Stephanie Village in Henderson, a mixed-use condominium project being developed by RMI Development, has taken on additional ownership with international investment and advisory firm Babcock & Brown.
According to Dan Shaw, chief executive officer and director of development for RMI Development, Stephanie Village is making progress with the help of its recently acquired financial partner.
“Babcock & Brown brings a wealth of experience and significant capital to the table. The company has an impressive track record with personnel who lend expertise in all the right areas,” Shaw said.
Listed on the Australian Securities Exchange, Babcock & Brown has $7.3 billion in real estate assets under management with operations in more than 20 countries.
In 2005, the company expanded its principal investment in real estate to the United States, investing in apartments, shopping centers, self storage and residential developments. In total, Babcock & Brown manages $35 billion across its divisions: real estate, infrastructure and project finance, operating leasing, structured finance and corporate finance.
“Our development philosophy involves investing in stable markets experiencing both population and economic growth,” said Dan Brickman, who oversees Babcock & Brown’s real estate operations in the United States. “We pride ourselves on working with reputable partners so we can construct projects on budget, on time and with high quality.”
Brickman said the company has stringent criteria that any proposed project must meet before a deal is consummated.
“We strongly prefer that our development partners also have money invested in their projects,” he said. “That’s the case here, and it’s the perfect marriage. Babcock & Brown manages Stephanie Village’s finances and marketing; RMI oversees construction.”
The partnership seems to be working, as evidenced by construction progress at Stephanie Village, located on North Stephanie Street near Interstate 215, the Las Vegas Beltway. The clubhouse is under construction and scheduled for completion this fall. The first residential building is under way and presales are brisk, with about 50 percent of the 114 condominiums sold, according to the developers. Brickman attributes Stephanie Village’s early success to its developers’ core beliefs.
“Like Dan [Shaw], the Babcock & Brown team believes in building quality products. It’s obvious to buyers when they see the size of Stephanie Village’s condominiums compared to others,” said Brickman, referencing other condo projects with units as small as 600 square feet.
Stephanie Village’s floor plans range from 908 to 2,295 square feet.
“We’re about $355 per square foot, significantly below the $700- and $800-per-square-foot prices for units on the Strip,” he said.
Priced from the low $300,000s, floor plans include up to three bedrooms, three baths and a loft. Residences have European-style maple cabinetry and granite slab countertops throughout. Low-e windows contribute to energy efficiency.
Stephanie Village’s clubhouse, expected to be unveiled this fall, has 15,000 square feet of presold office space and resident amenities, including a fitness center, clubroom, theatre room, library, business center and conference rooms. An amphitheater, four pools, four whirlpools and a putting green are also planned.
The sales center at 64 N. Stephanie St. in Henderson is open daily from 10 a.m. to 6 p.m.
To visit, take I-215, exit Stephanie Street north and proceed to Wigwam Parkway, then follow signs to the sales center. For more information, call 564-0686 or visit stephanievillage.com