Big investments for rundown rental properties in Downtown Las Vegas
LAS VEGAS, Nev. (FOX5) - From rundown properties to historic motels, investors are putting their money in downtown Las Vegas.
Las Vegas Apartments Corporation is a property management and construction company. They invest in empty or older properties in the downtown area, renovate them and bring them back on the market.
The company’s website said they currently rank as the second highest property owner in downtown.
Felicia Thompson, property and construction manager, said they currently have 13 rentals downtown.
Once renovations are complete, their properties are posted with a for sale sign.
“Typically that’s not...we’re not looking to sell we enjoy having rental properties, meeting people you know,” Thompson said. Last week they received an offer they couldn’t pass up.
According to property records, LVA purchased a 10-unit apartment complex at 211 South 13th Street, off the corner of Carson Avenue in 2018 for $675,000. Last Friday it closed for $2.7 million.
“That property wasn’t even fully renovated either we still had a few that were not renovated, but the demand for 13th Street and that area is so big,” Thompson said.
She added that the investor is based out of Southern California.
“He actually has multiple properties here in the downtown area. He’s very noticeable because he does all the fencing the same. So you can always tell which property is his. So he’s kind of our competitor, but at the same time you cant ignore those kind of numbers,” Thompson said.
She said the deal included extending the leases with the tenants that still live there.
As for LVA and their next project, they just received permits to get started on renovating the 1950′s era Safari Motel. Thompson said that will be master leased to Veterans Affairs.
“They will house people for a few months and turn it over and you know get those people on their feet...I think that’s a huge thing that downtown needs you know as well as the homeless people so they’re going to do that as well I mean we just can’t ignore that’s here in downtown,” Thompson said.
Room sizes range from studios, one bedroom to two bedroom. When LVA renovates units rent does increase. Thompson said a studio for example that goes for $760 would increase to $1,075.
Their property they just purchased at 1410 Casino Center already has a wait list.
“I mean that’s just how fast it’s going there’s such demand down here,” Thompson said.
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