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 offers a mix of one- and two-bedroom units averaging 945 square feet. Units have walk-in closets, stainless steel dishwashers, and high ceilings with crown molding, and the property is fully landscaped with two swimming pools, private cabanas, a clubhouse with coffee bar, fitness center, and lounge. exterior with fireplace.
The property is also located in a highly desirable location with easy access to the Las Vegas Strip and the greater Las Vegas Valley. It is also close to several office hubs, including the McCarran Office Submarket, the Spring Valley Corridor, and Downtown Las Vegas.
Las Vegas is among the markets benefiting from population growth and immigration during the pandemic. In fact, during the pandemic, the city of Las Vegas spear a new program to attract tech workers who have the ability to work remotely to move into the marketplace. 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 targets employees in Seattle and San Francisco.
Investors were also active in the market. In April, an anonymous buyer bought a portfolio of three properties in Las Vegas for $182 million from Tower 16 Capital Partners; in July, The Bascom Group expanded its presence in Las Vegas with the purchase the apartment portfolio of three The Spectra properties for $72 million; and in August, TruAmerica Multifamily bought Vida, a 252-unit apartment building near the Las Vegas Strip.