sullivan square - the hoffman company … · harcourt developments is one of ireland’s largest...
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9205 W. Russell Road, Suite 235
Las Vegas, Nevada 89148
T (702) 929-3120
F (702) 929-3899
www.hoffmanland.com
NV RED #B.1000466
Nevada Office
Broker ContactAman Lal, NV RED #S.0168657
T (949) 293-4162 | [email protected]
Jenna Adkins, NV RED #S.0179975
T (702) 929-3114 | [email protected]
EXCLUSIVE OFFERING MEMORANDUM
Leading the LandBrokerage IndustryC A L I F O R N I A + N E V A D A
14.89 TOTAL ACRESLAS VEGAS, NEVADA
Sullivan Square
The
Hoffman
Company
CO N C E P T UA L R E N D E R I N G
DisclaimerThe information contained in this offering material (“Brochure”) is furnished solely for the purpose of a review by prospective purchaser of any portion of the subject property in the City of Las Vegas, County of Clark, Nevada (“Property”) and is not to be used for any other purpose or made available to any other person without the express written consent of Scheel Dallape Inc. d/b/a The Hoffman Company (“The Hoffman Company”). The material is based in part upon information obtained by The Hoffman Company from sources it deems reasonably reliable. Summaries of any documents are not intended to be comprehensive or all inclusive but rather only an outline of some of the provisions contained therein. No warranty or representation, expressed or implied, is made by Seller, The Hoffman Company, or any of their respective affiliates, as to the accuracy or completeness of the information contained herein or as to engineering or environmental matters. Prospective purchasers should make their own projections and conclusions without reliance upon the materials contained herein and conduct their own independent due diligence, including engineering and environmental inspections, to determine the condition of the Property and the existence of any potentially hazardous material located at the site.
This Brochure was prepared by The Hoffman Company. It contains select information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information that a prospective purchaser may desire. All assumptions are provided for general reference purposes only and are based on assumptions relating to the general economy, competition and other factors beyond control and, therefore, are subject to material change or variation.
In this Brochure, certain documents and other materials are described in summary form. The summaries do not purport to be complete nor, necessarily, accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to independently review all documents.
This Brochure is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advice as to the value of the Property by The Hoffman Company or the Seller. Each prospective purchaser is to rely upon its own investigation, evaluation and judgment as to the advisability of purchasing the Property described herein.
Seller and The Hoffman Company expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the property and/or to terminate discussions with any party at any time with or without notice. Seller shall have no legal commitment or obligation to any purchaser reviewing this Brochure or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered and approved by the Seller and any conditions to Seller’s obligations there under have been satisfied or waived. The Hoffman Company is not authorized to make any representations or agreements on behalf of Seller.
This Brochure is the Property of The Hoffman Company and may be used only by parties approved by The Hoffman Company. The Property is privately offered and, by accepting this Brochure, the party in possession hereof agrees (i) to return it to The Hoffman Company immediately upon request of The Hoffman Company or Seller and (ii) that this Brochure and its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this Brochure may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of The Hoffman Company and Seller.
Please be advised, Buyer acknowledges that The Hoffman Company Organization, may (1) act as an agent for more than one prospective Buyer on the subject property and/or (2) act as the agent for both the Buyer and Seller on the subject property. Any prospective Buyer requesting The Hoffman Company to submit an offer on its behalf acknowledges the foregoing disclosures and agrees to the described agency relationships with other prospective Buyers.
POSSIBLE REPRESENTATION OF MORE THAN ONE BUYER OR SELLER - DISCLOSURE AND CONSENT (C.A.R. Form PRBS, 11/14)
A real estate broker (Broker), whether a corporation, partnership or sole proprietorship, may represent more than one buyer or seller. This multiple representation can occur through an individual licensed as a broker or salesperson or through different individual broker’s or salespersons (associate licensees) acting under the Broker’s license. The associate licensees may be working out of the same or different office locations.
Multiple Buyers: Broker (individually or through its associate licensees) may be working with many prospective buyers at the same time. These prospective buyers may have an interest in, and make offers on, the same properties. Some of these properties may be listed with Broker and some may not. Broker will not limit or restrict any particular buyer from making an offer on any particular property whether or not Broker represents other buyers interested in the same property.
Multiple Sellers: Broker (individually or through its associate licensees) may have listings on many properties at the same time. As a result, Broker will attempt to find buyers for each of those listed properties. Some listed properties may appeal to the same prospective buyers. Some properties may attract more prospective buyers than others. Some of these prospective buyers may be represented by Broker and some may not. Broker will market all listed properties to all prospective buyers whether or not Broker has another or other listed properties that may appeal to the same prospective buyers.
Dual Agency: If Seller is represented by Broker, Seller acknowledges that broker may represent prospective buyers of Seller’s property and consents to Broker acting as a dual agent for both seller and buyer in that transaction. If Buyer is represented by Broker, buyer acknowledges that Broker may represent sellers of property that Buyer is interested in acquiring and consents to Broker acting as a dual agent for both buyer and seller with regard to that property.
In the event of dual agency, seller and buyer agree that: (a) Broker, without the prior written consent of the Buyer, will not disclose to seller that the Buyer is willing to pay a price greater than the offered price; (b) Broker, without the prior written consent of the seller, will not disclose to the buyer that seller is willing to sell property at a price less than the listing price; and (c) other than as set forth in (a) and (b) above, a dual agent is obligated to disclose known facts materially affecting the value or desirability of the property to both parties.
Offers not necessarily confidential: Buyer is advised that seller or listing agent may disclose the existence, terms, or conditions of buyer’s offer unless all parties and their agent have signed a written confidentiality agreement. Whether any such information is actually disclosed depends on many factors, such as current market conditions, the prevailing practice in the real estate community, the listing agent’s marketing strategy and the instructions of the seller.
Buyer and seller understand that Broker may represent more than one buyer or more than one seller and even both buyer and seller on the same transaction and consents to such relationships.
The terms and conditions set forth above apply to this Brochure in its entirety.
W RUSSELL RD
W PATRICK LN
215
LAS VEGAS STRIP(9 Miles away)
UNLV CAMPUS(11 Miles Away)
MCCARRAN AIRPORT(7 Miles Away )
S DURANGO DR
S BUFFALO DR
STATION CASINOS70 ACRES
OPENINGMAY 2016
W SUNSET RD
BAD
URA
AVE
EXECUTIVE SUMMARYNarrative
Offering Guidelines
About Harcourt Development
Aerial, Maps & PhotosClose Up Aerial
Site Plan
Vicinity Aerial
Assessor’s Parcel Map
AREA OVERVIEWLas Vegas Market Overview
Las Vegas Employment Overview
Area Attractions
Proximity to Las Vegas Strip and Airport
MARKET OVERVIEWNew Development Map
Multi-Family Sale Assumptions
Recent Land Sales
Apartment Demand in Southwest
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Table of Contents15
1Executive Summary
CO N C E P T UA L R E N D E R I N G
5\ \The
Hoffman
Company
OFFERING MEMORANDUM SULLIVAN SQUARE | LAS VEGAS, NV
1EXECUTIVE SUMMARY
Narrative
Sullivan Square offers a unique development opportunity for a mixed use project in Las Vegas with great accessibility and proximity
to the strip. The site sits at the southeast corner of Sunset and Durango and has easy access to the 215 Freeway. The project was
originally entitled in 2007 for 1,350 condos, 250,000 sq ft of office and 40,000 sq ft of retail. In May 2016 IKEA opened its doors across
the street from the site. Ikea has had phenomenal success and have been generating significant retail traffic in the area. The site is
owned by Harcourt Development in Dublin, Ireland and they are interested in a sale or joint venture partnership to develop the site.
ASSESSOR’S PARCEL NUMBERS
176-04-101-025 and -026
TOTAL ACRES
14.89
ZONING
Commercial General (CG). Land uses permitted under CG Zoning include C-P: Office and Professional District, C-1: Local Business District, C-2: General Commercial District
MUNICIPALITY
City of Las VegasClark County Spring Valley
DEVELOPMENT PHASING
Phase 1: Infrastructure, West Tower 1, West Tower 2, Mid-rise 1 w/amenityPhase 2: Mid-rise 2, Mid 3 (townhouses), South Tower 1 w/amenityPhase 3: Loft building, South Tower 2
Undetermined: Office building, subject to pre-let agreement
6\ \The
Hoffman
Company
OFFERING MEMORANDUM SULLIVAN SQUARE | LAS VEGAS, NV
1EXECUTIVE SUMMARY
DO NOT CONTACT ANY GOVERNMENTAL AGENCIES IN REGARDS TO THIS SITE. ALL COMMUNICATION WILL BE COORDINATED THROUGH THE SELLER.
Offering Guidelines
SELLER
Harcourt Development
PROPOSED DEAL STRUCTURE
Seller is looking for a partial cash payment and to stay in as a joint venture
partner or an all cash transaction.
ASKING PRICE
Submit
PURCHASE & SALE AGREEMENT
Seller to provide.
DUE DILIGENCE PERIOD
The Due Diligence Period shall commence upon acceptance of the LOI and delivery of Due Diligence Materials and shall conclude 60 days thereafter.
DEPOSIT STRUCTURE
• $500,000 refundable Deposit to open escrow.• At end of the Due Diligence period, Deposit to be increased to 10% of
purchase price.• Upon approval of the Due Diligence period, Deposit to be released to
Seller, non-refundable, and applicable to purchase price.
ESCROW
Shall be held with Nevada Title and Escrow.
OPENING OF ESCROW
Upon delivery to Escrow of (i) the mutually executed Letter of Intent and (ii) the Initial Deposit of $500,000.
CLOSE OF ESCROW
The closing shall occur upon approval of seller’s site plan.
7\ \The
Hoffman
Company
OFFERING MEMORANDUM SULLIVAN SQUARE | LAS VEGAS, NV
1EXECUTIVE SUMMARY
About Harcourt Development
Harcourt Developments is one of Ireland’s largest privately-owned property companies. Retained assets include offices, shopping centres, industrial parks and hotels in nine different countries worldwide including Ireland, the United Kingdom, the Bahamas, the United States, the Channel Islands and Latvia. The Group employs over 1000 people.
The team at Harcourt has a successful track record of evaluating and managing property investments to deliver strong and sustainable investment returns. While continuing to develop, the group owns and manages a prime invest-ment portfolio generating revenue from a combination of retail, offices, indus-trial, leisure and residential accommodation.
Key schemes include Park West Business Park in Dublin; Titanic Quarter, Bel-fast; waterfront developments in Jersey, The Channel Islands; Sullivan Square in Las Vegas; Riga International Business Park in Latvia; Royal Haslar in Gosport, England; Stanley Dock in Liverpool and a number of regional shopping centres across Ireland. Harcourt also has interests in over 40 hotels worldwide. CHELSEA HARBOUR
LONDON
PARK WEST POINTEPARK WEST, DUBLIN
TITANIC QUARTERBELFAST
SUFFOLK COURTBAHAMAS
Aerials, Maps
& Photos
2
CO N C E P T UA L R E N D E R I N G
9\ \
AERIALS, MAPS& PHOTOS
The
Hoffman
Company
OFFERING MEMORANDUM SULLIVAN SQUARE | LAS VEGAS, NV
2Close Up Aerial
W SUNSET RD
W RAPHAEL RIVERA WAY
BRUCE WOODBURY BELTWAY
S DU
RAN
GO
DR
GAG
NIE
R B
LVD
BU
TLER
ST
215
Sullivan Square
DEX MEDIA
TICOR TITLE OF NEVADA
BAGUETTE CAFE
REALTY ONEGROUP
SERVICE 1ST BANK OF NEVADA
WELLS FARGO HOME MORTGAGE
RHODES-FORD & ASSOCIATES, P.C
LAW OFFICE
SOUTHERN FIDELITY
MORTGAGE
10\ \
AERIALS, MAPS& PHOTOS
The
Hoffman
Company
OFFERING MEMORANDUM SULLIVAN SQUARE | LAS VEGAS, NV
2Site Plan
Site plan and grading plans originally approved October 2006Offsite plans approved March 2007
4 High Rise Towers (20 Story)2 Mid-Rise Terraced Condominiums (13 Story)1 Loft Building (12 Story)1 Mid-Rise Residential Brownstone Building (3 Story)1 Office Building (13 Story; 250,000 Sq Ft)Retail 40,000 Sq Ft in Blocks A and B
Residential: 1,350 Units Total | 1,300 Average Sq Ft
Commercial: 344,385 Sq Ft
W SUNSET RD
S D
UR
ANG
O D
R
215
CO N C E P T UA L R E N D E R I N G
Sullivan Square
AERIALS, MAPS& PHOTOS
OFFERING MEMORANDUM SULLIVAN SQUARE | LAS VEGAS, NV
2
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W RUSSELL RD
W PATRICK LN
W SUNSET RD
S JON
ES BLVD
STATION CASINOS70 ACRES
215
SPANISH TRAILCOUNTRY CLUB
SOUTHERN HILLS
HOSPITAL
THE ARROYOMARKET SQUARE
MEDICALPLAZA
SAWYER MIDDLE
CALVARY CHAPEL CHRISTIAN SCHOOL
FAISS MIDDLE
EARL ELEMENTARYMERRYHILL ELEMENTARY
WET ‘N’ WILDLAS VEGAS
S RAIN
BOW
BLVD
SPRINGVALLEY
HOSPITAL
SHADOWNMOUNTAIN
RANCH
CLARK COUNTY
REGENCYBY
RHODES RANCH
TANAKA ELEMENTARYCLARK COUNTY
OMNIEVO
CLARK COUNTY
GRAMERCY APARTMENTS
S FO
RT
APAC
HE
RD
S D
UR
ANG
O D
R
Sullivan Square
ACTIVELY SELLING SUBDIVISIONS
MAJOR RETAIL
UNIVERSITY LAND
HOSPITAL/MEDICAL PLAZA
CASINO/RESORT
PUBLIC SCHOOLS
PRIVATE SCHOOL
INDUSTRIALW WARM SPRINGS RD
TROPICANABELTWAYCENTERELYSIAN
WEST
SOUTH BEACH
CLARK COUNTY
CLARK COUNTY CLARK
COUNTY
DURANGO HIGHCLARK COUNTY CLARK
COUNTYCLARK
COUNTYCLARK COUNTY
CLARK COUNTY
CLARK COUNTY
CLARK COUNTY
S BU
FFALO D
R
WARMINGTON SOLANO
APT
MAULE AVEPICERNE
SPANISH TOWERS
TENAVA LOFTS
UFC WORLD HEADQUARTERS
CLARK COUNTY
INTERNATIONALGAME
TECHNOLOGY
S G
RAN
D C
ANYO
N D
R ROGERS ELEMENTARYLEVEL 25
2ONE5APT
11\ \The
Hoffman
Company
Vicinty Aerial
OFFERING MEMORANDUM SULLIVAN SQUARE | LAS VEGAS, NV
12\ \
AERIALS, MAPS& PHOTOS
The
Hoffman
Company
OFFERING MEMORANDUM SULLIVAN SQUARE | LAS VEGAS, NV
2Assessors Parcel Map
Sullivan Square
Area Overview
3
CO N C E P T UA L R E N D E R I N G
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AREA OVERVIEW
The
Hoffman
Company
OFFERING MEMORANDUM SULLIVAN SQUARE | LAS VEGAS, NV
3Las Vegas Market Overview
The Southwest had 754 new home sales in the 3rd quarter of 2016. These sales represents 38% of entire new home sales in Clark County.
Las Vegas- Unemployment in Nevada at the end of the 3rd quarter was 6.5%- Personal Income has increased 5.3%- Las Vegas area is rated among the top 10 largest metro populations for growth- Retail sales are up 6.7% since 2007
Southwest- UFC is building 180,000 sq ft world headquarters- SWITCH is expanding its facilities in Las Vegas from 2 million sq ft to 3.5 million sq ft. - UNLV received accreditation for a medical school in Summerlin. The first class is expected to begin in 2017.
CLARK COUNTYINDICATOR CURRENT VALUE VS. PRIOR PERIOD VS. ONE YEAR AGO TREND
Population 2.1M +4
Labor Force 1.1M +1
Labor Force Employment 992.8K +2
Unemployment 57.3K +4
Unemployment Rate 5.5% +4
Gross Casino Gaming Revenue $856.9M +2
Visitor Volume 3.8M +2
Consolidated Tax Distribution (Tier 2) $98.1M +2
Existing Home Closings 4.0K -1
Existing Home Median Closing Price $202.0K +1
Existing Home Average Price Per Square Foot $125.38 +1
New Home Closings 860 +2
New Home Median Closing Price $328.0K +1
Source: Las Vegas Greater Economic Alliance, Applied Analysis
15\ \
AREA OVERVIEW
The
Hoffman
Company
OFFERING MEMORANDUM SULLIVAN SQUARE | LAS VEGAS, NV
3Las Vegas Employment Overview
Average Income for zip codes 89148 and 89113 = $78,900
Company # Employees1 Wynn Las Vegas 8,000 to 8,4992 Bellagio LLC 7,500 to 7,9993 MGM Grand Hotel / Casino 7,500 to 7,9994 Aria Resort and Casino LLC 7,000 to 7,4995 Mandalay Bay Resort and Casino 7,000 to 7,4996 The Ventian/Palazzo Casino 6,000 to 6,499 7 Caesars Palace 5,000 to 5,4998 The Mirage Casino-Hotel LLC 4,500 to 4,9999 The Cosmopolitan of Las Vegas 4,000 to 4,499
10 Encore Las Vegas 3,000 to 3,49911 Luxor Hotel and Casino 3,000 to 3,49912 Southwest Airlines 3,000 to 3,49913 Sunrise Hospital and Medical Center 3,000 to 3,49914 Flamingo Las Vegas Operating Center 2,500 to 2,99915 Golden Nugget Las Vegas 2,500 to 2,99916 MGM Resorts International Operations 2,500 to 2,99917 Paris Las Vegas 2,500 to 2,99918 RIO Hotel and Casino 2,500 to 2,99919 South Point Hotel and Casino 2,500 to 2,99920 Treasure Island Hotel and Casino 2,500 to 2,999
Las Vegas Top Employers
Source: Las Vegas Greater Economic Alliance
848,
600
EM
PLO
YE
ES
NUMBER OF EMPLOYEES BY SECTOR (NOV-2016)
Leisure & Hospitality 33.4%
Trade, Transportation, & Utilities 21.1%
Professional & Business Services 14.7%
Education & Health Services 11.3%
Construction 7.3%
Financial Activities 5.4%
Other Services 3.2%
Manufacturing 2.6%
Information 1.1%
Mining & Logging 0.0%
TOTA
L N
ET
NE
W J
OB
S 18
,000
YEAR OVER YEAR JOBS ADDED/LOST BY SECTOR (NOV-2016)JOB TYPE NET TOTAL JOBS
Construction +7.9K 61.8K
Education & Health Services +4.6K 95.8K
Trade, Transportation, & Utilities +4.4K 179.1K
Leisure & Hospitality +4.2K 283.2K
Other Services +1.2K 26.8K
Manufacturing +400 22.1K
Financial Activites +100 45.5K
Mining & Logging 0 400
Information -2K 9.3K
Professional & Business Services -3K 124.6K
Source: Las Vegas Greater Economic Alliance
16\ \
AREA OVERVIEW
The
Hoffman
Company
OFFERING MEMORANDUM SULLIVAN SQUARE | LAS VEGAS, NV
3
HENDERSON
LAS VEGAS
BOULDERCITY
Area Attraction Map: Greater Las Vegas Area
POINTS OF INTEREST
Las Vegas Strip
McCarran International Airport
University Nevada, Las Vegas
Southern Highlands Golf Club
Green Valley Ranch Resort
Rio Secco Golf Club
Revere Golf Club
M Resort Spa Casino
Bali Haai Golf Club
Fashion Show Mall
Las Vegas Convention Center
Las Vegas Country Club
Wynn Golf Club
Spanish Trail Country Club
Siena Golf Club
Summerlin
North Las Vegas Airport
Las Vegas Natural History Museum
Nellis Airforce Base
Las Vegas Motor Speedway
Red Rock Canyon National Park
Lake Las Vegas
Proposed - Raiders Stadium
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NORTHEAST TO UTAH
SO
UT
HW
ES
T T
O C
AL
IFO
RN
IA
EA
ST
TO
LA
KE
ME
AD
/AR
IZO
NA
SOUTHWEST TO CAL IFORNIA
3
1310
1
LAS VEGAS STRIP
92
48
M RESORT
6
7
5
1514
1211
21
RED ROCK CANYON
16
17
NORTH LAS VEGAS AIRPORT
19 NELLIS AIRFORCE BASE
20
MOTOR SPEEDWAY
18
22
LAKE LAS VEGAS
Sullivan Square
23
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AREA OVERVIEW
The
Hoffman
Company
OFFERING MEMORANDUM SULLIVAN SQUARE | LAS VEGAS, NV
3Proximity to Las Vegas Strip and McCarran International Airport
E FLAMINGO RD
W SAHARA RD
S HU
ALAPAI WAY
S DU
RAN
GO
DR
S RAIN
BOW
BLVD
S DECATU
R B
LVD
W RUSSELL RD
LAS
VEG
AS B
LVD
E TROPICANA AVE
E SUNSET RD
SPANISH TRAIL COUNTRY CLUB
SIENAGOLF CLUB
BALI HAIGOLF CLUB
CANYON GATECOUNTRY CLUB
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215
215
WYNNGOLF CLUB
LESS THAN 9 MILES TO THE LAS VEGAS STRIP
MCCARRAN INTERNATIONAL
AIRPORT
LESS THAN 7 MILES TO AIRPORTSullivan Square
Market Overview
4
CO N C E P T UA L R E N D E R I N G
19\ \
MARKET OVERVIEW
The
Hoffman
Company
OFFERING MEMORANDUM SULLIVAN SQUARE | LAS VEGAS, NV
4New Development Map
15215
215
Sullivan Square
DOWNTOWN SUMMERLIN
1
PROJECT NEON
2
T-MOBILE ARENA
4
UFC WORLD HEADQUARTERS
5
TOP GOLF LAS VEGAS6
LUCKY DRAGON HOTEL & CASINO
7
3
FARADAY FUTURE PLANT
LAS VEGAS CONVENTION
CENTER EXPANSION & RENOVATION
8RESORT WORLD
LAS VEGAS
9
PROPOSED RAIDER STADIUM
10
1 Billion Dollars
139 Million Dollars
2.3 Billion Dollars
1.8 Billion Dollars
4 Billion Dollars
1.3 Billion Dollars
72 Million Dollars
20\ \
MARKET OVERVIEW
The
Hoffman
Company
OFFERING MEMORANDUM SULLIVAN SQUARE | LAS VEGAS, NV
4Multi Family Sale Assumptions
S FO
RT
APAC
HE
RD
S D
UR
ANG
O D
R
S BU
FFALO D
R
S G
RAN
D C
ANYO
N D
RS R
AINB
OW B
LVD
AVERAGE RENT: $1.63/sq ft
AVERAGE SQUARE FOOTAGE: 920
AVERAGE OPERATING EXPENSE: $375/month
CONSTRUCTION COST (EXCLUDING LAND): $140,000/unit
NOI/UNIT: $1,125
6% CAP: $187,500/door
5% CAP: $225,000/door
MULTIFAMILY ASSUMPTIONS
NEVADA SW310 Units
1
THE GRAMERCY160 Units
2
ELYSIAN WEST466 Units
3
Sullivan Square
215
SOUTH BEACH466 Units
4EVO
376 Units
5
THE WYATT307 Units
6
THE MERCER124 Units
7
LEVEL 2574 Units
8
SOLANO204 Units
92ONE5
368 Units
10PICERNE237 Units
11
21\ \
MARKET OVERVIEW
The
Hoffman
Company
OFFERING MEMORANDUM SULLIVAN SQUARE | LAS VEGAS, NV
4Recent Land Sales
S DURANGO DR
S BUFFALO DRW SUNSET R
D
W RUSSELL RD
Sullivan Square
1APN: 176-05-501-023
SIZE: 25.97 Ac
PRICE: $21,327,100
PRICE PER ACRE: $821,221
2
215
APN: 176-04-201-018, 014 and 176-04-301-
007, 008
SIZE: 23.99 Ac
PRICE: $22,300,000
PRICE PER ACRE: $929,553
3
APN: 163-32-801-013, 163-32-801-012
SIZE: 9.66 Ac
PRICE: $7,000,000
PRICE PER ACRE: $724,637
22\ \
MARKET OVERVIEW
The
Hoffman
Company
OFFERING MEMORANDUM SULLIVAN SQUARE | LAS VEGAS, NV
4Apartment Demand in Southwest
Source: 2016 Q3 Metro Study Las Vegas Market Briefing
ASKING RENTS 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020Las Vegas Metro $747 $800 $839 $858 $850 $772 $760 $755 $761 $780 $803 $857 $896 $926 $953 $970 $980Summerlin/Spring Valley $838 $901 $942 $967 $956 $863 $859 $848 $863 $889 $915 $989 $1,032 $1,067 $1,098 $1,117 $1,127
VACANCY 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020Las Vegas Metro 5.9% 5.4% 6.5% 10.0% 10.4% 11.5% 9.2% 8.7% 8.1% 7.5% 5.9% 4.8% 4.5% 4.3% 5.1% 5.9% 6.5%Summerlin/Spring Valley 5.9% 4.1% 4.0% 7.3% 8.2% 8.2% 7.4% 6.6% 5.5% 4.9% 3.6% 4.1% 4.0% 3.7% 4.3% 5.0% 5.4%
Apartment rent has been increasing steadily since 2012 and should continue to increase through 2019. Effective rents for properties built after
2015 average $1,100 per month for one-bedroom units and almost $1,500 per month for two-bedroom units. High end amenities offered by
luxury properties are resulting in higher rents not previously achieved by other properties. Project proximity to the I-215 provides additional
benefits and justification for additional premiums. The Gramercy, a 160 unit project at Russell and the I-215, two-bedroom units are renting
significantly higher than the rest of the submarket near $2,000 per month. The property offers amenities like an outdoor movie theater
and on-site retail and dining options. Sullivan Square offers a developer the opportunity to build a unique “A” class mixed use site similar to
Gramercy.
Source: CoStar Market Analytics
Nevada Office9205 W Russell Rd, Suite 235
Las Vegas, Nevada 89148
T 702.929.3120
www.hoffmanland.comTHE HOFFMAN COMPANY
Coachella Valley Office777 E Tahquitz Way, Suite 200
Palm Springs, California 92262
T 760.969.7357 | F 949.553.8449
Northern California Office2121 North California Blvd., Suite 290
Walnut Creek, California 94596
T 925.478.8429 F 949.553.8449
Southern California Office18881 Von Karman Avenue, Suite 150
Irvine, California 92612
T 949.553.2020 | F 949.553.8449 Leading the Land
Brokerage IndustryC A L I F O R N I A + N E V A D A
The
Hoffman
Company