LaSalle Investment Management Buys Las Vegas Apartments for $156M

LaSalle Investment Management has acquired Ely at The Curve, a 456-unit apartment community in the Spring Valley suburb of Las Vegas, from The Calida Group for $155.6 million.

Located at 6355 South Riley St., Ely at The Curve was built in 2010 and features a mix of one- and two-bedroom units averaging 945 square feet. The units have walk-in closets, stainless steel dishwashers and high ceilings with crown molding, and the property is fully amenitized with two swimming pools, private cabanas, a clubhouse with coffee bar, a fitness center and an outdoor lounge with fireplace.

The property is also located in a highly sought-after location with easy access to both the Las Vegas Strip and the greater Las Vegas Valley. It is also proximate to several office hubs, including the McCarran office submarket, Spring Valley corridor and Downtown Las Vegas.

Las Vegas is among the markets to benefit from population growth and inward migration during the pandemic. In fact, during the pandemic, the City of Las Vegas launched a new program to attract technology workers that have the ability to work remotely to move to the market. The city’s Economic and Urban Development department is leading the campaign, which has been rolled out on Linkedin and a new website called Innovate. The team is targeting employees in Seattle and San Francisco.

Investors have also been active in the market. In April, an unnamed buyer purchased a three-property portfolio in Las Vegas for $182 million from Tower 16 Capital Partners; in July, The Bascom Group expanded its Las Vegas footprint with the purchase of the three-property The Spectra apartment portfolio for $72 million; and in August, TruAmerica Multifamily purchased Vida, a 252-unit building located near the Las Vegas Strip.