An Arizona building contractor is planning to break the ground for a number of rental homes in North Las Vegas this year, its newest competitor in this growing segment of the market.
Avenue North founder Ryan Hartman told the Review Journal that he intends to begin construction on the 165-unit project in the next three or four months. The $ 50 million development along Simmons Street south of Ann Road spans nearly 12 acres.
Hartman, who acquired the property in late 2019, said the project will include single-family homes with backyards, but also include a clubhouse, fitness center, and pool, like a typical apartment complex.
He said the project is half the density of a shared apartment and that people are looking for more space after the pandemic.
“That offers that,” said Hartman, who works on the project with the real estate company Harvard Investments from Arizona.
The rental market in southern Nevada grew rapidly after the housing market imploded more than a decade ago when investors across the valley bought cheap single-family homes to fill with tenants. In addition, developers have filled the region with housing projects in recent years.
Las Vegas is by no means covered in a mix of these two trends – newly built single-family homes – but these so-called build-to-rent projects are becoming increasingly popular with developers.
American Homes 4 Rent, a dominant landlord in southern Nevada and other markets, owned more than a dozen rentals in various stages of development in the Las Vegas area as of May, the company said at the time.
The Calida Group, one of the largest housing developers in the valley, has planned two rental projects in Henderson’s Cadence community with a total of around 450 mostly detached apartments.
In addition, Randy Bury, founder of Modern Communities, broke ground early last year in North Las Vegas for an area of 185 single-story rental houses – a mixture of maisonettes and detached houses.
Hartman’s project is his first rental development in southern Nevada, he said.
Not every home in his North Las Vegas project is completely detached, with 29 homes each on a row of five garages, Hartman said.
Each of these two-story buildings has one of the garages for the house above and the other four would be rented to other tenants in the community.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.
