Developer expands to Las Vegas with wave of apartment projects
A Midwest apartment developer has expanded to Southern Nevada, with such projects as an affordable-housing complex and a pricier building near a popular locals casino.
Cleveland-based NRP Group is undertaking construction on a 342-unit rental complex on Silverado Ranch Boulevard just west of Interstate 15, in the southern Las Vegas Valley, and expects to have units ready for occupancy in the first quarter of 2026, said Mike Moriarty, vice president of development.
It has also drawn up plans for a 390-unit upscale project just south of the 215 Beltway between Durango Drive and Cimarron Road, in the southwest valley, and a 105-unit affordable complex on Pecos Road just north of Centennial Parkway, in North Las Vegas, records show.
Moriarty recently said that the firm expects to break ground on those projects this month.
NRP has offices and projects around the country. But its wave of ventures in Southern Nevada marks the company’s first developments in the region, said Moriarty, a Las Vegas native who still lives here and is overseeing the projects.
Amenities nearby
Moriarty noted that the southwest site is next to UnCommons, a mixed-use development with office buildings, food and beverage outlets, and apartments. It’s also near the Durango hotel-casino, which opened in late 2023, draws big crowds and is already being expanded by owner Station Casinos.
NRP purchased the 7.8-acre project site for $17.1 million, brokerage firm Newmark Group announced last month, saying it represented the buyer.
The four-story apartment building is slated to have high-end finishes, indoor bicycle storage with a repair station, an indoor pet wash, and other features.
Moriarty pointed out that it’s rare in the Las Vegas suburbs to live within walking distance of amenities. He said the firm is “trying to capitalize on all the development that’s already occurred in that pocket,” adding this makes the company confident that it can land higher rents with a more expensive project.
He said the rental rates would span around $2.50 to $2.60 per square foot at the complex, compared with around $2.15 to $2.20 per square foot at its under-construction project in the southern valley.
‘Critical housing gap’
NRP said late last year that it teamed with New York-based Rockefeller Group on the garden-style project along Silverado Ranch, which comprises more than a dozen buildings spread over a 13-acre site.
The complex, Miraluna, is slated to feature a pickleball court and other amenities. The developers purchased the site last fall for about $19.4 million, property records show.
Meanwhile, NRP announced plans this month for the North Las Vegas project. It acquired the site for $4.5 million, property records show.
It said that the complex, called North &Valley, would be reserved for lower-income residents and help address a “critical housing gap” in the city.
Nevada, with the bulk of its population in the Las Vegas Valley, has long needed an increased supply of affordable units.
Overall, Nevada has a shortage of nearly 78,000 affordable and available rental homes for extremely low-income tenants, according to the National Low Income Housing Coalition.
“There’s an extreme lack of affordable units here,” Moriarty said.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342.
