New apartments coming to south edge of Las Vegas Valley

An Atlanta developer is gathering an upscale flat analyzable astatine the confederate borderline of the Las Vegas Valley, aft it opened a rental spot crossed municipality months into the pandemic.

Construction is underway connected Wood Partners’ 228-unit task disconnected Southern Highlands and St. Rose parkways, adjacent the M Resort. The rental complex, Alta Southern Highlands, is slated to unfastened aboriginal adjacent year.

It is expected to see “next-level finishes,” a crippled tract and a fittingness halfway with yoga studios, its website says.

Like different industries, Las Vegas’ rental marketplace faced turmoil and questions aft the pandemic hit. Many tenants tapped unemployment benefits, stimulus funds oregon different alleviation programs to wage their rent amid immense occupation losses successful casino-heavy Southern Nevada, and government-ordered eviction freezes kept starting and stopping.

But plentifulness of radical person besides moved to the vale during the pandemic, including those from pricier markets who came to enactment remotely successful larger, little costly homes, and Southern Nevada’s rental marketplace has seen continued construction, skyrocketing rents, and tighter vacancies.

The emblematic rental complaint of a Las Vegas-area location successful August was $1,718, up astir 25 percent from a twelvemonth earlier, listing tract Zillow reported. Las Vegas’ yearly rent maturation was fastest among the 50 metro areas successful the report.

Todd Taylor, a managing manager astatine Wood Partners, said successful a connection to the Review-Journal that Southern Highlands is simply a “high-profile, established community” with golfing, trails, and different amenities, and boasts “easy access” to the Strip and McCarran International Airport.

Property records bespeak that Wood acquired the task site, 3030 Robert Trent Jones Lane, successful July 2020, 4 months aft the coronavirus outbreak devastated Las Vegas’ system with statewide casino closures, a shutdown successful tourism, and, astatine 1 point, much than 30 percent unemployment.

The marketplace was “extremely challenged with tremendous uncertainty” past July, and determination was “significant distress” from existent and prospective tenants connected making rent payments, Taylor said.

But successful caller months, the section system has started to “slowly unfastened up” arsenic much tourists travel in, helium said. Plus, arsenic Californians permission their location state, “Las Vegas has go a superior benefactor of that exodus,” fueling absorption, rent growth, and spot values, helium added.

Wood Partners announced successful August 2020 that it broke ground connected Alta Southern Highlands.

The period earlier that, it besides announced the opening of a 347-unit flat analyzable successful Henderson called Alta NV.

That project, astatine 1250 Wigwam Parkway, conscionable eastbound of Stephanie Street, was astir 92 percent leased arsenic of this week, according to Taylor.

Contact Eli Segall astatine esegall@reviewjournal.com oregon 702-383-0342. Follow @eli_segall connected Twitter.