An Atlanta developer is building an upscale apartment complex on the southern edge of the Las Vegas Valley after opening a city-wide rental property months after the pandemic.
Construction is ongoing on Wood Partners’ 228 unit project off the Southern Highlands and St. Rose Parkways, near the M Resort. The Alta Southern Highlands rental complex is slated to open early next year.
It is expected to include “next-level finishes,” a play lawn, and a fitness center with yoga studios, the website says.
Like other industries, the Las Vegas rental market has faced turmoil and questions following the outbreak of the pandemic. Many tenants used unemployment benefits, economic funds, or other aid programs to pay their rent, while casino-heavy southern Nevada saw huge job losses and government-ordered evictions began and stopped.
But many people also moved into the valley during the pandemic, including those from more expensive markets who work remotely in larger, cheaper homes, and the rental market in southern Nevada continued to build, rents soared and vacancies tighter .
The typical rental price for a house in Las Vegas was $ 1,718 in August, nearly 25 percent more than last year, the listing site Zillow reported. Las Vegas annual rental growth was the fastest of the report’s 50 metropolitan areas.
Todd Taylor, a managing director at Wood Partners, said in a statement to the Review Journal that Southern Highlands is a “high-profile, established community” with golf courses, hiking trails, and other amenities, and “easy access” to the Strip and international McCarran Airport.
Real estate records show Wood acquired the 3030 Robert Trent Jones Lane project site in July 2020, four months after the coronavirus outbreak hit the Las Vegas economy with nationwide casino closings, a tourism shutdown, and more than 30 at one point. devastated percent unemployment.
The market was “extremely challenged with tremendous uncertainty” last July and there was “significant distress” from current and potential tenants paying rents, Taylor said.
In recent months, however, the local economy has “slowly opened up” as more and more tourists have come, he said. As the Californians leave their home state, “Las Vegas has become a major contributor to this exodus,” driving absorption, rental growth and property values, he added.
Wood Partners announced the groundbreaking on the Alta Southern Highlands in August 2020.
The previous month it also announced the opening of a 347-unit apartment complex in Henderson called Alta NV.
Taylor said that property at 1250 Wigwam Parkway east of Stephanie Street was nearly 92 percent rented.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.
