May 10, 2022 - 8:52 am
The Lennox apartment complex sold for $38.5M
Cushman &Wakefield has advised on the sale of The Lennox, a luxury apartment community in Las Vegas, Nevada. Constructed in 2015, the 100-unit “A” class multifamily asset is located at 430 E Cactus Road and sold to an undisclosed buyer for $38.5 million, or $385,000 per unit.
Taylor Sims, Carl Sims and Brady Cleary with Cushman &Wakefield’s Multifamily Advisory Group in Las Vegas represented the seller, Interwest Capital Group, in the transaction.
“The Lennox is a top of market asset in the Silverado Ranch submarket and also one of the nicer multifamily assets in the greater Las Vegas MSA. It’s only 100 units but is midrise construction with structured parking, well amenitized and offers desirable floorplans. The demand for this kind of rental housing is extremely high in Las Vegas right now, and we expect new ownership to do very well with this acquisition,” said Taylor Sims, senior director.
The Lennox offers a mix of one-bedroom, two-bedroom, three-bedroom, and penthouse floorplans. The community features a fitness center, resident clubhouse and Wi-Fi lounges, a resort-style pool, and luxury home finishes. In addition to the onsite amenities, residents also have access to nearby lifestyle retail and amenities along St. Rose Parkway.
“The Silverado Ranch submarket is one of our favorite pockets in town, and given that the renter by choice demographic has been driving rent growth in Las Vegas over the past two years, we feel that the demand for this product type will continue into the foreseeable future,” Sims said.
Kevin Booth named CEO of Las Vegas-based WestCor
Following the unexpected passing of Michael Coronado, founder and CEO of Las Vegas-based WestCor Cos., in December 2021, the company’s board of directors has announced the newly reorganized management team that will guide the organization through its next growth phase.
Kevin Booth, who has been with the company since 1994, serving as secretary/treasurer and chief financial officer, will now serve as the new president and CEO.
Julie Barraza, the current controller, has been with the company for 17 years and has been promoted to secretary/treasurer and chief financial officer.
“When we evaluated what the company’s operational and administrative needs are, we didn’t need to look very far to find the talent that would carry on the tradition of excellence that WestCor was founded on,” said Jim Hammer, original company partner and current member of the WestCor board of directors. “These two professionals have decades of combined experience leading and nurturing our company’s growth during good times and through economic downturns. We won’t miss a beat.”
Coronado founded WestCor Construction in 1989, responding to the residential boom in the Las Vegas area. He applied his vision and extensive construction experience to expand the company into multiple divisions including framing, concrete and masonry to meet the growth demands of the Southwest.
Over the past 40 years, the company invested in and constructed numerous successful projects, ranging from single-family and multifamily housing units and custom homes to large commercial and industrial projects.
“Michael was the driving force behind WestCor and dozens of companies over the past 30-plus years, but much more than that, he was a great friend and mentor to us all,” Booth said. “He built a company culture based on quality, integrity and safety, and he was committed and engaged with clients, employees and the community at large. All of us on the management team are dedicated to preserving that legacy.”
Frank Volk, Kayla Cambra join LV office at CBRE
CBRE announced that Frank Volk has joined its Las Vegas office as an executive vice president, focusing on leasing high-end retail properties on the Las Vegas Strip and specialty mixed-use properties. Accompanying Volk is Kayla Cambra, who joins CBRE as an associate.
“We’re excited to welcome Frank to CBRE and add a well-respected, market-making retail producer to our local team. He’s created a niche for himself in Las Vegas through his strategic work on some of the most lucrative, large-scale mixed-use projects in the metro, including UnCommons — the future home of our regional office,” said CBRE’s Cassie Catania-Hsu. “Frank and Kayla will be integral in creating a market-leading traditional retail practice. Moreover, their presence will create synergies with CBRE’s Las Vegas-based global gaming practice and differentiate our capabilities and service offerings in the sector.”
Volk has more than 15 years of experience in the Las Vegas retail market with an emphasis on retail space within the metro’s tourist destinations, including the Las Vegas Strip. Most recently, he was a managing principal with SRS Real Estate Partners, where he established the company’s Las Vegas office and specialized in the marketing and leasing of retail projects associated with the hospitality and gaming industries.
Prior to SRS, Volk worked with RKF, which later became Newmark Knight Frank, leasing various high-profile mixed-use projects, including the 1.8 million-square-foot Town Square on the Las Vegas Boulevard, UnCommons in southwest Las Vegas and The Village in Henderson. Throughout his career, he has completed transactions in excess of $1 billion and has represented national and local clients such as Uniqlo, Nordstrom Rack, Michael Jordan Steakhouse, Club Tattoo, Five Guys, The Standard Hotels, Walk-Ons and Marshall Retail Group.
Cambra also joins CBRE from SRS and has several years of experience in retail leasing, commercial property management and residential real estate in Las Vegas. Prior to SRS, she spent several years as a residential consultant, brokering investment and 1031 exchange transactions for residential owners and investors.
Cambra began her career in the industry as a junior property manager with SVN | The Equity Group, where she was responsible for a portfolio of 42 shopping centers and later served as a business development officer.
LaPour hires Kyle Walker as VP of construction
LaPour Partners has hired a well-known construction industry veteran as its new vice president of construction for the company’s growing portfolio.
Kyle Walker will be in charge of new construction for LaPour’s ventures in office, hospitality and industrial projects throughout the Southwest. Walker had served in the construction industry as a project director for ClayCo, as well as a senior project manager for Graycor where he managed over $400M of construction in various product types.
“We are very pleased to be able to bring in someone with Kyle’s extensive experience to oversee construction of our projects throughout the region,” said Jeff LaPour, president of LaPour Partners. “We had the pleasure of getting to know Kyle when he built our Camelback Collective mixed-use project. He is a true professional. A great cultural fit for all.”
LaPour’s recent announcements included the record-setting sale of an industrial property at Deer Valley airport and the sale of the AC Marriott Hotel in downtown Phoenix. The Las Vegas-based company has been a known entity in the Southwest for years but has significantly increased its footprint in the past 12 months, particularly in the industrial and hotel sectors with an active pipeline of nearly $500M.
Walker said that the expansion of LaPour’s portfolio in the Southwest makes this the perfect time for him to take the new position.
“I am very excited to become part of the LaPour team and help ensure these new projects are built to the highest standards of quality,” he said. “LaPour has an excellent track record in a broad spectrum of industry sectors, so it is gratifying to know that we will have an impact through a variety of different projects throughout the region.”
Jarrett Seegmiller joins Ascent accounting firm
Ascent Multifamily Accounting, one of the nation’s largest outsourced multifamily accounting firms, has appointed Jarrett Seegmiller, CPA, to join its team of esteemed industry experts.
“Jarrett is the perfect addition to our team as we continue our focus on accelerating performance and growth,” said Mike Ballard, partner of Ascent Multifamily Accounting. “He brings experience to our team that will help us innovate our strategies on behalf of our clients.”
Seegmiller joins the team from his role at an international accounting and auditing firm where he participated in the audit of multiple Fortune 500 companies, including a range of resorts and casinos on the Strip. As part of his responsibilities, he conducted day-to-day public accounting tasks.
Prior to his work in accounting and auditing, Seegmiller earned his bachelor’s and master’s degrees in accounting from Southern Utah University.
“I am honored to be part of a team that values their employees and takes pride in their work,” said Seegmiller. “By every measure, Ascent Multifamily Accounting offers the leadership and work environment necessary for me to continue advancing my skill set and knowledge of our trade.”
In his new role, Seegmiller is responsible for assisting new clients with financial conversions, managing general ledger history and transactions, reviewing financial statements and helping the firm with technological software platform issues.
Ascent Multifamily Accounting is a full-service outsourced accounting and consulting firm that focuses exclusively on the multifamily industry. Its services include human resources, payroll, bookkeeping, account reconciliations, custom reporting, training and development, business transformation, tax credit consulting and more.
For more information about Ascent Multifamily Accounting, visit www.multifamilyaccounting.com.