REAL ESTATE BRIEFS: JULY 30

The Nevada State Contractors Board (NSCB) held a Residential Recovery Fund Subcommittee meeting on July 21. Five cases were heard and two homeowners were awarded an aggregate total of $14,060 after incurring damages from licensed contractors.

“The Residential Recovery Fund is a valuable resource for homeowners who hire licensed contractors,” said NSCB Executive Officer Margi A. Grein. “Entrusting your safety, home and financial resources to a licensed contractor can be stressful and challenging, but knowing the board offers financial recourse in the event your licensed contractor does not fulfill their contractual obligations provides added protection you would otherwise be without.”

The Residential Recovery Fund Subcommittee meets at least once every two months to consider claims filed by Nevada owners of single-family residences who have hired a licensed contractor and incurred damages that could not be remedied during the investigative process. The Recovery Fund is supported solely by assessments paid by licensed residential contractors.

Since it was established by the Nevada Legislature in 1999, the Residential Recovery Fund has awarded more than $14 million to harmed homeowners. Homeowners who have concerns with a residential construction project are encouraged to file a complaint with NSCB, and have up to four years from the date the work was performed to do so. This may include alleged workmanship issues, failure to adhere to the terms of a contract, or other project matters homeowners are unable to resolve with their contractor directly.

Complaint forms can be found on the board’s website at nscb.nv.gov, or by contacting the board’s offices at 702-486-1100 or 775-688-1141.

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Tri Pointe earns Great Place to Work Certification

Tri Pointe Homes, one of the largest homebuilders in the nation, announced its recognition as a Great Place to Work-Certified company for 2022-23. Great Place to Work Certification, the global benchmark for identifying outstanding workplace culture, is recognized worldwide by employees and employers alike with more than 10,000 companies across 60 countries applying for certification each year.

Tri Pointe Homes was also named one of Fortune’s Best Workplaces for Millennials 2022, an honor that is especially significant as millennials make up the majority of the U.S. labor force, according to the Pew Research Center and are, more than any other generation, seeking equity, transparency, flexibility and purpose, according to Great Place to Work.

“As a people-first company, nothing gives us greater pleasure than being certified by Great Place to Work,” said Doug Bauer, chief executive officer of Tri Pointe Homes. “This highly coveted recognition, in addition to our special millennial workplace distinction, is a testament to the talented and dedicated team members who are at the heart of all we do at Tri Pointe.

“They live and breathe our deep-seated belief that we are in the life-changing business, and I am humbled that they have chosen to make Tri Pointe their home and work hard to create a rewarding work environment for all and to deliver an exceptional experience for our homeowners.”

The Great Place to Work Certification process revealed that 93 percent of employees at Tri Pointe Homes say it is a great place to work compared to 57 percent of employees at a typical U.S.-based company. Ninety-seven percent said team members are made to feel welcome when they join the company, and 96 percent said they were proud to tell others they work there.

“Words like leadership, people, culture, team and family come up over and over again when team members are asked what makes us unique and stand out as a great workplace, including for millennials,” said Heather Breidenthal, Tri Pointe Homes’ chief human resources officer. “It’s clear our teams feel that the lives we’re changing aren’t just our customers’; they’re also our own, every day.”

To determine the Best Workplaces for Millennials list, Fortune and Great Place to Work measured the differences in more than 413,000 millennials’ survey responses as compared to those of other generations and assessed the impact of demographics and roles on the quality and consistency of their experiences.

To be considered for the list, companies must be Great Place to Work-Certified and have at least 50 millennial employees in the United States.

Las Vegas firm buys Texas apartment building

Camino Verde Group, a Las Vegas-based real estate investment and development firm, recently acquired the Antigua Village Apartments, soon to be rebranded as Apex Apartments, in Fort Worth, Texas. The acquisition was represented by Global Real Estate Investors and is a joint venture with Bakerson, an Arizona-based real estate investment and capital management firm.

This marks the firm’s first property in Texas to further expand its portfolio within the high-growth Southern states.

“This acquisition fits into our core value of targeting investments with low volatility and high returns, not just economic, but also those outcomes that benefit the broader community stakeholders,” said Mike Ballard, co-founder and managing director of Camino Verde Group. “In a market undergoing substantial redevelopment, we identified an opportunity to provide quality housing to attract renters as this neighborhood transforms.”

The Apex Apartments are centrally located within the Stop Six submarket, a central part of the Stop Six Choice Neighborhood Initiative that was implemented in 2020. The city is investing heavily in the area to create a safe, convenient and more sustainable community.

Once the six-phase project is completed, the area will include a total of $345 million in developments with recreation, health, education, residential and commercial properties.

The Apex Apartments are comprised of 10 two-story buildings on a 7.33-acre lot in the metro Fort Worth area. The fifth largest city in Texas, Fort Worth is home to almost 8 million residents, making it the fastest growing metropolitan statistical area in the country.

Apex Apartments is located at 5320 E. Rosedale St., just 6 miles from downtown and walking distance from Plaza Park. The property is also near a variety of entertainment, dining, retail, businesses, office space and other daily amenities.

“Acquiring properties in prime locations strategically aligns with our investment strategy as we continue developing our portfolio in new markets,” Ballard said.

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New York Ave Apartments sells in Vegas

Jerad Roberts; Devin Lee, CCIM, and Robin Willett of Northcap Commercial announced the recent sale of the 239 W. New York Ave Apartments for $1,015,000 ($126,875/unit). This sale consisted of eight units built in 1961 located at 239 W. New York Ave. This off-market transaction closed June 21. Northcap Commercial represented the seller, Windrush Properties LLC on this sale.

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Toll Brothers on Forbes Best Employers for Diversity list

Toll Brothers, a national luxury homebuilder, announced it has been named to the 2022 Forbes Best Employers for Diversity list. The annual list highlights large companies in the U.S. that are leading the way in the areas of diversity and inclusion.

“We are honored to be recognized by Forbes magazine for our diversity and inclusion efforts,” said Douglas C. Yearley Jr., the company’s chairman and CEO. “At Toll Brothers, we strive to foster an environment where all employees are treated with fairness, dignity and respect. This includes creating an inclusive culture, increasing the diversity of voices at all levels of our organization and hiring and advancing diverse talent within our company.”

“We know we have more work to do and will continue to advance these initiatives that are not only aligned with our values, but are also important to our success,” Yearley added.

Forbes teamed up with Statista Inc. to compile its annual list of the Best Employers for Diversity. Over 60,000 U.S. employees were surveyed from companies with a minimum of 1,000 employees. Participants were asked to evaluate their current company and others within their respective industries in areas including age, gender, ethnicity, disability, LGBTQIA+ and general diversity in the workplace.

Diversity among senior executives and members of the board of directors, as well as other diversity engagement indicators, were also considered.