An Atlanta developer is building an upscale apartment complex on the southern edge of the Las Vegas Valley, after opening a rental property across the city months after the pandemic.
Construction is underway on Wood Partners’ 228-unit project off the Southern Highlands and St. Rose Parkways, near the M Resort. The rental complex, Alta Southern Highlands, is expected to open early next year.
It is expected to include “next-level finishes,” a play lawn and a fitness center with yoga studios, its website says.
Like other industries, the Las Vegas rental market faced turmoil and questions after the start of the pandemic. Many tenants have used unemployment benefits, stimulus funds or other assistance programs to pay their rent amid huge job losses in casino-rich southern Nevada and eviction freezes government-ordered continued to start and stop.
But many people also moved to the valley during the pandemic, including those from more expensive markets who came to work remotely in larger, cheaper homes, and the southern Nevada rental market has seen construction continue. , skyrocketing rents and tighter vacancies.
The typical rental rate for a home in the Las Vegas area in August was $ 1,718, up nearly 25% from the previous year, the Zillow ad site reported. Las Vegas’ annual rental growth was the fastest among the 50 metropolitan areas in the report.
Todd Taylor, managing director of Wood Partners, said in a statement to the Review-Journal that Southern Highlands is an “established, high-level community” with golf, trails and other amenities, and enjoys “access easy “to the strip. and McCarran International Airport.
Property records indicate that Wood acquired the project site, 3030 Robert Trent Jones Lane, in July 2020, four months after the coronavirus epidemic devastated the economy of Las Vegas with casino closures across the country. ‘State, a cessation of tourism and, at one point, more than 30 percent unemployment.
The market was “extremely strained with enormous uncertainty” last July, and there was “significant distress” from current and potential tenants regarding rent payments, Taylor said.
But in recent months, the local economy has started to “slowly open up” as more tourists flock in, he said. Additionally, as Californians leave their home state, “Las Vegas has become the primary benefactor of this exodus,” fueling absorption, growth in rents and property values, he added.
Wood Partners announced in August 2020 that it has innovated on Alta Southern Highlands.
The previous month it had also announced the opening of a 347 unit apartment complex in Henderson called Alta NV.
The project, located at 1250 Wigwam Parkway just east of Stephanie Street, was nearly 92 percent leased this week, according to Taylor.