Big-money investors have owned rental homes around Las Vegas for years. But despite fast-rising sales prices, they aren’t ready to cash in, thanks to people like Darrius Mathis and Kayte Fernandez.
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It marks a rare real estate deal for the sleepy southern edge of the Strip and carries an unusual backstory, as the late owner — without his estranged wife’s knowledge — allegedly transferred the motel’s ownership to a trust he had formed with his mistress, according to court documents.
City Crossing, by developer Bill Plise, was one of countless megaprojects in the Las Vegas Valley during the bubble years ofthe mid-2000s. And during the recession, it was one of many that flopped.
Driving around Las Vegas, it’s easy to see the housing tracts, apartment buildings and other projects coming out of the ground.