A Las Vegas apartment complex sold for more than $ 135 million, the most recent nine-figure purchase of rental property in the valley.
The Starlight US Residential Fund announced last month that it had acquired Lyric, a 376-unit apartment complex in the South Valley.
Lyric, 304 E. Silverado Ranch Blvd., near Las Vegas Boulevard, has a karaoke lounge, pet wash station, poolside spinning wheels, and other amenities, the new owner said.
It was trading for $ 135.2 million and was 99 percent full at the time of sale, according to brokerage Newmark Group, which represented seller The Bascom Group.
The Las Vegas rental market has faced much turmoil and questions after the outbreak of the pandemic, as many tenants sought unemployment benefits, economic funds, or other aid programs to pay their rent amid massive job losses, and government-ordered evictions began and ended .
But many people also moved to the valley, including from more expensive markets, amid widespread work-from-home arrangements, and in southern Nevada there was more residential construction, fewer vacancies and rapidly rising rents.
The typical rental price for a home in Las Vegas rose 25.3 percent year over year to $ 1,786 in October, according to listing site Zillow.
The Las Vegas price jump was the third highest among the 50 metropolitan areas in the report, behind Phoenix at 26.1 percent and Tampa, Florida, at 27.3 percent, Zillow reported.
Bascom underscores the growth of the Las Vegas housing market in recent years by acquiring Lyric in 2016 for $ 65.35 million and has now sold it for more than double its purchase price.
After the pandemic broke out, the crisis was expected to sink the rental market, but that “never happened,” said Scott McClave, senior principal, acquisitions and finance at Bascom.
Overall, the housing market in Las Vegas is “quite frankly exceptional,” he said.
Lyric isn’t the only rental complex in southern Nevada trading for more than $ 100 million this year.
LaSalle Investment Management acquired the 456 Ely in The Curve in the southwest of the valley for $ 155.6 million from The Calida Group, according to an October press release.
Utah real estate investor Scott Keller also acquired Tuscan Highlands, a 304-unit complex near the M Resort, from developer Bob Schulman for $ 115 million in May.
Sales in the Tuscan highlands exceeded $ 378,000 per unit. At the time, multiple sources said this was an all-time high for an apartment complex in southern Nevada.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.
