REAL ESTATE BRIEFS: JULY 10

Local developer purchases midtown apartments

Camino Verde Group, a Las Vegas-based real estate investment, development and asset management company, has acquired Camino 2630 Apartments in midtown Las Vegas. The community at 2630 Sherwood St. is the fifth vintage apartment building the firm has bought to refurbish in the neighborhood.

“Las Vegas is experiencing a lack of rentable units right now, so it’s vital to renovate these apartment buildings and get them back on the market to be leased,” said Kevin Romney, co-founder and managing director of Camino Verde Group. “This is our fifth property that we have acquired in the community. With these acquisitions, it’s our hope to help restore midtown Las Vegas living spaces in order to bring this once thriving neighborhood back to life.”

The 20-unit apartment building was built in 1965 and features two stories of spacious one- and two-bedroom floor plans. At the center of the community is an outdoor courtyard, gated to provide more security.

Camino Verde Group plans to renovate Camino 2630 Apartments with roof repair, renovations to the courtyard and landscaping, fresh paint, air conditioning unit repairs or replacements, renovations to the plumbing and electrical systems, repairs to the stuccos and concrete, updated security system and signage.

“The building is more than 50 years old and needs some significant renovations,” Romney said. “When we acquire neglected properties like this one, we make the needed repairs and updates in order to bring them back into a condition that makes them both safe and comfortable for residents.”

The community is a short drive away from some of the city’s top employers, including the Convention Center, the recently opened Resorts World, the Westgate, The Strat tower, Fremont Street Experience and the Fashion Show mall.

Public transportation is a convenient walk from Camino 2630 Apartments, including the Westgate monorail station, which can take passengers to the heart of Las Vegas near the McCarran International Airport.

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Tri Pointe earns Great Place to Work certification

Tri Pointe Homes has announced its recognition as a Great Place to Work-Certified company for 2021-2022. Great Place to Work certification is recognized worldwide by employees and employers alike with more than 10,000 companies across 60 countries applying for certification every year.

“As a company with a people-first philosophy, we are extremely proud to be designated as a Great Place to Work,” said Doug Bauer, chief executive officer of Tri Pointe Homes. “A passionate culture is one of the key pillars that defines Tri Pointe Homes, so this recognition is especially gratifying. It truly is a tribute to our hardworking and talented team members who demonstrate day in and day out their commitment to being in the life-changing business of designing and building innovative new homes and vibrant communities where families can thrive.”

The certification process revealed that 90 percent of employees at Tri Pointe Homes say it is a great place to work compared with 59 percent of employees at a typical US-based company. Ninety-six percent of team members said that when you join the company, you are made to feel welcome, and 93 percent said they were proud to tell others they work there.

“One of the key tenets at Tri Pointe Homes is H.E.A.R.T., which embodies our core values of Humility, Empowerment, Authenticity, Results and Team and guides our behavior,” said Tri Pointe Homes chief human resources officer Heather Breidenthal. “Living by this guiding principle has allowed us to cultivate a team of passionate individuals who embrace our mission as a true calling. We always strive to make a positive impact through the way we conduct our business, and that also pertains to the people who make the business run.”

LGI reports record-breaking June

LGI Homes Inc. announced it closed, nationwide, 997 homes in June, up from 760 homes closed in June 2020, representing year-over-year growth of 31.2 percent. Also, the company announced record-breaking quarterly closings of 2,856 during the second quarter of 2021 compared with 2,005 closings in the second quarter of 2020, a 42.4 percent increase year over year. The company finished the first six months of 2021 with a total of 5,417 closings, a 41.1 percent increase over 3,840 closings during the first six months of 2020.

As of June 30, the company had 106 actively selling communities.