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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
Jared Glover
Director P: 702.522.2729
jared.glover@berkadia.comNV License # B.0144864
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Investment Highlights
The Only Hybrid Development in Las Vegas
Ascend at Valley Vista stands as the sole hybrid development in the Las Vegas market featuring both traditional multifamily units and single-story detached casitas with yards. Its unique product design, complemented by an extensive amenity package, sets it apart from the competition. As evidenced by its recent successful lease-up, this brand-new, hybrid community perfectly accommodates today’s selective renter, offering a new investor long-term growth potential.
Newly Stabilized Community with Impressive Lease-Up Success
Ascend at Valley Vista is currently ±77% occupied and 85% leased and has showcased an impressive velocity of 25 leases per month. This leasing velocity is double the current metro average of 12 leases per month, highlighting the strong compatibility of the product type and unit mix with the submarket.
Young and Affluent Resident Base
With an average household income of +$96,000 and a significant proportion of residents falling within the prime renting age of 18-35, Ascend at Valley Vista showcases a desirable demographic profile. The property's low rent-to-income ratio of only 22%, combined with its young resident base, positions it favorably for future rental growth.
Proximity in Top Ranked Master Plan with Exceptional Family Appeal
Amenities within the family-friendly Valley Vista community include three neighborhood parks featuring basketball courts, dog runs, tot lots, and picnic areas. Walking trails wind throughout the masterplan and provide scenic views of the desert landscape, as well as pedestrian access to the local schools, parks, and individual neighborhoods.
Top Growth City Fueled by Net Migration of Young Adults
According to the most current publication by the U.S. Census Bureau, North Las Vegas gained the 11th-most residents in the nation. Much of the population growth can be attributed to in-migration trends by renter heavy young adults from more expensive western markets. Boasting a median age of only 33.9 years – significantly younger than the national average of 38.9 – the city’s young and growing skilled labor pool offers long-term stability.
Durable and Expanding Employment Base
North Las Vegas's favorable economic environment, strategic location, and diverse industries have attracted businesses in manufacturing, logistics, healthcare, and technology. The city has garnered transformative developments to support economic growth and meet the needs of its growing resident base, including the new Apex Industrial Park which has secured strong tenants like Ball Corporation and Smith's. While job growth is noteworthy, the diversity of industries will help sustain the region’s economic durability.
Population Growth Significantly Outpacing Supply
A lack of permitting this cycle at the MSA level is greatly accentuated in North Las Vegas. Population growth in North Las Vegas is outpacing the supply of housing in the submarket by approximately 3 to 1 and is projected to continue, presenting a strategic opportunity to capitalize on the scarcity of its future housing supply.
Strong Rental Fundamentals Bolstered by Limited Deliveries and High Job Growth
Amid supply-demand imbalances in sunbelt markets, Las Vegas distinguishes itself with minimal inventory growth. In 2023, the city experienced a mere 1.6% increase in inventory, below the national growth of 2.2% national average. Additionally, Las Vegas boasts robust job growth of 3.8%, far surpassing the national average of 1.8% and ranking as the highest among major U.S. markets. This combination of limited inventory growth and strong job growth should continue to drive tailwinds for apartment demand.
Institutional Core Asset Offered Below Replacement Cost Elevated costs of land and materials, along with the difficulties in obtaining favorable financing, have left inflated development costs throughout the Las Vegas metropolitan area. Ascend at Valley Vista provides an attractive opportunity to acquire a recently stabilized property at a predictable price below its current replacement cost.
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Note: Rents may change as the data is from the BOV.
8548 Rozita Lee Avenue Suite 310 Las Vegas, NV 89113 Phone: 702.866.6333 Fax: 702.866.6066
Las Vegas Office
7618 N. Decatur Boulevard | North Las Vegas, NV 89131
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Floorplan Type
SQUARE FOOTAGE
Total Units
RENT
RENT/ SF
1 Bed / 1 Bath (A1)1 Bed / 1 Bath (A2) 1 Bed / 1 Bath (L1)2 Bed / 2 Bath (B1)3 Bed / 2 Bath (C1)1 Bed / 1 Bath (Casita A1)2 Bed / 2 Bath (Casita B1)3 Bed / 2 Bath (Casita C1)Property Level
6497427851,0841,3207551,1461,390933
6652121342040355
364
$1,495$1,533$1,631$1,846$2,125$1,797$2,214$2,380$1,784
$2.31$2.07$2.08$1.70$1.61$2.38$1.93$1.71$1.97
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7618 N. Decatur Boulevard | North Las Vegas, NV 89131
RENT
RENT/ SF
$1,608$1,625$1,769$1,940$2,234$1,940
$2,428
$2,681$1,903
$2.48$2.19$2.25$1.79$1.69
$2.57$2.12$1.93$2.04
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Unit MIX
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THE OPPORTUNITY
Berkadia is pleased to present Ascend at Valley vista, a 364-unit hybrid community located in North Las Vegas, NV.
Completed in 2024, Ascend at Valley Vista offers a unique mix of 284 three-story garden-style units and 80 detached single-family casita units with yards in a thriving suburban market. The community prioritizes providing an exceptional living experience, offering luxurious apartment amenities including a spacious clubhouse, fitness center, pickleball court, and two resort-style pools.
The success of Ascend at Valley Vista is evident in its recent lease-up, which showcased a strong leasing velocity of 25 leases per month. This impressive leasing performance is a testament to the community’s one-of-a-kind design that caters to the diverse preferences of renters. The property aligns perfectly with the demand of the submarket, making it a truly exceptional and distinctive property within the Las Vegas metro area.
With a booming industrial sector, a significant proportion of residents in the key renter group of ages 18-35, and a notable concentration of families, North Las Vegas presents a highly favorable economic environment for Ascend at Valley Vista’s unit mix. The city’s economy is fueled by a range of diverse industries, including manufacturing, logistics, healthcare, and technology, making it a prominent hub for business expansion. This is evidenced by new developments including the The Apex Industrial Park, the largest industrial development in Southern Nevada, which has secured strong tenants like Ball Corporation and Smith’s. As North Las Vegas continues to diversify its economic base, its outlook for sustained growth remains incredibly positive.
North Las Vegas’s growing demand is complemented by minimal future supply. The lack of permitting at the MSA level is greatly accentuated in North Las Vegas and is projected to continue. Population growth in North Las Vegas is outpacing the supply of housing in the submarket by approximately 3 to 1, presenting a strategic opportunity to capitalize on the scarcity of its future housing supply.
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Average Effective
MARKET RENT
UNIT MIX
Opportunity
Opportunity
QUICK STATS
933
Avg SF
80
Single-Story Casita Units
2024
Completion
364
UNITS
85%
Leased