REAL ESTATE BRIEFS JULY 16
NVSAA report shows local rents beginning to slow
A recent Nevada State Apartment Association report shows apartment rents in Southern Nevada beginning to decelerate and suggests “this historic run of rent growth is unlikely to continue.”
The report, issued by the NVSAA based on data provided by CoStar, shows Southern Nevada apartment rents growing by 11.2 percent through the end of the second quarter of 2022, compared to one year earlier. Asking rents during the second quarter averaged $1,480 per month, up from $1,322 one year earlier.
“Rents are expected to moderate this year as vacancy rises from the all-time low set in 2021,” said NVSAA Interim Executive Director Susy Vasquez. “Las Vegas continues to attract new residents with its affordable cost of living compared to other Western markets, especially California. Local rents are still lower than the national average apartment rent of about $1,640 per month during the second quarter.”
Meanwhile, she said local apartment vacancy rates remain solid, with the average vacancy rate during the second quarter of 2022 at 6.7 percent. That’s up 2.4 percent from the same time in 2021.
As of the second quarter, about 7,400 local apartment units were under construction, which will expand existing apartment inventory by more than 4 percent once complete. The bulk of the new developments are in Henderson and Summerlin.
As Southern Nevada rebounds from recent economic challenges, NVSAA sees signs that the local apartment market is starting to return to more normal and seasonal trends. While affordable housing is certainly an issue in Nevada and nationwide, Vasquez noted that local rents are increasing about half as fast as they were one year ago.
This report is provided by the NVSAA based on data from CoStar, a leading provider of commercial real estate information.
The Nevada State Apartment Association is the voice of the multifamily housing industry in Nevada. The nonprofit organization provides a variety of services to its 894 community, property management and business partner members statewide, including legislative support, education and community outreach. NVSAA is committed to promoting and supporting the diversity, integrity and success of its members and their industry. For more information, visit NVSAA.org.
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McCarthy Building announces promotions
McCarthy Building Cos. Inc., one of the nation’s oldest and largest privately held construction firms, announces a pair of promotions in Nevada. Jeff Rensmon has been named senior preconstruction director and Chad Peterson has been promoted to project director. The two promotions further strengthen McCarthy’s leadership team in the Silver State and bring a wealth of combined knowledge and expertise.
Rensmon joined McCarthy in 2015 and has more than four decades of experience in the construction industry. In this role, he will oversee and provide strategic direction on a variety of projects, including Dream Hotel, one of the few boutique hotels to be built on the south end of the Las Vegas Strip.
Since joining McCarthy, Rensmon has led the charge on several notable projects in Las Vegas including the Hotel Academic Building at UNLV, Top Golf, Palms Casino Resort remodel and Virgin Hotel Casino.
A Las Vegas native, Rensmon earned a bachelor’s degree in business administration management from the University of Nevada, Las Vegas. He is a member of the American Institute of Architects and is actively involved in McCarthy’s Preconstruction Peer Group leadership working with his team and others in an ongoing effort to improve preconstruction training in the industry.
Peterson has been promoted to project director, assuming project leadership responsibilities on several projects throughout Nevada. He joined McCarthy in 2009 as a project engineer with the water group and has worked in solar. His first Las Vegas project was with Clark County School District where he successfully helped finish the job of constructing a new elementary school. Peterson also has impressive experience with the hospitality construction sector, working on the former KAOS Nightclub at Palms and most recently on Circa Resort Casino, the first new-build resort in downtown Las Vegas in 40 years. Peterson earned his Bachelor of Science degree in construction management from Southern Utah University.
“Both Jeff and Chad bring depth of construction experience to their new roles, and each have proven to be highly successful with forging true collaboration among their teams, owners, design teams and subcontractors,” said Ross Edwards, senior vice president, McCarthy Building Cos. “They each have demonstrated excellent leadership and mentoring skills and will surely continue to provide an excellent client experience.”
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Nevada State Bank adds commercial real estate banker
Nevada State Bank recently hired Laurel Lukesh to work in its commercial real estate division as senior vice president/commercial real estate relationship manager. She brings 24 years of banking experience and 18 years in commercial real estate to her role.
“Laurel has a wealth of knowledge about commercial real estate lending and the industry. She also brings previous experience from other banking divisions, giving her a well-rounded perspective on clients’ needs and options, which can be especially helpful in the commercial real estate world,” said Mike Lane, executive vice president/director of commercial real estate at Nevada State Bank.
Lukesh is a member of NAIOP, CREW Las Vegas and CCIM, and serves on the CREW Las Vegas finance committee. She holds a BS in business management from Marylhurst University and attended Pacific Coast Banking School at the University of Washington. She is a graduate of the Oregon Bankers Association Executive Development Program.
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PENTA Building Group announces promotion
The PENTA Building Group, a nationally recognized commercial contractor, announced the promotion of Rodd Weber to executive director of safety and quality. With more than 23 years as a full-time safety professional, Weber formerly served as PENTA’s corporate safety director since 2007 and stepped into the role of corporate director of safety and quality in 2021.
In his prior position, Rodd implemented new quality initiatives, expanding the department, and laying the foundation for a stronger quality culture at PENTA. Among his various responsibilities, Rodd leads efforts for PENTA’s Annual Safety Kick-Off, a multicity safety tour that takes place in several markets across Nevada, California and Arizona and unites more than 1,000 construction industry professionals for educational presentations around topics of safety.
“Rodd’s leadership in both safety and quality ensures PENTA is always focused on keeping our people safe and providing our clients with ‘Best in Class’ quality,” said John Cannito, president of The PENTA Building Group.
Weber is actively involved with numerous organizations and industry associations, including Associated General Contractors of America, Nevada Contractors Association and the Occupational Safety and Health Administration. Within the last two decades, he has served as former vice president of the LV Chapter American Society of Safety Professionals, a keynote speaker at major construction events and has developed safety leadership courses at safety conferences nationwide. Currently, he serves as chairman of the Nevada OSHA Review Board.
In addition, he has been an instrumental leader in the formation of the NV Contractors Safety Council, a collaboration of Las Vegas contractors dedicated to making the industry safer for all employees. The initiative has provided an open forum to network, share information, collaborate on safety initiatives, help develop OSHA regulations and forge longlasting relationships with other safety professionals.
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Multifamily management firm names regional VP
Jessica Weil has been named regional vice president of CloudTen Residential, a newly formed Nevada-based firm that manages and operates multifamily properties throughout the West.
According to Melissa Deen, president of CloudTen, in her new role, Weil is responsible for supervising multiple employees as well as a range of multifamily properties throughout the Nevada region.
“With a passion for innovation, Jessica has considerable experience in complex multifamily operations, and we are thrilled to have her join our fast-growing, visionary team,” Deen said. “CloudTen has taken a more nimble, technology-forward approach to multifamily operations, and Jessica will provide the forward-thinking leadership we need as we expand in the Nevada marketplace.”
Weil was most recently a regional property manager for Cushman &Wakefield’s Las Vegas offices, overseeing a portfolio of 5,488 units and spearheading the day-to-day operations and profitability of numerous multifamily communities. She was a regional property manager for Greystar Real Estate Partners, supervising 35 employees and overseeing 1,500 units. With over 10 years of experience in the multifamily industry, she has worked for Dasmen Residential, Pinnacle Property Management and Fairfield Residential.
She holds both Master’s and Bachelor’s of Science in psychology from the University of Phoenix and is a member of the Nevada Apartment Association and the NAACP. Fluent in Spanish, she is a certified apartment manager.
Founded by the principals of San Diego-based Sunrise Management, Cloud10 Residential was formed in the wake of the COVID-19 pandemic to provide a more streamlined, customized and technology-centric approach to multifamily management.
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CALV president earns NAR leadership appointment
Angelina Scarcelli, 2022 president of the Commercial Alliance Las Vegas, has been appointed by the National Association of Realtors to serve as the vice chair of its national Property Management Forum in 2023.
Her appointment representing Nevada begins Jan. 1 and was announced recently by 2023 NAR President Kenny Parcell.
Scarcelli, a Certified Commercial Investment Member and Certified Property Manager, is managing director of real estate management services in Nevada for Colliers International.
Scarcelli took over as CALV president starting Jan. 1, after serving as CALV’s president-elect in 2021. She has earned several industry awards and held leadership positions in other organizations representing commercial real estate professionals, including the local chapter of IREM, the Institute of Real Estate Management, where she served as president in 2018-2019.
In addition to representing the nearly 700 members of CALV, which has grown into one of Nevada’s largest organizations for commercial real estate professionals, she also serves as the regional vice president for IREM, representing Nevada and four other Western states.
CALV is the commercial real estate division of Las Vegas Realtors.
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North Las Vegas dedicates new park
In collaboration with AARP, the city of North Las Vegas celebrated the grand opening of the Fit Lot Park inside Craig Ranch Regional Park on June 27. Mayor Pro Tem Pamela Goynes-Brown, along with city staff and AARP representatives, formally opened the park’s newest amenity, which will host fitness programs for residents of all ages.
With 33 public parks, three public pools, three recreation centers and numerous trails and open spaces, the city of North Las Vegas was recently honored as one of Outside Magazine’s “20 Most Livable Towns and Cities in America,” placing in the top 10 thanks in large part to its robust parks and trails system.
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Toll Brothers, Arizona receives awards
Toll Brothers Inc., a local leading builder of luxury homes, has announced its Arizona division has received five Grand Award honors from the Pacific Coast Builder Conference at The Gold Nuggets, one of the homebuilding industry’s most prestigious national awards competition. Among its many accolades, Toll Brothers home designs were recognized for Best Indoor/Outdoor Lifestyle and Best Home/Work Space. In addition, Toll Brothers won Best Masterplan Community of the Year for its Sterling Grove community in Surprise, Arizona.
The awards are presented by the Pacific Coast Builder Conference, the official event of the Leading Builders of America and California Building Industry Association, to recognize the best in the building industry for their determination, integrity, creativity and endurance. The awards span 64 categories in home and community design.
During a four-day judging process of 600- plus entries by a panel of industry professionals nationwide, Toll Brothers was selected as the Grand Award winner in the following categories:
■ Best Home/Work Space: Haralson Cottage, Flora at Morrison Ranch, Gilbert, Arizona
■ Best Single Family Detached Home over 4,500 square feet: Haralson Cottage, Flora at Morrison Ranch, Gilbert, Arizona
■ Best Indoor/Outdoor Lifestyle for a Home: Ambrosia II, Bridle Ranch, Queen Creek, Arizona
■ Best Landscape Architecture for a Community: Sterling Grove, Surprise, Arizona
■ Masterplan Community of the Year: Sterling Grove, Surprise, Arizona
“We are thrilled to be recognized for these awards that set the benchmark for excellence in our industry,” said Bob Flaherty, group president of Toll Brothers in Arizona and Utah. “It is especially gratifying to see the incredible response to our new Sterling Grove community, which was designed to bring a slice of Americana to the Southwest, and to see this community honored as master-planned community of the year.”
Situated in the shadow of the White Tank Mountains, the staff-gated Sterling Grove neighborhood was formerly a working farm. Toll Brothers honors the legacy of the land with tree-lined streets, citrus groves, water courses and cornerstone parks. When complete, this Toll Brothers neighborhood will include 2,200 homes on 780 acres. Sterling Grove offers nine new-home collections with a wide range of home designs and architectural styles and outstanding amenities including a 20,000-square-foot clubhouse, 10-acre amenity center and Nicklaus Design golf course.
To see the full list of Grand Award winners and learn more about the awards celebration, visit PCBC.com.
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Spanish Oaks apartments sell for $50M
Next Wave Investors LLC, a private equity firm focused on value-add multifamily investments, recently sold Spanish Oaks, a 216-unit garden-style multifamily community, for $50 million after acquiring it for $28.5 million in February of last year.
The firm has deepened its presence as an owner in Las Vegas for several years now, and as it continues to boom, Next Wave’s close ties to the area allow them to deliver long-term value for their investors.
According to David Sloan, principal at Next Wave, the population of Clark County has increased by roughly 20 percent over the last 20 years, and looking ahead, the population is projected to grow by another 8.3 percent by 2032.
Spanish Oaks Apartments, which were built in 1976, are located less than 10 minutes from the Las Vegas Strip. The property is situated along the Interstate 15 and State Route 159, also providing residents access to 10 million square feet of office in downtown Las Vegas as well as proximity to retailers, recreation and award-winning schools.
