28 Oct

Las Vegas Multifamily Real Estate Report

Nevada is consistently one of the fastest growing states in the country, and Las Vegas is the foundation for this growth. Clark County, where Las Vegas is situated, accounts for 75% of Nevada’s total population. Clark County’s current population is 2,621,000, which represented a 3.15% increase year-over-year. This consistent growth fuels the demand for a healthy, robust multifamily market in the region.

“As real estate experts, we are frequently asked to form an opinion on the future of the markets. Against a backdrop of a long real estate cycle, we feel that the short to medium term outlook in Las Vegas is incredibly strong.

Las Vegas is benefitting from significant population in flows from neighboring California and other high cost states. Job growth has average around 3% for the past five years. The future will be supported by job growth from projects well underway including the $4bn Resorts World, the Drew, Convention Center expansion and the Raiders stadium.

As for multi-family assets, we believe there will be moderate rent growth and a stable cap rate environment for 2020.” – John Gilchrist, Founder, Atalyst Financial Group

Atalyst Financial Group puts together a report each quarter covering the top stats for multifamily property cap rates, rentalssales, and construction statistics.

Las Vegas Multifamily Real Estate Capital Markets Statistics - Atalyst Financial Group

Top Las Vegas Multifamily Real Estate Capital Markets Stats

Asses Value (Last 12 Months): $27.3B
Sales Volume (Last 12 Months): $2B
Cap Rate: 5.1%
Market Sale Price / Unit Change (Year-Over-Year): 12.1%

Las Vegas Multifamily Real Estate Statistics - Atalyst Financial Group

Top Las Vegas Multifamily Real Estate Property Statistics

12 Month Deliveries (Units): 2,281
12 Month Net Absorption (Units): 4,164
Vacancy Rate: 5.6%
12 Month Rent Growth: 4.3%

Key Indicators for Multifamily Properties in Las Vegas Based on Rating

4 & 5 Star

Units: 64,492
Vacancy Rate: 5.7%
Asking Rent: $1,338
Absorption Units: -84
Delivered Units: 0
Under Construction Units: 4,264

3 Star

Units: 80,376
Vacancy Rate: 5.2%
Asking Rent: $1,049
Absorption Units: -109
Delivered Units: 0
Under Construction Units: 715

1 & 2 Star

Units: 25,544
Vacancy Rate: 6.3%
Asking Rent: $784
Absorption Units: -15
Delivered Units: 0
Under Construction Units: 0

Las Vegas Multifamily Sales Statistics (Past 12 Months)

Sales Comparables: 107
Average Price / Unit:
$175,000
Average Price of Multifamily Property:
$22,500,000
Average Vacancy at Sale: 7.4%

Sales Volume by Buyer Origin

Local: 5%
National:
94%
Foreign:
1%

Asset Value by Owner Origin

Local: 23%
National:
76%
Foreign:
1%

Top Multifamily Property Owners in Las Vegas

1) Westland Real Estate Group

Owned Units: 9,780
Owned Properties: 34
Property Purchase Value (Year-Over-Year): Not Listed

2) The Blackstone Group L.P.

Owned Units: 7,102
Owned Properties: 19
Property Purchase Value (Year-Over-Year): $213,756,539

3) Olen Properties

Owned Units: 5,678
Owned Properties: 19
Property Purchase Value (Year-Over-Year): Not Listed

Top Las Vegas Multifamily Property Sales

1) Property: Bloom (7075 W Gowan Rd)
*Rating: 3
Year Built: 1988
Units: 528
Vacancy: 
9.7%
Price (Unit): $106,500,000 ($201,704)
Price / SF: $343

2) Property: Elysian at Flamingo (4150 S Hualapai Way)
*Rating: 4
Year Built: 2017
Units: 360
Vacancy:
10%
Price (Unit): $104,600,000 ($290,555)
Price / SF: $224

3) Property: Evo Apartments (8760 W Patrick Ln)
*Rating: 4
Year Built: 2017
Units: 376
Vacancy: 
7.7%
Price (Units): $104,500,000 ($277,925)
Price / SF: $258

4) Property: Vegas Towers (1061 E Flamingo Rd)
*Rating: 3
Year Built: 1974
Units: 455
Vacancy: 
2.6%
Price (Unit): $104,000,000 ($228,571)
Price / SF: $173

5) Property: Volare (10695 Dean Martin Dr)
*Rating: 4
Year Built: 2015
Units: 360
Vacancy: 
1.9%
Price (Units): $93,609,809 ($260,027)
Price / SF: $262

*Rating is 1-5, 5 being the best

Las Vegas Multifamily Construction Projects Stats

Properties Currently Under Construction: 17
Total Amount of Multifamily Units:
4,979
Percent of Inventory:
2.9%
Average # of Units: 293

Top Las Vegas Multifamily Projects Under Construction

1) Property: UnCommons (W Maule Ave & Gagnier Blvd)
Rating*:
4
Units:
830
Stories:
4
Completion:
Q3 2021
Developer/ Owner: 
Matter Real Estate Group / GKT Acquisitions LLC

2) Property: 3900 Paradise Rd
Rating*:
4
Units:
400
Stories:
Not Liste
Completion:
Q3 2022
Developer/ Owner:
The Calida Group / The Calida Group

3) Property: Elysian at Hughes Center (3768 Howard Hughes Pky)
Rating*:
4
Units:
375
Stories:
1
Completion:
Q4 2019
Developer/ Owner:
The Calida Group / Crescent Real Estate Equities LLC

4) Property: Aviary Apartments (1070 Wellness Pl)
Rating*:
3
Units:
360
Stories:
2
Completion:
Q2 2021
Developer/ Owner:
Alan Woratscheck

5) Property: Elysian at Tivoli Apartments (8831 – 8855 Alta Dr)
Rating*:
5
Units:
359
Stories:
1
Completion:
Q4 2020
Developer/ Owner:
The Calida Group / The Calida Group

*Rating is 1-5, 5 being the best

 

Services provided by Atalyst are regulated by state and federal agencies. Atalyst is a licensed mortgage broker and a licensed real estate broker in Nevada and California (NMLS ID: 369363 / CAL BRE: 01980073 / NV DRE: 181750). Private securities placement services are offered by John Gilchrist (“GCS Rep“) who is also a registered representative of Growth Capital Services, Inc., a licensed broker-dealer and member of FINRA/SIPC (“GCS”), office of supervisory jurisdiction located at 582 Market Street, Suite 300, San Francisco, CA 94104. GCS and Atalyst are separate entities, and only certain securities brokered by GCS Reps are offered and sold through GCS. You can find more information about GCS and GCS Reps here and through FINRA Broker check.

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