Multifamily Snapshot

Las Vegas | Q2 2021

Average Sales/Unit

180K

Avg Rents

$1,300

Average Vacancy

4.19%

Expiring eviction moratorium helps drives sales volume to over $1 billion in second quarter.

The Las Vegas Multifamily market nearly doubled the previous quarter in number of sales transactions with 62 total sales comprising 6,577 units. Total sales volume exceeded $1 billion for the first time since 2019. Investor interest and confidence continues to stay strong and cap rates have continued to compress below 5.0%. Market-wide, the average sales price per-unit has increased 13% year over year.

Helped by a strong inflow of new residents, apartment vacancies hit a low of 4.2% with apartment absorption having a net increase of 2,471 units occupied in the second quarter. This strong demand has caused rents to grow over 18% year over year. Under construction units has slightly decreased to 4,150 units, down from 5,283 units under construction in the second quarter of 2020, and 766 new units delivered this past quarter.

Significant Q2 Transactions

Name # of Units Year Built Sales Price Submarket
Tuscan Highlands 304 2020 115M S. Las Vegas
Vue at Centennial 372 2016 112M Centennial Hills
Firenze 462 2004 100.25M Henderson
Accent on Rainbow 540 1984 90.24M Las Vegas
Norterra Canyon 426 2007/2018 86.5M N. Las Vegas
Lantana 516 1980/2005 80M Canyon Gate
Villa Serena 288 1996 68M Henderson
Sedona at Lone Mountain 321 1999/2009 67.7M N. Las Vegas
Azure Villas 312 2007 62.3M N. Las Vegas
Prelude at the Park 320 1996 60.4M Henderson
St. Clair Apartments 187 2003 51M Spring Valley
Accent on Decatur 313 1978 46.77M Richfield
Accent on Sahara 312 1983 45M Sunrise Manor
Azure Villas 2 186 2008 37.1M N. Las Vegas
Tides at Spring Valley 218 1987/2016 36.9M Richfield
Tides at Cheyenne 408 1999/2016 35M Sunrise Manor
Commercial Real Estate Las Vegas Nevada

This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty, or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction on the suitability of the property for your needs.

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Michael Albanese

With over 12 years of Multifamily Management, Michael brings a wide range of skills and experience tailored towards Multifamily investing. With his knowledge of the local market, sales/rental trends, performance obstacles, multifamily specific financials, and asset capital scopes/ROI, Michael offers a unique insight into Multifamily Value add opportunities for his clients and potential investors.

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