Category Archive : Investing

LAS VEGAS, NV – Las Vegas has seen an explosion of development in recent years, and 2024 doesn’t seem to indicate the momentum will be slowing down anytime soon. That being said, there are a number of high-profile hotel and resort projects in the works during this upcoming year, and below you’ll find a breakdown of some of the more significant ones, along with their current status.

First up is Dream Las Vegas, a boutique hotel that has been proposed to be built on Las Vegas Boulevard. Construction on the 531-room project halted in early 2023 after the developer’s financing infamously – and publicly – dried up; however, developer Shopoff Realty investments announced in October that it was attempting to acquire new financing, and that development was tentatively slated to start up once again in the early months of 2024. However, as of now there has been no additional progress made on the project, although Shopoff Realty Investments CEO and President, Bill Shopoff, recently announced that he had reached a loan commitment, with new financing expected to close in February and work on the project to resume by late March.

Next on our list is the Atari Hotel – yes, as in the legendary videogame brand – which is being described by developer GSD Group as a “modern hospitality experience inspired by gaming culture.” Las Vegas was announced as being one of the first locations for the new Atari-branded hotel chain, with renderings of the project originally publicly revealed in 2020. The hotel was slated to take the form of a 400-room facility located adjacent to the Las Vegas Strip, with an anticipated opening date of late 2022, but that date came and went without any progress. However, Atari Hotels recently reached out to the media and announced that GSD Group is currently in talks to find a site for the project, indicating that it is still in the works.

The Mirage Las Vegas transferred operations in December 2022 from MGM Resorts International to new owners Hard Rock, the gaming arm of the Seminole Tribe of Florida, who purchased the rights to operate resort for $1.075 billion; this marks the first time that a Native American tribe has run a Las Vegas Strip-based casino in history. While Hard Rock plans to continue operating The Mirage under its current name for the time being, the plan is to re-brand the resort with the Hard Rock name in 2024 and redevelop the building into the same trademark guitar-style shape as other Hard Rock resorts. The eventual plan for the resort includes a 600-room, 660-foot-tall project along Las Vegas Boulevard – slated to be built exactly where the existing Mirage volcano currently is – with 49,000 square feet of gaming area and 96,000 square feet of retail and restaurants; amenities will include a pool, spa, fitness center, and salon.

And finally, a currently-unnamed 43-story casino-resort project backed by billionaire Tilman Fertitta Is expected to make some serious progress this year. The proposed hotel is slated to be located at the southwest corner of Las Vegas Boulevard and Harmon Avenue, and applications for building permits were originally submitted in March 2023. The project is envisioned as a hotel resort with 2,420 hotel rooms, in addition to multiple restaurants, meeting and convention space, a spa, wedding chapel, and a 2,500 seat theater.

Of course, this is just a small sampling of the many high-profile works that are in development right now in Las Vegas; a follow-up article will shed light on more.

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – Rising home prices in Nevada, coupled with a rapidly increasing number of single-family houses being snatched up by corporate investors to be used as rentals properties, has made the path to home ownership for some state residents wrought with insurmountable obstacles due to affordability concerns and an overall lack of inventory.

Investors have been snapping up a significant number of residences in southern Nevada in recent years, with approximately 15 percent of single-family homes in Clark County being owned by such entities. The scope of this issue was laid bare by a report earlier this month that revealed a Dallas-based corporate landlord – backed by Wall Street – had purchased 264 homes in Clark County in a massive sale that took place on a single day in the summer of 2023.

Nevada lawmakers have previously introduced bills with the intent to limit and track the number of homes purchased by investors within the state. The most recent attempt pushed forth during the 2023 state legislative session, SB 395, was vetoed by Governor Joe Lombardo, who claimed the bill would have had a detrimental effect upon jobs, tax revenue, and the availability of rental properties.

However, action on this matter is now potentially being taken on a federal level. U.S. Senator Jacky Rosen and Congressman Steven Horseford, both Nevada-based Democrats, are co-sponsoring a bill called the Housing Oversight and Mitigating Exploitation (HOME) Act which, if passed, would make it illegal for any entity to rent or sell a unit at a price that was considered unreasonable, in addition to tasking the U.S. Department of Housing and Urban Development (HUD) with investigating instances of alleged price gouging and manipulation on the part of corporate investors.

Sky-high costs of housing and rent are hurting hardworking Nevadans and putting a strain on their budgets,” Senator Rosen said. “That’s why I’m introducing a bill to crack down on price gouging by corporate investors and lower housing costs for Nevada families. I’m committed to doing everything I can to lower costs and give Nevadans more breathing room.”

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – According to a new report released this week, a Dallas-based corporate landlord backed by Wall Street purchased hundreds of homes in Clark County in a massive sale that took place on a single day in the summer of 2023.

Spread out amongst three separate residential transactions that took place on July 18, a whopping 264 homes in Clark County were purchased by Invitation Homes (NYSE: INVH) from the Miami-based investment firm Starwood Capital Group. The three transactions consisted of $57.5 million for 155 homes, $26.3 million for 70 homes, and $14.1 million for 39 homes, for a grand total of $98 million, as per Clark County property records.

94 of the homes sold were located in the city of Las Vegas, With an additional 77 homes in North Las Vegas. The purchase price for the homes in question ranged from between $292,000 to $694,000, with the average price being $371,514.

While that deal between Starwood Capital and Invitation Homes may seem mind-bogglingly huge, it was merely part of a larger transaction between the two entities that consisted of a $650 million real estate portfolio swap for approximately 1,900 single-family rental homes, most of which are spread out amongst areas in Texas, Florida, Arizona, Nevada, and California.

The deal is part of an ongoing phenomenon where hedge funds and corporate landlords backed by Wall Street – in addition to affluent investors – have been responsible for a rash of purchases of single-family homes across the country in recent years that they then typically utilize as rental properties. However, experts say this has been contributing to a shortage of affordable housing for families, in addition to being responsible for a rise in rental rates as well.

At this rate, according to a study by MetLife Investment Management, by 2030 approximately 40 percent of all houses in the United States could be owned by Wall Street corporations.

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – The 299-room SpringHill Suites by Marriott Las Vegas Convention Center has been sold for approximately $75 million to real estate investment trust (REIT) Apple Hospitality, as per a joint announcement issued by the two parties.

Located next to the Las Vegas Convention Center at 2989 Paradise Road, Springhill Suites Las Vegas originally opened in October 2009 and boasts over 10,000 square-feet of flexible indoor and outdoor meeting space, in addition to a pool located on the rooftop, a full fitness center, an onsite market and restaurant that is open 24 hours a day, seven days a week, and a massive carpark that comes in at a full seven stories.

The $75 million paid by Apple Hospitality translates to approximately $251,000 per each of the hotel’s 299 rooms.

Apple Hospitality’s President of Real Estate and Investments, Nelson Knight, said that the acquisition of Springhill Suites was part of his firm’s ongoing plan to further entrench themselves in the ever-evolving and growing tourism trade in Las Vegas, citing recent hot new editions to the city’s entertainment and sporting scenes.

Las Vegas, well known as a premier gaming and entertainment destination, has dynamically expanded in recent years with the arrival of major league sports teams, the Sphere and Formula 1 racing, to capture an even larger segment of leisure travel demand,” he said. “In addition to robust leisure demand, the hotel benefits from its proximity to the newly expanded Las Vegas Convention Center, one of the largest and busiest convention centers in the world, and its own indoor/outdoor function space.”

Knight also noted that the $75 million that Apple Hospitality paid to acquire SpringHill Suites was a bargain considering the significant return on their investment that is expected.

The attractive purchase price is just under a 10.7x multiple on trailing twelve-month hotel EBITDA,” he said. “With a strong recovery in overall demand, positive supply dynamics, the recent development and expansion of large-scale entertainment and convention venues, and the upcoming Super Bowl LVIII, we expect performance for Las Vegas and for this hotel to continue to strengthen.”

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – As 2023 draws to a close on one of the more unusual and noteworthy years in Las Vegas real estate, let’s take a look back over the past 365 days and highlight the top residential sales that have taken place in Southern Nevada. Despite the market experiencing a slowdown overall, some very high-priced homes changed hands in Clark County in 2023, and below you’ll see the top five in reverse order, with the exception of multiparcel sales.

Number five is Skyspace, located at 7 Painted Feather Way in Summerlin’s The Ridges neighborhood, which sold in September for $15.9 million. The 12,162 square-foot residence boasts five bedrooms, six bathrooms, and numerous high-end touches, including a full Italian Scavolini kitchen.

Coming in at number four is a mansion at 8 Rockmount Court in Henderson’s affluent Ascaya community.  This 12,101 square foot home is located on a 2.27-acre plot of land and sold in June for $20.5 million. It has six bedrooms, seven bathrooms, a six-car garage, a pool, and even a putting green.

Number three is a residence located at 11765 Discovery Canyon Drive in Summerlin’s pricey The Summit Club, which traded hands in August for $21.2 million. The home – which was reportedly purchased by an individual on behalf of Hollywood actor Mark Wahlberg – comes in at 8,419 square feet and has six bedrooms, 7 bathrooms, and a pool.

A massive mega-mansion compound located on a 16-acre plot of land at 99 Spanish Gate Drive in Las Vegas’ wealthy Spanish Trail community sold in December for $25 million. The compound – previously linked to Jefri Bolkiah, the prince of Brunei – boasts a super-impressive 25 bedrooms and 46 bathrooms, spread amongst 10 interconnected buildings.

And finally, the number one residential sale in Las Vegas for 2023 comes courtesy of pop megastar Celine Dion, who sold her mansion – located at 10850 Summit Club Drive in The Summit Club – in April for $30 million, setting a new all-time Clark County record in the process. Dion originally purchased the home – which comes in at over 30,985 square feet and has 9.5 bathrooms – in 2017 for 9.2 million, but reportedly never actually moved into it.

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – The long-gestating high-speed railway system between Las Vegas and Southern Los Angeles just got a significant boost this week when U.S. Senator Jacky Rosen announced that $3 billion in federal funding has been secured to begin construction of the project.

The Bipartisan Infrastructure Law is providing the new funding for the Brightline West high-speed rail system, which according to Senator Rosen, will “help bolster Southern Nevada’s tourism economy and reduce congestion on the Interstate 15 corridor.”

This historic high-speed rail project will be a game changer for Nevada’s tourism economy and transportation. It’ll bring more visitors to our state, reduce traffic on the I-15, create thousands of good paying jobs, and decrease carbon emissions, all while relying on local union labor,” Senator Rosen said. “For decades, Nevadans have heard about the benefits of high-speed rail, and I’m proud to have led the charge for months to push the U.S. Department of Transportation to secure critical funding to make this a reality. I’ll always fight to support Nevada’s tourism economy and create good-paying, union jobs.”

Brightline Founder and Chairman, Wes Edens, thanked the Biden Administration for the financial assistance that will finally bring the frequently-stalled high-speed railway system to life.

We’re honored and humbled in the confidence President Biden, Secretary Buttigieg, Senator Rosen and so many others have placed in Brightline’s vision to bring true high-speed rail to America,” he said. “This is a historic moment that will serve as a foundation for a new industry, and a remarkable project that will serve as the blueprint for how we can repeat this model throughout the country. We’re ready to get to work to bring our vision of American made, American built, world class, state-of-the-art high speed train travel to America.”

With the groundbreaking originally announced to take place back in 2020, the Brightline project, once completed, will take the form of a 34-mile stretch of track in Nevada running along Interstate 15 and ending at a station located on the south end of the Las Vegas Strip.

This line would be fed by several lines from various locations in California, resulting in a total of approximately 185 miles of track overall. Travelers from Las Vegas would be able to continue from the system to Los Angeles via the Metrolink, which would effectively link Las Vegas with L.A. via a 75-minute trip.

Brightline is boasting that the railway could be responsible for removing “millions” of cars from the I-15, which would go a long way towards reducing pollution.

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – Howard Hughes Holdings is set to open a huge new office project in the southwest Las Vegas Valley in 2024, and while no tenants have been announced yet, experts expect that the property will fill up quickly once construction is complete due to high demand in the area. 

The Meridian campus – slated to open this upcoming January and located near the 215 Beltway on Town Center Drive – will encompass 147,000 square feet, spread out amongst two three-story office buildings that will be linked by a centralized lobby. 

Cushman & Wakefield will be handling leasing duties for Meridian, and according to the company’s senior director, Charles Van Geel, a flood of tenants are expected to vie for space at the facility because it is situated in a very desirable location. 

You can’t help but notice the attractive mountain views in one direction, the cityscape in the other direction yet you’re still in the renowned Summerlin community that has green spaces, great schools seamlessly connected with the valley’s transit infrastructure,” Van Geel said. 

Following the transition to remote work during COVID-19, many employers are attempting to woo workers back to the office now that the pandemic is in the rearview mirror; Amy Lance, a director for Cushman & Wakefield, said that Meridian will make a very enticing carrot on a stick for employers to dangle due to its proximity to the 215 Beltway, ensuring an easy commute 

We’re really hearing from companies who want their employees back,” she said. “I mean they may give them the option to work from home one to two days a week, but I think that’s going to change in the future.” 

Demand for office space in the southwest valley is among the highest in Southern Nevada, with the average rent per square foot coming in at $31.09; in contrast, average rent per square foot in the city of Las Vegas itself is $26.96.  

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – A project previously approved by Clark County that would have seen an NBA-ready arena erected in Las Vegas to entice an existing basketball franchise – or a newly created expansion team – to move to Nevada has been quietly cancelled. 

While experts have noted that a new arena was not required to lure an NBA team to Southern Nevada – T-Mobile arena could potentially be shared with the NHL’s Golden Knights – having a facility dedicated to professional basketball competition would make Las Vegas a very attractive candidate for such a thing. 

Clark County commissioners had approved plans for a basketball arena – dubbed All Net Arena – to be erected on a plot of land located on the North Las Vegas Strip, situated between the Fontainebleau and the Sahara resorts. However, after the groundbreaking ceremony was held 10 years ago, the project has sat in limbo with no construction being carried out at the site, due in-part to the lack of the $5 billion in funding previously promised by the developer. 

In the ensuing years, officials have extended the permits for the project several times, but to no avail. Finally, after a decade of delays, Clark County Commissioner Tick Segerblom announced this week that the project’s construction permits have been pulled by unanimous vote of 7-0, quietly killing it off for good. 

Time and time again, we’ve asked, ‘Just one more year, or two years, let’s get this done, we’ll get it done,’” he said. “We’ve followed the money everywhere around the world. And truthfully, it just hasn’t happened. So, I’m just prepared to make a motion to deny it at this point. It breaks my heart to do it.” 

All Net Arena Had been slated to be a 22,000-seat arena with a retractable roof, convention center, movie theater, and grocery store. 

While the league currently has no plans to create an expansion team, NBA Commissioner Adam Silver has heavily hinted that Las Vegas would very much be in the running if those plans were to change. 

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – The sale of Decatur 215, a 126,678-square-foot shopping center in Las Vegas, was announced by owner Brixton Capital on October 30, who sold the property in a 1031 exchange to a private investor for $36.3 million, with the deal reportedly brokered by Lucescu Realty on behalf of the buyer. 

Brixton Capital had previously purchased Decatur 215 from Kimco Realty five years ago for $28.6 million; after acquiring the property, Brixton overhauled and renovated the parking lot, repaving it and restriping the parking spots. 

Construction on Decatur 215 was originally finished in 2013, at which time the retail shopping center opened its doors for tenants. It is situated on a 16.2-acre plot of land and is comprised of eight buildings, all of which were fully leased at the time of its sale.

Decatur 215 – located in The Springs neighborhood at the southeast corner of North Decatur Boulevard and West Tropical Parkway – features a wide variety of retail tenants, including such well-known brands as Target, Petco, ULTA Beauty, Hobby Lobby, Blaze Pizza, and many others. The shopping center’s proximity to Route 95 also provides easy and fast access to and from downtown Las Vegas.  

The sale of Decatur 215 isn’t Brixton Capital’s only high-profile real estate deal in 2023; earlier this year, the New York-based real estate investment firm also purchased a 143,217-square-foot retail center located in Stockton, California in an off-market transaction that was arranged by Hanley Investment Group. 

Despite numerous issues brought about by the nation’s ongoing struggles with inflation and the continued fallout from the COVID-19 pandemic, the retail sector in Las Vegas has not only shown signs of resiliency, but of continued growth as well. As per a new report by Marcus and Millichap, the city experienced a 3 percent population growth between 2021 and the first quarter of 2023, resulting in the creation of approximately 50,000 new households. Job growth in retail has also been steady, with the number of employees in the metro area increasing by 3,500 during the first five months of this year. 

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – After an extended series of delays, the $3.7 billion Fontainebleau Las Vegas is finally set to open at the north end of the Las Vegas Strip on December 13, bringing to close a development saga that has spanned 23 years amid ongoing doubts at times that the resort would ever open to begin with.

Jeffrey Soffer, Fontainebleau Development’s chairman and CEO, first purchased the land for the resort back in 2000. Development later begun on the Fontainebleau in 2007 – with its grand opening scheduled to take place in 2009 – but work was indefinitely halted two years later by the recession, forcing the project into bankruptcy.

In 2010, Icahn NV Gaming Acquisition LLC purchased the Fontainebleau for $150 million, and then sold it off to developer Steve Witkoff for $600 million in 2017. Witkoff originally envisioned a 2022 completion date; however, that was derailed by the COVID-19 pandemic.

From there, the Fontainebleau sat unfinished for years until Soffer and Fontainebleau Development re-acquired the project and resumed construction in 2021, following Soffer’s securement of $2.2 billion in new funding.

When the resort finally opens its doors for business on December 13, it will be operated by the company’s subsidiary, Bowtie Hospitality LLC.

The Fontainebleau will mostly adhere to the original vision that was laid out for it back when the project was first announced and will consist of a 67-story tower containing 3,780 hotel rooms and suites, 550,000 square feet of convention and meeting space, a casino, restaurants, retail, health and wellness spaces, and many other high-end amenities.

In addition, the resort is expected to provide approximately 6,000 full-time jobs, which will greatly add to Las Vegas’ already booming economy.

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – Realtors in Las Vegas are beginning to show serious concern over a growing trend that eerily reflects market conditions prior to the mid-2000s recession; back then, it was Wall Street packaging risky subprime mortgages into mortgage-backed securities.  

Fast-forward to today, and Las Vegas Realtor Noah Herrera says that Wall Street is back at it again in a slightly different fashion, purchasing as many homes in the valley as they can, renting them out in what some allege is a “predatory” fashion, and packaging them as rental-backed securities. 

Wall Street is destroying Main Street…again,” Herrera said. “And it’s kind of hard to stomach because at the end of the day, this is capitalism.” 

Herrera Isn’t the only one expressing these concerns; reports indicate that many real estate agents based in the Las Vegas Valley are chiming in on multi billion dollar Wall Street hedge funds and investors snapping up homes left and right, pushing everyday homebuyers out of the market with what many are referring to as “aggressive buying and rental tactics.” 

In Clark County alone, 80,000 single-family homes are owned by investors and hedge funds, which represents approximately 14 percent of the 563,000 homes within its borders. In addition, almost 10 percent of all home purchases within Clark County since 1988 had been made by Wall Street, reports say, and about 13 percent of all single-family home sales in the county since 2012 were made by investors. 

Wall Street home purchases in the Las Vegas Valley hit their highest level in 2021, making up approximately 18 percent of all sales; home purchases by investors swelled even higher in other parts of Southern Nevada, reaching as high as 20 percent in some regions. 

According to Shawn McCoy, director of UNLV’s Lied Center for Real Estate, many of these homes being snapped up over the decades by Wall Street never again hit the market. 

Since 1988, 77 percent of homes that were purchased by investors were never sold again, suggesting that roughly three quarters of homes that are purchased by investors are held as long-term rentals,” McCoy said. 

Las Vegas Realtor Steve Hawks said this situation has the effect of pricing out local buyers and results in a large portion of local Las Vegas housing inventory being owned not by residents, but by out-of-state investors. 

Wall Street hedge funds have completely destroyed the traditional real estate cycle and industry as we know it,” he said. “For example, entry-level buyers no longer have access to affordable entry-level homes. People wanting to downsize no longer see it worthwhile to downsize due to the lack of entry-level homes under $500,000.” 

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – California-based Realty Income Corp. announced on Friday that it has signed an agreement to invest approximately $950 million into acquiring equity interests from New York-based Blackstone Real Estate Income Trust, Inc. in a new joint venture that now owns a 95 percent interest in the real estate assets of The Bellagio Las Vegas. 

Subject to customary conditions, the transaction is expected to close in the fourth quarter of 2023; at that time, Realty income will acquire a 21.9 percent indirect interest in the property by way of an initial investment of $300 million of common equity into the joint venture. Blackstone will retain a 73.1 percent indirect interest, with the remaining 5.0 percent interest being held by MGM Resorts International. 

In addition, $650 million will be invested by Realty Income into the joint venture to acquire a yield-bearing preferred equity interest. 

Sumit Roy, Realty Income’s President and Chief Executive Officer, announced his firm’s sizable investment into Las Vegas, saying that it is expected to yield huge benefits for their investors. 

We are pleased to initiate our Credit Investment platform through a preferred equity investment in the Bellagio joint venture,” he said. “Credit Investments are a natural adjacency to our traditional business, allowing us to provide additional value to our clients while leveraging our core competencies in transaction sourcing and structuring, and real estate and credit underwriting and monitoring.” 

Located on the famed Las Vegas Strip, The Bellagio is a luxury hotel and casino that was purchased from MGM Resorts by Blackstone back in 2019 for $4.25 billion; MGM retained a small stake and continues to operate and maintain the resort on a day-to-day basis. 

Realty Income Corporation is a real estate investment trust that owns and operates a portfolio of over 12,237 commercial properties. 

Shelter Realty Property Management specializes 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.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com