LAS VEGAS, Nev. (FOX5) — From run-down properties to historic motels, investors are pouring their money into downtown Las Vegas.
Las Vegas Apartments Corporation is a property management and construction company. They invest in vacant or old properties in the city centre, renovate them and put them back on the market.
The company’s website says it currently ranks second among downtown landowners.
Property and construction manager Felicia Thompson said they currently have 13 rentals downtown.
After the renovations are complete, their properties are displayed with a For Sale sign.
“Generally it’s not…we’re not looking to sell, we like having rental properties, meeting people you know,” Thompson said. Last week they got an offer they couldn’t pass up.
According to property records, LVA purchased a 10-unit apartment complex at 211 South 13th Street at the corner of Carson Avenue in 2018 for $675,000. Last Friday, it closed for $2.7 million.
“This property hasn’t even been fully renovated, we still had a few that weren’t renovated, but the demand for 13th Street and this neighborhood is so great,” Thompson said.
She added that the investor is based in Southern California.
“He actually has several properties here in the city center. He is very visible because he does all the fencing in the same way. So you can always tell which property is his. So he’s sort of our competitor, but at the same time you can’t ignore those kinds of numbers,” Thompson said.
She said the deal included extending leases with tenants who still live there.
As for LVA and their next project, they just received permits to begin renovating the 1950s Safari Motel. Thompson said it will be leased on a primary basis to Veterans Affairs.
“They’re going to house people for a few months and get them back on their feet and you know, get those people back on their feet… I think that’s a huge thing that downtown needs, you know, and the homeless , so they’re gonna make it that way, I mean we just can’t ignore it’s here downtown,” Thompson said.
Room sizes vary from studios, one bedroom to two bedrooms. When LVA renovates housing, the rent increases. Thompson said a studio for example that costs $760 would go up to $1,075.
Their newly purchased property at 1410 Casino Center already has a waiting list.
“I mean that’s how fast it’s going, there’s such demand here,” Thompson said.
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