67°F
weather icon Clear

Apartment complex west of Las Vegas Strip sells for $30M

Updated February 26, 2021 - 3:51 pm

An apartment complex a few miles west of the Strip has sold for nearly $30 million.

Southern California real estate firm Next Wave Investors recently announced that it acquired the 216-unit Spanish Oaks complex for roughly $28.1 million.

Spanish Oaks, 2301 S. Valley View Blvd., off Sahara Avenue, was built in 1976, according to Next Wave, which said it intends to upgrade all unrenovated units and spruce up the exterior.

Next Wave principal David Sloan said in the news release that people are still moving to Las Vegas, especially from California, and that the market “has been among the most resilient throughout the pandemic,” with rents still climbing.

Las Vegas’ casino-heavy economy has been devastated by the coronavirus pandemic, which has kept people home and away from crowds for fear of getting infected.

“We believe the city is poised for strong future growth as travel and hospitality rebounds once the COVID vaccine is fully rolled out,” Sloan said.

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.

Don't miss the big stories. Like us on Facebook.
THE LATEST
US homebuyers face affordability, other hurdles in hot market

The housing market has been a pillar of economic strength during the pandemic, but many would-be homeowners have met with frustration because of a low number of homes for sale and consistently rising prices.

 
‘Palace in the Sky’ penthouse lists for $15M

The “Palace in the Sky” at Panorama Towers rises above Dean Martin Drive behind the Strip, showcasing sophisticated artistic expression through its intricate architectural detailing and extraordinary finishes.