Why Investors Are Betting Big on Vegas’s Recovery

Polger: “Since the bottom, average rent has increased by more than 20%. We expect rents to continue to grow as the supply remains somewhat limited.”

SAN DIEGO—Solid population growth, a more diversified economy, job creation and limited new supply are the key reasons the Las Vegas commercial real estate market is coming back, San Diego-based Pathfinder Partners’ senior managing director Lorne Polger tells GlobeSt.com. The firm recently acquired Tierra Bella, an 98-unit apartment community at 10620 Alexander Rd. in Las Vegas for $12.5 million from what Real Capital Analytics reports was a joint venture between National Commercial Ventures and RAIT Financial.

According to Polger, the deal marked Pathfinder’s third acquisition in the area. Last year, Pathfinder acquired 39 of 83 units in Park House Condominiums near Summerlin and 64 of 409 units in the Sky Condominiums on Las Vegas Blvd.