LAS VEGAS, NV – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has bought Promenade at Sahara Apartments, a 312-unit multifamily community in Las Vegas, Nevada. 29SC plans to implement a $2.2 million capital improvement program to renovate unit interiors, enhance the property’s exterior and curb appeal and improve the amenity package. 

“We are excited to add Promenade at Sahara to our expanding Las Vegas portfolio,” said Dusty Eddy, 29SC’s Vice President of Acquisitions for Phoenix and Las Vegas. “We believe the Las Vegas market has strong population and economic fundamentals that will continue for the foreseeable future.”

Promenade at Sahara is situated approximately six miles east of the Las Vegas Strip. The community is located near many daily conveniences, including Smith’s, Albertson’s, Starbucks and Walgreens, and provides its tenants with simple access to I-515 and Boulder Highway. 

The Las Vegas market has experienced significant economic improvement in recent years. Cushman & Wakefield reported that Las Vegas is the #2 real estate market for rent growth at 5.5%. In addition, employment growth in 2017 is at nearly 3%, which is roughly double the national average.  

“This property is in a growing workforce neighborhood with fantastic accessibility to downtown, the strip, North Las Vegas and other destinations,” Eddy added. “With the combination of the fantastic location and our capital improvement program, we will make exceptional value for our residents and investors.” 

The transaction closed January 19. The sale price was not told.

29th Street Capital bought 16 multifamily assets over the past 12 months and continues to actively pursue additional opportunities throughout the U.S. The firm will continue to target strategic value-add deals that are below the institutional radar, with the intention of offering its investors above-market returns. 

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SAN DIEGO, CA – Affirmed Housing breaks ground on Bluewater; 80 new affordable homes for families earning 50%-60% AMI. Bluewater will offer 32 one, 24 two and 24 three-bedroom apartment homes.

Features will include energy star appliances, indoor and outdoor community space, central heating & air conditioning and solar Photovoltaic panels to offset resident utilities.

The building will feature elevated common area amenities and outdoor open space, a community kitchen, multi-purpose space, and gathering areas oriented to enliven the space with natural sunlight. Resident apartments will average 817 square feet and feature modern, durable finishes with high energy-efficient standards to keep utility costs low.

Designed by Studio E architects to embrace walkability and connectivity, this new community will provide much needed high-quality, affordable living in a San Diego “choice” community with a host of urban amenities and access to high-frequency, public transportation.

“At a time when the housing crises is at a pinnacle, affordable housing is in demand now more than ever. This new development will offer quality, affordable homes to San Diego County residents in a prime location,” states James Silverwood, President and CEO of Affirmed.

Headquartered in San Diego, Affirmed Housing is dedicated to improving and sustaining the viability of California through the development of affordable housing.

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INDIANAPOLIS, IN – A VIP Preview Party and Ribbon-Cutting Ceremony will be held for Hellenic Senior Living of Indianapolis, a new affordable helped living community for older adults that is opening next month.

This $23 million development was designed for seniors who have a financial need and need some help to maintain their independence.

“We will be providing older adults with a wonderful alternative to a nursing home or to struggling alone at home,” said Hellenic Administrator John Robison.

The community will combine residential apartment-home living with the availability of personal help, help with medications, and a variety of convenience and support services, such as meals, housekeeping, laundry and on-site physical therapy.

Residents will live in private apartments that they will furnish and decorate to their tastes. Each of the apartments will feature a kitchenette, spacious bathroom with shower and grab bars, individually controlled heating and air conditioning and an emergency alert system.

In addition, Hellenic Senior Living offers several areas for residents to delight in, including an activity room, beauty salon/barber shop, convenience store, fitness room, library, café, TV lounges and a theater room.

Certified nursing assistants, working under the direction of a licensed nurse, will be on-duty 24 hours a day, seven days a week. “Residents also will benefit from all of the opportunities that will be available to socialize with friends and neighbors and to participate in activities and special programs,” says Robison.

When fully occupied, the community will provide 63 full-time and part-time jobs. Annual payroll with benefits is projected to be $1.8 million.

Hellenic will be certified to operate through the Division of Aging and regulated by the Indiana State Department of Health.

“Our focus,” says Rod Burkett, CEO of Gardant Management Solutions, the company that will manage the community, “is to provide Hellenic residents with the like, compassion and dignity they deserve and the help and help they need. Our emphasis is on helping each resident achieve and maintain as much independence as possible for as long as possible.”

Another property, Hellenic Senior Living of New Albany, is under construction and expected to open this winter.

Communities managed by Gardant are the Belvedere Senior Housing in Merrillville, Oasis at 30th in Indianapolis and Silver Birch of Hammond.

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