Las Vegas — Camino Verde Group, LLC, a Nevada-based real estate investment firm, has acquired The Desert Inn Apartments and the Sherwood Apartments in Las Vegas. The communities include 36 units each and are located in high employment areas. The value of the acquisitions is greater than $5.4 million.
“These were perfect properties for our investors’ portfolios,” said Mike Ballard, managing director and founder of Camino Verde Group, LLC. “The portfolio emphasizes properties that are operating well and cash flowing but have opportunities for added value. With both communities, we plan to update appliances, flooring and countertops as appropriate, as well as update community amenities.”
The Sherwood Apartments were originally built in 1960. The 36-unit community is located in Las Vegas near the Las Vegas Country Club and the Sahara Las Vegas Hotel. This two-story community includes studios and one and two-bedroom apartments with up to 775 square feet. Sherwood Apartments sit on 0.68 acres with one garden-style building, totaling 22,575 sq. ft. This community is fully gated, which provides a great sense of security for its residents. This great location provides residents convenient access to nearby public transportation, including bus stops and the Las Vegas Monorail.
Built in 1963, the Desert Inn Apartments are comprised of 36 spacious one-bedroom, two-bedroom and three-bedroom floor plans. Desert Inn Apartments sit on 0.89 acres with four garden-style buildings, totaling 27,400 sq. ft. offering large kitchens and closets. This community is ideally situated in the heart of Las Vegas, less than one-half mile from the Las Vegas Convention Center.
“These areas by the Las Vegas Convention Center and the north end of the Las Vegas Strip make them ideally suited for affordable workforce housing,” said Ballard. “There is significant construction near these properties that are creating jobs, including Resorts World, the Drew, the Majestic Las Vegas Resort and $980-million expansion of the Las Vegas Convention Center. Those four projects should add more than 20,000 jobs and are all within walking distance of our properties.
“Both The Sherwood Apartments and Desert Inn Apartments are located near the Monorail and other major transit lines, making transportation throughout the city easy for residents,” said Ballard. “Priced below $900 on average, these units are designed to be workforce housing, for which there is a significant need.
Increasing Demand For Workforce Housing
According to the 2017 State of the Nation’s Housing study by Harvard Research, while construction of high-end Class A properties has increased in recent years, it has fallen for the Class B and C properties. In other words, workforce housing is facing a shortfall of units.
That study found, that in the decade between 2005 and 2015, the supply of rental housing stock increased by nearly 100 percent for high-end units, but during that same period the stock of affordable units fell by two percent.
About Camino Verde Group, LLC
Camino Verde Group is a privately held acquisition and asset management company. Based in Henderson, Nevada, the company focuses on the multifamily market. It provides above average returns to its partners and investors through meticulously planned value-add programs. For more information, visit www.caminoverdegroup.com or call 702-467-0789.