REAL ESTATE BRIEFS: MARCH 12

CAMCO (Complete Association Management Co.) of Nevada used the Valentine’s Day holiday to help two employees navigating a recent loss. The homeowners association management company hosted a taco lunch for staff, family, friends and CAMCO vendors from 11:30 a.m. to 1 p.m. on Feb. 14 to help raise funds for funeral expenses for two team members who recently lost their mother.

Due to unforeseen medical complications, CAMCO employees Isabel Lopez and Cristal Vasquez lost their mother, Nena, in January. To care for her, Lopez and Vasquez needed to take time off from work and the family food business, Vasquez Catering, was temporarily shut down.

The Valentine’s Day fundraiser was held in the parking lot of CAMCO’s offices at 4775 W. Teco Ave. During the event, Vasquez Catering raised funds by selling tacos. Attendees could also donate on-site and to the family’s Go Fund Me page.

“Our employees are very close-knit, and our vendors never hesitate to step in to help out for a good cause. They’ve done it in the past and did it again,” said CAMCO Marketing Director Mary Rendina.

The act of kindness is one of many for CAMCO. It has hosted events to benefit the American Cancer Society, Raise the Future, the Guillen Foundation, among others, in the past year. CAMCO manages more than 300 HOAs in Nevada.

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Ground breaks on Golden Rule Senior Apartments

Work has started on The Golden Rule Senior Apartments, an affordable housing development, at 820 N. Eastern Ave.. It will provide 60 rental units for very low-to-moderate-income seniors. Clark County and Neighborhood Housing Services of Southern Nevada (NHSSN) have partnered for this project.

According to the National Low Income Housing Coalition, the Las Vegas-Henderson-Paradise metropolitan area has the most severe shortage of homes available for extremely low-income renters with only 16 affordable and available homes for every 100 renter households, according to a Clark County press release.

“Too many of our seniors are struggling as rents and the cost of living in Las Vegas increase,” said Clark County Commissioner William McCurdy. “I’m very happy that we were able to contribute financially toward the completion of this project, which will house those with little income and provide needed social support for these residents.”

Clark County commissioners allocated $600,000 in Account for Affordable Housing Trust funds (AAHTF) for this project. State of Nevada through the National Housing Trust Funds is providing $828,000; along with the city of Las Vegas providing $1.9 million; Chase Bank with a permanent loan of $675,000; and lastly with the help of Boston Financial, a private investor, who is providing $12.3 million. In addition, Neighborhood Housing Services of Southern Nevada Inc., a nonprofit that has focused on housing for the past 30 years, is providing the land for the project, according to the online press release.

“It’s a new adventure for our organization as this is our first ground-up development and we are very proud that it is being dedicated toward the most vulnerable population, our senior community. This project supplements what we already own and manage, which is 150-plus units scattered throughout the valley,” said Michelle Merced, CEO of NHSSN. “We are excited to continue to be part of the Affordable Housing Community and are dedicated to build better neighborhoods block by block.”

NHSSN has offered affordable housing services since 1992, which includes acquiring, purchasing and renovating homes to provide affordable rental options for larger families. This is the first ground-up development project for the organization, partnering with Grand Canyon Development Partners to make it happen.

“We are thrilled to partner with and help Neighborhood Housing Services of Southern Nevada to develop this much-needed affordable housing project,” said Grand Canyon Development Partners President Sam Nicholson. “These kinds of projects are important to help those facing housing insecurity, and this specific development will benefit many seniors in need in our community.”

Construction is expected to be completed by February 2023.

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Work on second shareDOWNTOWN apartments begins

At a recent construction site celebration, Las Vegas Mayor Carolyn Goodman applauded shareDOWNTOWN for its commitment to developing residential housing options in downtown Las Vegas — first in the Arts District and now in Fremont East. She tossed iconic mayoral poker chips into the apartment building’s concrete foundation to mark the importance of the project and the revitalization of downtown Las Vegas.

Cherry Development, the developers of the shareDOWNTOWN apartment communities, stressed the importance of providing a modern live/work/play lifestyle that benefits both the apartment residents and nearby businesses. Sam Cherry, president of Cherry Development said, “we are building shareDOWNTOWN apartment communities to reinvent living in downtown Las Vegas. We want to create stylish and comfortable residences within walking distance of the great dining, entertainment, shopping and culture that our growing downtown neighborhood offers. As shareDOWNTOWN grows, so too, will our partnerships with local businesses to create a more interconnected community.”

ShareDOWNTOWN opened its first building in the Las Vegas Arts District in 2020, and it was fully leased within its first six months. The second building at 231 N. 11th St. (southeast corner of Stewart Avenue and 11th Street) expands the popular apartment lifestyle brand to the Fremont East area of downtown Las Vegas. Like the Arts District building, shareDOWNTOWN Fremont East will offer a premium apartment experience but on four stories, one story higher than the first building.

With 84 one-bedroom units on four floors, shareDOWNTOWN Fremont East also will offer ground-floor retail space, parking for residents and amenities, such as a fitness center, open-air courtyard, business center, viewing deck and community kitchen/entertaining area. Every open-concept apartment unit features modern design elements like those at shareDOWNTOWN Arts District, including European cabinetry, wood plank-style flooring, quartz countertops, stainless-steel appliances and a smart all-in-one washer/dryer.

In support of the growing public art collection found throughout downtown Las Vegas, the exterior of shareDOWNTOWN Fremont East will feature one-of-a-kind murals from Las Vegas artist SNIPT, who also designed the murals for the shareDOWNTOWN Arts District building.

The Fremont East building will feature the same energy-efficiency elements, including smart thermostats and solar energy panels on the roof, that led to a Three Green Globe rating from the Green Building initiative for shareDOWNTOWN Arts District.

Additional sites of the apartment brand are planned by Cherry Development, the developer of the popular downtown Las Vegas residential condominium buildings, SoHo Lofts and Newport Lofts. Residents enjoy unique amenities, including a fitness center, free business center, community kitchen area and open-air courtyard. The ground floor includes retail space and parking for residents. Rents at shareDOWNTOWN begin at $1,185/month. For more information on shareDOWNTOWN and leasing opportunities, visit sharedowntown.com or follow @sharedowntown on social media.

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Apartment community sells for $97.5M

Cushman &Wakefield acted as exclusive advisor on the sale of South Beach Apartments, a 2017, 220-unit apartment community in the expanding Spring Valley submarket. The buyer, Logan Capital Advisors (LCA), acquired the property for $97.5 million, or $443,180 per unit.

Taylor Sims, Carl Sims and Brady Cleary with Cushman &Wakefield’s Multifamily Advisory Group in Las Vegas represented the seller, Griffin Capital, in the transaction.

“South Beach Apartments was designed to be one of the premier rental communities in the valley, with unique floor plans, class-leading amenities and common areas and high-quality interior finishes. There’s even a 16-foot outdoor TV by the pool. Given the exceptionally strong leasing activity that Las Vegas has experienced among lifestyle assets, this was a great opportunity to acquire a leading core-quality asset with a runway for growth,” said Taylor Sims, senior director.

Located at 8920 W. Russel Road, just off the interstate 215, South Beach was built in 2017. The property consists of one-bedroom and two-bed room floor plans, with loft and den options, ranging from 680 square feet to 1,380 square feet.

The community has one of the deepest amenity packages in the greater Las Vegas market, including salt water pools, beach volleyball court, soccer field, half basketball court, yoga studio, Pilates studio, indoor and outdoor fitness centers and a dog park and dog wash.

This was Logan Capital Advisors’ third multifamily acquisition in Las Vegas since 2018. According to Ruben Islas, LCA founding partner, “South Beach is the type of newer high-quality asset we are looking to add to our growing Southwest portfolio. South Beach’s unmatched amenity package and excellent location will assure that South Beach continues to be a market leader among discerning lifestyle renters in Las Vegas.”