The Shadow Hills at Lone Mountain apartments are located at 3501 Shady Timber St. and were built in 2002. The new financing is a 35-year, fully amortizing loan at a fixed interest rate of 5.2%, according to Christopher Funai, a vice president in the Las Vegas office of Newmark, who procured the loan.
The garden-style Shadow Hills property includes a large clubhouse with a fully-equipped gym, an entertainment room and a business center. The complex also features a large, central pool with spa, cabanas and barbecues. The Shadow Hills complex features units from one to three bedrooms with one and two baths, in eight floor plans, according to the web site for the apartments.
The Las Vegas apartment market continues to cope with a supply/demand imbalance brought on by the economic downturn, but the national economic recovery should help lay the foundation for an improvement starting in 2011, according to a recent market research report by Marcus & Millichap. The report says that, ass job growth resumes at the US level, the opening of new resorts such as CityCenter, along with reduced hotel room rates, "will attract visitors and aid in stabilizing employment in the metro's large leisure and hospitality sector, a major driver of local apartment demand."
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