Continental Realty Group has recently acquired the Villa Del Rio Apartments in Las Vegas for $27 million, at a price of $160,714 per unit. This is the sixth property that CRA has purchased in the Las Vegas market since 2015.
The complex was built in 1990 and is located on Nellis Blvd. on the east side of Las Vegas. It offers one-, two- and three-bedroom apartments with four different floor plans to choose from. The amenities include a clubhouse/leasing center, swimming pool, fitness center, and outdoor lounge and barbecue areas. The previous owner had already renovated 38 units before selling it to CRA; however, they plan to invest an additional $2.4 million towards completing renovations for all units as well as other improvements throughout the property.
Adam Holt from CRA stated that they believe the Las Vegas market will make a strong recovery after facing struggles during the pandemic era due to improving market fundamentals. In fact, according to job growth statistics from 2023 ,Las Vegas was one of top markets for job growth which indicates that capital investments are returning back into this thriving market after being largely sidelined since late-2022.
