LAS VEGAS-ST Residential has partnered with Las Vegas-based Northcap Commercial doing business as ST Real Estate Management, which will introduce luxury high-rise leasing and living to the Las Vegas and Reno markets. “ST Residential is approaching residential real estate from a new perspective,” says Jon Pertchik, chief operating officer of ST Residential.
Pertchik continues that “We have an excellent partner in Northcap Commercial to steward our stunning mid- and high-rise condominium assets in Nevada. We are looking forward to working with them and leveraging their deep experience and understanding of this important market.”
ST Real Estate Management will sell and manage the ST Residential properties in Nevada. In addition, it will execute the business plans of ST Residential, which vary by property and market. ST Residential owns or has provided financing for more than 80 condominium properties throughout the US, including five that are located in Las Vegas and one in Reno. ST Residential’s Nevada assets include: Loft 5, Streamline Tower, ONE Las Vegas, Newport Lofts, Monterey at Las Vegas Country Club and The Montage.
Through this relationship with ST Residential, ST Real Estate Management is distinguishing itself as a first-in-class management company and brokerage, according to a prepared statement. The company intends on building its third-party business toward the beginning of 2011 and will focus on properties of similar quality to those owned by ST Residential, according to a prepared statement.
“In today’s market it’s difficult to secure a home loan, but ST Residential is able to provide an alternative solution, giving people the option to lease our tremendous properties while the real estate industry turns itself around,” says John Tippins, principal of ST Real Estate Management. “We are very happy to be a part of helping establish ST Residential in Nevada and growing the brand as it brings a very unique hospitality component to residential living.”
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