Carl Sims of Phoenix-based Hendricks & Partners' Las Vegas office tells GlobeSt.com that there are more buyers than ever before despite the soft market and the loss of 15,000 jobs after 9/11. Vacancy, he says, is hovering around 6% or 7%, but activity is up as private investors retreat from the stock market and into real estate.

The solid price on the Lake Sahara complex at 2500 Karen Ave. comes from its positioning in a heavily weighted, class B multifamily area although the holding itself is definitely class C product. Sims got such a good selling price for an abutting 288-unit complex that Lake Sahara's owners followed suit. And, Sims says, one partner wanted to invest in some other ventures. Sims has one deal going on a class A property that came to market for $94,000 per unit and is under contract for considerably more due to the high interest ran.

Sims and Brian Anderson, also in the Hendricks & Partners' Las Vegas office, represented the seller, Lake Sahara Apartments LLC of Salt Lake City. Bob Weinberger of Harwin Enterprises Inc. brokered on behalf of buyer Seaport Villas Inc. of Escondido.

A vast land shortage is keeping the selling prices up in the Vegas market. Some 85% of the land is state owned, forcing stiff competition among developers of all product type to get a developable tract. Multifamily developers, says Sims, seem to be at the bottom of the pile when it comes to land buys. As a result, the market is predicted to get tight despite the current vacancy and rent concessions being offered in the estimated 190,000-unit inventory.