Real estate giant building 2 apartment projects in Las Vegas area
A South Carolina real estate giant has launched its first Las Vegas Valley ground-up apartment developments.
Greystar announced this month that it broke ground on a 257-unit rental complex in the northwest valley called Marlowe Centennial Hills. The project, on Deer Springs Way near the 215 Beltway-U.S. Highway 95 interchange, is scheduled to deliver its first units in 2024, according to a news release.
The company said it also started construction this summer on a 166-unit project in Henderson. The 55-and-older complex, Album Union Village, is near Galleria at Sunset mall.
“We see a lot of opportunity in the market,” said Billy Cundiff, a managing director with Greystar who oversees projects in Southern Nevada and Arizona.
Cundiff, in an interview with the Review-Journal, pointed to similarities between Las Vegas and Phoenix. Both have experienced tremendous growth, have strong demand for multifamily housing and offer outdoor lifestyles, he said.
Cundiff also noted that Greystar’s Southern Nevada projects are near retail and other amenities and that both are near hospitals.
The northwest valley complex is being built next to Centennial Hills Hospital Medical Center, while the other is close to Henderson Hospital.
Greystar, led by billionaire founder Bob Faith, is based in Charleston, South Carolina. It boasts nearly 21,000 employees and 66 offices globally, and it manages and operates more than $240 billion worth of real estate.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.