fourth quarter of 2020 and that number had dropped to 5.9 percent.

In addition to general demand, another reason that the Las Vegas apartment market is performing at such a level despite the pandemic is due to the fact that, in recent months, a growing number of properties are offering renters concessions, which is when the landlord or property manager agrees to a compromise to the original terms of the lease, often in the form of a rebate, monetary compensation, discount, or something else.

Las Vegas apartments also continue to see competition from single-family home rentals, as well as rampant development of new apartment complexes in the region that will likely stabilize rent increases as more living options become available to residents.

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.

Crossroads Commons Charleston Boulevard and Fort Apache Road

California Investment Firm Acquires Las Vegas Crossroads Commons Retail Plaza for $50 Million

LAS VEGAS, NV – According to reports, Southern California investment firm Sakioka Farms has purchased Crossroads Commons, a large retail plaza located near Las Vegas’ Summerlin community, for the price of $50.75 million.

Crossroads Commons, located on the busy intersection of Charleston Boulevard and Fort Apache Road, is situated on 16.6 acres and is home to numerous major retailers, including Chick-fil-A, Barnes & Noble, and Whole Foods Market. In addition, several other tenants have recently signed on the dotted line for space in the shopping center as well, such as Dick’s Sporting Goods, a Greek restaurant, and Mastroianni Fashions.

While the ongoing COVID-19 pandemic has reduced the overall number of consumers who venture out of their homes to buy things – resulting in a major drop in retail sales in 2020 – many people are still heading out to make purchases, leading to firms and investors to sink their dough into various retail properties in the Southern Nevada region.

Investors have been closely studying the economy of the Las Vegas area throughout the pandemic, and clearly if money of this level is being poured into retail at this point in time then experts are clearly seeing a major retail resurgence in the near future, especially considering the fact that COVID-19 vaccines are currently in the process of being rolled out nationwide.

Again, it helps that Crossroads Commons is located at a very busy intersection, and that there are other retail shopping centers located nearby, making the area a destination for shoppers who are tired of being cooped up in their homes all day long. 

Before the pandemic hit physical retail had taken a significant hit from online retailers such as Amazon, but sales at brick-and-mortar stores – especially sporting goods – have had a resurgence in the past few months as people who have been isolating themselves grow restless and feel the need to shop.

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.

White Sands Motel

One-Acre Site of Former Las Vegas White Sands Motel Listed for Sale for $18 Million

LAS VEGAS, NV – The one-acre site of the former White Sands Motel has been put on the Las Vegas real estate market for a whopping $18 million, according to recent reports.

Originally built and opened for business in 1959, the once attractive and clean motel – offering free amenities such as TV, air conditioning, and coffee – now stands as a dilapidated, boarded-up shell of its former self, surrounded by weeds, garbage, and chain-link fencing topped off with barbed wire.

One might look at such a property – located on the South of the Las Vegas Strip, across from the Luxor – and wonder why, in its current state, it would potentially command such a high price on the open market. However, the broker has stated that the motel would most likely be torn down and demolished in favor of retail or a restaurant.

But regardless of the usefulness of the land and its ideal placing on the famed Las Vegas Strip, some experts think that the property may have trouble finding a buyer, especially considering the large asking price. After all, the country is still in the grip of the ongoing COVID-19 pandemic, and much of Vegas’ economy – especially tourism, its very lifeblood – is still reeling from the blows. Now might not be the time that a developer wishes to step up and invest $18 million into a fixer-upper catering to out-of-town visitors.

Still, experts note that any land on the Strip is a valuable commodity, especially when the pandemic eventually ends and tourism ramps up again, as it inevitably will and the White Sands Motel is in a prime area, located only one mile from Allegiant Stadium, so foot traffic will be there for whatever business the property will eventually host.

The White Sands Motel, located at 3889 Las Vegas Boulevard. South, originally closed in 2008.

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.

Million Mansion Sets Record for Highest Henderson Sale

$11.25 Million Mansion Sets Record As Highest Henderson Home Sale in 13 Years – by Just $1

LAS VEGAS, NV – According to reports, a recent $11.25 million Henderson mansion purchase has set a record for the highest luxury home sale in the well-known Southern Nevada community in 13 years, showing that the market still has the ability to set monthly sales records despite the ongoing COVID-19 pandemic.

The mansion, located at 750 Dragon Ridge Drive in the luxury master-planned community MacDonald Highlands, was purchased on December 4 for a whopping $11,250,001. The buyer exceeded the price of yet another mansion sold in the same community earlier in 2020 by just one dollar; that mansion, sold in August for exactly $11.25 million, and was owned at the time by gaming icon Diana Bennett.

The record-setting mansion – purchased by a business owner from Silicon Valley, according to reports – was built in 2017 by developer Blue Heron and comes in at 12,386 square feet with four floors. It is situated upon a 2.2 acre plot of land and boasts seven bedrooms, 11 bathrooms, and two three-car garages. The mansion has a two-lane bowling alley, a movie theater, a bar, a wine cellar and a game room in the basement.

The home also has a professional-grade indoor basketball court featuring a locker room and electronic scoreboard located in its own separate building on the mansion’s grounds; the building can also be utilized as an extended car garage. Outside is an outdoor tennis court and a garden, in addition to a separate guesthouse with two bedrooms, a living room, and a rooftop deck.

The lot the mansion is located on was originally bought in 2014 for $2.4 million by Mike and Linda Huhn, according to Clark County records. The mansion has been on the market since 2018, at which time the seller was originally asking just under $15 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, Nevada

November Sets Yet Another Las Vegas Real Estate Record Despite Ongoing Pandemic

LAS VEGAS, NV – Despite the ongoing COVID-19 pandemic, Las Vegas continues to turn the real estate industry on its ear as it has set yet another record – for the sixth month in a row – for the median prices of existing homes in the Southern Nevada region, reports say.

In November, the median price of a single-family home in Las Vegas was $345,000, as per the Las Vegas Realtors trade organization. This represents the sixth month in a row where – despite the financial hurdles being presented by the pandemic on the local economy as a whole – home prices have continued to escalate, defying and confusing industry experts, according to a statement issued by Realtor association’s president Tom Blanchard.

“Like other places around the country, we’re seeing multiple offers on properties listed for sale,” he said. “The supply of available homes is very low, and demand is high. I hope the new year will bring some additional inventory as local homeowners start to feel more comfortable moving.”

At the end of November, approximately 8,400 homes were listed for sale on the Las Vegas real estate MLS, representing a decrease in inventory of 19 percent from the same period one year before and an 11 percent drop from October 2020.

As reported previously, the increasing prices on the market are likely in-part fueled by record-low interest rates on home loans brought about by the pandemic, as well as lower-than-average inventory being available.

Experts are also speculating that COVID-19 mortgage forbearance opportunities have played a part, where homeowners who had experienced financial hardship related to the pandemic where able to – for a limited time – avoid foreclosure without having to make home payments. Many of these homeowners would then have no choice but to turn around and sell their homes, albeit while taking advantage of the high prices offered by current market conditions.

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.

Eviction Moratorium

Nearly 4,000 Eviction Cases Opened in Las Vegas Since End of State Eviction Moratorium

LAS VEGAS, NV – Since Nevada Governor Steve Sisolak lifted the state eviction moratorium on October 15 – originally put into place in March due to the ongoing COVID-19 pandemic – nearly 4,000 eviction cases have been opened in Las Vegas Justice Court, according to reports.

Despite the state eviction moratorium ending October 15, the earliest landlords could start eviction proceedings against tenants for non-payment of rent due to pandemic-related financial reasons was October 29 due to official court timelines.

Since that date, October 29, 3,981 cases have been opened, although the overall number of evictions could actually be higher due to the fact that cases are often filed with the court after the initial serving of the eviction notice by the landlord, not before. Once an eviction notice has been served, a tenant has seven business days to make good on back rent owed or vacate the property; if they do not, then the landlord or property manager can open a case in court and start formal eviction proceedings.

Governor Sisolak originally put the eviction moratorium in place after the pandemic wreaked havoc with the economy, costing thousands their jobs and creating wide-scale financial hardship. However, after several extensions of the moratorium – and complaints from landlords who were suffering financially themselves – Sisolak finally lifted the moratorium approximately one month ago. Despite the moratorium, landlords were still able to evict tenants for some safety-related issues.

A Centers for Disease Control and Prevention eviction order remains in place throughout the end of the year, although to be eligible tenants were required to opt-in to it; if a tenant has not done so, the federal order would not apply to them, and eviction proceedings would be allowed to begin if they did not make good on back rent or arrived at a repayment plan with their landlord.

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 Prices

Single-Family Home Prices in Las Vegas Set Record for Fifth Month in a Row, Despite Pandemic

LAS VEGAS, NV – Despite the COVID pandemic continuing to flare up around the country – and the economic woes that follow in the disease’s wake – Las Vegas has nonetheless managed to set records as home prices have managed to hit all-time highs for the fifth consecutive month in a row, according to recent reports.

October 2020 saw the demand for residences in Las Vegas to continue to climb, with the median sales price of previously-owned single-family homes – which make up the majority of the marketplace – reach $340,000, representing a 0.9 percent increase from September, itself a record-making month for the real estate industry. In addition, jumps in home prices last month saw an increase of 10.8 percent from October 2019, showing that despite the economic impact of COVID still being felt, it hasn’t done much to slow down home prices.

Market inventory is still growing smaller as well, with the end of October seeing only 4,501 single-family homes on the market without offers, a decrease of 6.2 percent from the previous month and a decrease of 37.6 percent from October 2019. 3,225 homes were sold in October, representing a decrease of only 1.4 percent from the previous month but a jump of 11.2 percent from the same time period in 2019.

While negatively affected early on in the pandemic, the Las Vegas housing market bounced back far more quickly than anticipated and has been described as being “on fire” in recent months, due in part to much lower interest rates on loans as of late.

Before the pandemic hit, the record median sales price of single-family homes was $316,000 in February, a milestone that had taken 13 years to reach after the mid-2000’s recession; in mid-2006, right before the market crashed, the record median home price was $315,000.

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 Industry in Southern Nevada Evolves to Survive and Thrive in the Age of COVID-19

LAS VEGAS, NV – In a recent report, the lengths that Southern Nevada real estate agents have gone to in order to reinvent themselves amid the challenges presented by the ongoing COVID-19 pandemic were laid out, and it paints a picture of an industry that has not only managed to survive adversity, but actually thrive despite it.

The pandemic initially caused issues for the local real estate market due to mandatory stay-at –home orders and business closures to help contain the spread of the coronavirus, which causes the respiratory disease known as COVID-19. While real estate was considered an “essential business” and thus was allowed to continue to operate, it was nonetheless hamstrung by high unemployment levels and the resulting extreme financial uncertainty in the region, not to mention restrictions caused by social distancing guidelines.

However, the real estate industry has bounced back amid the chaos by adapting to conditions; many agents, according to the interview, have moved everything to a “virtual platform,” setting up 3D online tours of properties in their inventory and producing far greater amounts of video content highlighting the homes and rental units on offer.

In addition, Zoom – a popular video conferencing app – was highly utilized to conduct open houses, a move that may have actually changed the way real estate business is conducted going forward, even after the pandemic is eventually a thing of the past. After all, these steps can greatly decrease the amount of time a sale takes, and it allows people who live in other areas to check out a property without having to travel; instead, they can get all the information they need about their potential new home right in the comfort of their current abode.

That said, Las Vegas has seen a bump in the number of real estate buyers from both out of town and out of state throughout the course of the pandemic, particularly from California, mainly due to the affordable lifestyle in Nevada when compared to their home state.

As for what the future could potentially bring – especially now that Nevada is slowly but surely coming out of lockdown – experts believe that the real estate market will continue its impressive rebound, although that enthusiasm is tempered by the fact that is a so-called “second wave” of the pandemic hits in the fall, the economic damage could be just as bad as the first time… if not worse.

However, the current low interest rates in the market have encouraged many U.S. residents to purchase homes, with noted mortgage loan company Freddie Mac noting that current purchase demand activity has actually gone up 20 percent from the same time period in 2019, placing it at its highest level since 2009.

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.