Calida Group plans apartments in Las Vegas
The Calida Group, an apartment developer in Las Vegas, plans to buy a long-litigated parcel in Las Vegas and build a high-priced apartment rental complex.
The 15.6-acre property, located between the Boca Park and Tivoli Village centers, would let tenants live within close walking distance of numerous retailers and restaurants. Units would average around 900 square feet, with many being one-bedroom apartments.
Prices for the 359-unit rental complex have not been finalized, but Calida co-founder Eric Cohen said the group is thinking of charging similar rents to its 124-unit Constellation project in Summerlin, which are about $1.95 per-square-foot on average.
Cohen said he aims to close the land purchase in late August and start construction in second quarter 2018.
Multifamily vacancy in Southern Nevada decreased in the fourth quarter of 2016 to 3.2 percent, according REIS. Multifamily vacancy was 0.1 points higher than in the third quarter of 2016 and 1.0 p