18 Feb

Las Vegas Multifamily Real Estate Report 2019

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 rentalsales, and construction statistics.

Top Las Vegas Multifamily Real Estate Property Statistics

12 Month Deliveries (Units): 2,368
12 Month Net Absorption (Units): 1,672
Vacancy Rate: 6.5%
12 Month Rent Growth: 5.3%

Las Vegas Multifamily Real Estate Report 2019

Key Indicators for Multifamily Properties in Las Vegas Based on Rating

4 & 5 Star

Units: 62,613
Vacancy Rate: 6.6%
Asking Rent: $1,281
Absorption Units: -325
Delivered Units: 0
Under Construction Units: 3,345

3 Star

Units: 77,890
Vacancy Rate: 6.0%
Asking Rent: $1,019
Absorption Units: -207
Delivered Units: 0
Under Construction Units: 741

1 & 2 Star

Units: 24,553
Vacancy Rate: 7.9%
Asking Rent: $766
Absorption Units: 7
Delivered Units: 0
Under Construction Units: 0

Las Vegas Multifamily Sales Statistics (Past 12 Months)

Sales Comparables: 196
Average Price / Unit:
$153,000
Average Price of Multifamily Property:
$17,600,000
Average Vacancy at Sale: 5.2%

Top Las Vegas Multifamily Property Sales

1) Property: Allanza at The Lakes (8600 Starboard Dr)
*Rating: 3
Year Built: 1986
Units: 896
Vacancy: 
6.7%%
Price (Unit): $152,000,000 ($169,642)
Price / SF: $194

2) Property: Pointe at Centennial (5850 Skye Pointe Dr)
*Rating: 3
Year Built: 1997
Units: 624
Vacancy:
9.0%
Price (Unit): $100,000,000 ($160,256)
Price / SF: $245

3) Property: Evolve (3140 St Rose Pky)
*Rating: 4
Year Built: 2017
Units: 426
Vacancy: 
4.5%
Price (Units): $98,841,004 ($232,021)
Price / SF: $232

4) Property: Villas at Green Valley (2362 N Green Valley Pky)
*Rating: 3
Year Built: 1984
Units: 609
Vacancy: 
6.2%
Price (Unit): $97,250,000 ($204)
Price / SF: $204

15 Property: Dune Apartments (3080 St Rose Pky)
*Rating: 4
Year Built: 2018
Units: 398
Vacancy: 
6.3%
Price (Units): $92,473,908 ($264)
Price / SF: $264

*Rating is 1-5, 5 being the best

Las Vegas Multifamily Construction Projects Stats

Properties Currently Under Construction: 20
Total Amount of Multifamily Units:
3,958
Percent of Inventory:
2.4%
Average # of Units: 198

Top Las Vegas Multifamily Projects Under Construction

1) 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

2) 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

3) Property: Level 25 at Cactus (3663 W Cactus Ave)
Rating*:
4
Units:
344
Stories:
1
Completion:
Q4 2019
Developer/ Owner:
Picerne Real Estate Group / Picerne Real Estate Group

4) Property: Revolution (12215 Gilespie St)
Rating*:
4
Units:
340
Stories:
2
Completion:
Q4 2021
Developer/ Owner:
Not Listed / WestCorp Management Group

5) Property: Tuscan Highlands (12656 Southern Highlands)
Rating*:
3
Building SF:
304
Stories:
1
Completion:
Q2 2021
Developer/ Owner:
Pier Construction & Development / Not Listed

*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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