REAL ESTATE BRIEFS

Resale home sales continue to rise

The Greater Las Vegas Association of Realtors reported an increase in homes sales for the Las Vegas Valley in September, while prices stabilized and supply decreased.

The median price for existing single-family homes was $233,500 in September through the association’s multiple listing service, falling below August’s median price of $235,000. September’s median home price was a 6.1 percent increase from $220,000 a year ago.

The median price for local condominiums and townhomes, including high-rise inventory, remained unchanged from August to September at $115,000, although that number fell 3.4 percent from September 2015’s $119,000 median price.

“Our housing supply has been tight for a long time, especially for homes in lower price ranges,” GLVAR president Scott Beaudry said. “We have less than a three-month supply of homes available for sale, when a six-month supply is considered to be a balanced market.”

The inventory of townhomes and condos for sale is at a four-year-low, he added. “I’m concerned about the housing supply, but it’s good to see more homes being sold at prices that have been appreciating gradually over the past year or so,” Beaudry said.

The number of single-family homes, condos and townhomes sold in September was 3,541, up from 3,285 during the same month in 2015, according to GLVAR statistics. This is an increase of 7.6 percent in single-family homes and 8.9 percent in condos and townhomes.

Beaudry said Las Vegas this year is on track to sell more than the 38,578 single-family homes, condos and townhomes sold last year, though that was fewer than in each of the previous five years.

Bascom Group acquires North Las Vegas multifamily property

Bascom Group LLC, a private equity firm with several multifamily holdings in the Las Vegas Valley, added to its Southern Nevada assets with the purchase of an apartment community in North Las Vegas. On Sept. 21, the company closed on the $35.5 million acquisition of the 312-unit Trellis Park Crossroads Apartments at 3825 Craig Crossing Drive.

“Crossroads is an institutionally built asset in a rapidly improving Las Vegas submarket,” said Scott McClave, Bascom Group senior principal. “The property is near U.S. Highway 95 and Interstate 215; and less than 10 miles from the Strip, giving residents access to major thoroughfares and job centers. As the Las Vegas economy continues to strengthen, residents will look for high-quality, well-amenitized living environments like Crossroads.”

Bascom Group has purchased several multifamily properties this year. In May it entered a joint venture deal with Los Angeles-based Oaktree Capital Management to acquire Camden Property Trust’s 15-property portfolio for $630 million. In addition to the more than 4,900 apartment units, Bascom and Oaktree jointly own a retail center and 20 acres of land.

Investors purchase over $170 million in multifamily assets

Three multifamily properties in the Las Vegas area were purchased in October by investors. The deals were valued at more than $170 million.

Irvine, California-based Shopoff Realty Investments purchased Sky Pointe Landing Apartments in the northwest for $72.6 million from sellers Investcorp Group and Bascom Group LLC, according to CoStar.com. The 624-unit property is near U.S. Highway 95 and Interstate 215 at 5850 Sky Pointe Drive.

“This apartment community is located in a terrific neighborhood, but is in need of an update,” William Shopoff, CEO of Shopoff Realty Investments, said in a written statement. “As a market, Las Vegas is coming back from the depths of the 2008 Great Recession with steady job growth and a greatly reduced inventory of shadow market single-family homes, which is helping to push market rents and occupancy for apartments across the Las Vegas Valley.”

The Class B community was built in 1996 and has one-, two- and three-bedroom floor plans, with two clubhouses and pools within the complex.

On the south end of town, New York City-based Praedium Group purchased a 320-unit multifamily property for $53.6 million from Toronto-based Starlight U.S. Multifamily Core Fund at the end of October, CoStar.com reported.

The property was built in 2012 and sits on 14.3 acres. It’s comprised of 29 two-story buildings that contain one-, two- and three-bedroom floor plans. Amenities include two resort-style pools, a sun bathing table, an e-lounge, business center and a 24-hour fitness center.

The sellers were represented by Charlie Steele and John Cunningham of Jones Lang LaSalle.

On the east side, apartment communities Sonoma Shadows at 1750 Karen Ave. and Pine Hills Lodge at 1500 Karen Ave. sold for over $45 million, NAI Vegas’ Sauter Multifamily Group reported.

The properties, each containing 376 units, were purchased by Westland Real Estate Group. Art Carl and Patrick Sauter of NAI Vegas represented the seller, Prime Sonoma Shadows LLC.