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LAS VEGAS’ LARGEST RENTAL DEVELOPMENTS COMPLETED IN 2015
By BALAZS SZEKELY, COMMERCIAL PROPERTY EXECUTIVE, May 4, 2016
Las Vegas—Last year, 11 major rental communities came online in Las Vegas with 50 or more units, bringing more than 2,500 apartments to the market. Compared to other US markets, this growth is not at all outstanding, but considering that it’s more than triple the number that entered the market in 2014—around 760 rental apartments in 50+ unit buildings—it’s safe to say that Las Vegas developers shuffled their cards well in 2015.
According to data collected by Yardi Matrix, apartments for rent in Las Vegas command $840 on average per month. However, units in post-2010 developments cost an average $1,176 to rent.
Check out some of the latest and greatest apartment developments completed in Las Vegas in 2015:
1. Lyric, 376 units
PIER Construction & Development, LLC’s 407,462 square-foot property at 304 East Silverado Ranch Blvd. consists predominantly of two- and three-bedroom apartments targeting young families. However, given the size of the development, there was still enough room left for 122 one-bed apartments alongside more than 250 larger units. An electric vehicle charging station and other modern touches make the community appealing to young professionals. (Image courtesy: Lyric Website)
2. Volare, 376 units
The focus shifts from families to singles and young couples at DG Development Corporation’s 376-unit resort-style project, which offers just shy of 200 studios and one-bed units, at the expense of larger apartments. Again, the development measures 344,804 square feet, so families still have plenty of 131 two-bedroom units and 30three-bedroom apartments to choose from. The community is pet-friendly, and there’s even an on-site dog park. (Image courtesy: Volare Website)
3. Union, 338 units
Overseen by Westcorp Management Group, the 338-unit Union community at 4450 South Hualapai Way is yet another contemporary development catering for the needs of the young, active population of Las Vegas. Located close to public transportation, with quick access to shopping, entertainment and restaurants, Union offers a wide range of amenities, including state-of-the-art media lounge and an electric car charging station. (Image courtesy: Union Website)
4. SW, 310 units
The 310-unit SW is another Westcorp-managed property, comprising 2-story buildings with a total of 333,410 square feet. The electric car charging station, which seems to be on the way to becoming a standard in new multifamily developments, is also a featured amenity here, alongside other modern touches such as a movie theater with stadium seating and a dog park with pet wash station. (Image courtesy: SW Website)
5. The Wyatt, 308 units
This luxury apartment community at 7017 South Buffalo Drive (also managed by Westcorp) follows the same trend as the properties presented above, offering in large part two- and three-bedroom units (166 and 32, respectively) along with 110 one-bed apartments, all with expansive living areas, stylish interiors, and sophisticated amenities. As anticipated, the fitness center, resort-style pool, private theater and electric vehicle charging station are part of the offer. (Image courtesy: The Wyatt Website)
For more of 2015’s largest apartment projects in Las Vegas, check out the complete list on the RENTCafé Blog.