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02 s ubmar kett ookpl ace i n Cl as sB/ C pr oper t i es .Thi scoul d be expl ai ned by peopl e movi ng f r om ol der pr oper t i es t o newer pr oper t i es wi t hi nt hats ubmar ket .Wes tCent r al negat i venetabs or pt i onwasi nCl as s A pr oper t i es .Agai n,t hi s coul d be expl ai ned by peopl e movi ng f r om newerpr oper t i esi nt heWes tCent r al s ubmar kett onew pr oper t i esi nt he mor eups cal eNor t hwes t / Sout hwes t s ubmar ket . Thr eenew mul t i f ami l ypr oj ect swer e compl et ed i nt he f our t h quar t erof 2015 i nt he Nor t hwes t / Sout hwes t s ubmar ket .Theyt ot al ed 886 uni t s , br i ngi ng year t odat e compl et i ons upt o2, 320uni t s .Anot her383uni t s wi l lbecompl et edi nt heďŹ r s tquar t er of2016, andanot her659uni t swi l l be compl et edi nt heďŹ r s thal fof2016.A t ot al of1, 605uni t sofmul t i f ami l yar e under cons t r uct i on i nt he Val l ey, wi t hanot her1, 345uni t spl annedt o begi n cons t r uct i on wi t hi nt he next t wel vemont hs . As ki ngr ent sf ormul t i f ami l ys t oodat $925peruni ti nt hef our t hquar t erof 2015, i ncr eas i ng by $47 ps f year over year ,andonl y$15peruni t s i ncel as tquar t er .Onewoul dexpect t hatt hi sr i s e came pr i mar i l y as a r es ul t of t he compl et i on of new pr oper t i es , but whi l e Cl as s A pr oper t i ess aw as ki ngr at esi ncr eas e by $4 per uni t , ol der Cl as s B/ C pr oper t i es s aw a $10 per uni t i ncr eas ei nas ki ngr ent s . Unempl oyment i nt he Las Vegas MSAs t oodat6. 5per centasof


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09 Fr emontSt r eetExper i ence,andt hatwhenhi sgr oups aw “ whatt hi spl acecanbecome,wewer ever y i nt er es t ed”i ndevel opi ngapr oj ect . “ Youcan’ tf ak et hi ski ndofcool , ”Fr emont 9’ swebs i t es a ys .“ Twos t epst oyourr i ght ?Legendar yAt omi c Li quor s .A bl ockt oyourl ef t ?TheCont ai nerPar kfil l edwi t hgoodnes s .A hop,s ki pandj umpi nei t her di r ect i on?Dogpar ks . Thewor l d’ sbes tbar i s t a.Cr af tever yt hi ng. ” Fr emont 9’ sa ver ager ent al r at esar eexpect edt obear ound$1, 000t o$1, 100permont h,wi t huni t sr angi ng f r om 500t o1, 200s quar ef eet ,Car l s ons ai d.I nt heLasVegasar ea,t hea ver ageas ki ngr enti nt hefir s t quar t erwas$918,accor di ngt oNewYor k bas edr es ear chfir m Rei sI nc. “ Weha vebeenwai t i ngs ol ongf orr es i dencesdownt own,andt oha vet hem bea vai l abl ef orpeopl enotof t hehi ghes ti ncome. . .i t ’ sj us tr eal l yex ci t i ng, ”Ma yorCar ol ynGoodmans ai datMonda y’ sevent . Onl i nes hoes el l erZapposbr oughtas ur geofdai l yf oott r af fict oFr emontSt r eetwheni tmovedt ot heol d Ci t yHal li n2013.AndDownt ownPr oj ect ,ar medwi t h$350 mi l l i onofs eedmoney ,hasfinancednew eat er i es ,bar s ,t echs t ar t ups ,r et ai l er sandot hervent ur esi nt henei ghbor hood.

Bes i desCont ai nerPar kandFr emont 9 ,af ew ot herr eal es t at edevel opment sha vecomet ot hecor r i dort he pas tf ewyear s , i ncl udi ngt heVenueLasVegas , anevent sf aci l i t yacr os sf r om t heCont ai nerPar kt hathos t ed i t sfir s teventl as tAugus t ,andTur mer i cFl a vor sofI ndi a,at wos t or yr es t aur antandl ounget hat ’ sbei ngbui l t att heVenue ’ snext doornei ghbor ,Ci t yCent erMot el . Butover al l ,unl i k ei not herU. S.ci t i es ’ downt owns ,gr oundupcons t r uct i oni sl ar gel ymi s s i ngf r om Fr emont St r eet .Andeas toft heCont ai nerPar k,f oott r af fict hi nsoutast hel ands capechangesi npar tt oempt yl ot s ands hut t er edmot el s . At omi cLi quor sownerLanceJ ohnsfigur est hati fFr emont 9fil l swi t ht enant s ,devel oper swoul dfloodt he ar eaandmor er es t aur ant sandr et ai l er swoul dopeni nt hequi et ers t r et chofFr emont . Att hever yl eas t ,bei ngnextt o 231new homes-manyofwhi chwoul dl i k el ybefil l edwi t h20-and 30s omet hi ngswhol i k et ogoout-s eemsl i k eagol dmi nef ort hepopul art a ver n. “ I t ’ snotgonnahur tusatal l ,f ors ur e, ”hes ai d.


Access Las Vegas - July, August, September 2016  

Your Access to the Las Vegas Multifamily Housing Market - July, August, September 2016

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