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98 S. MARTIN LUTHER KING BLVD | LAS VEGAS, NV 89106
Note: Rents may change as the data is from the BOV.
Type
SF
MKT RENT
MKT RENT/ SF
72
96
40
32
24
264
0 Bedroom/1 Bath
1 Bedroom/1 Bath
2 Bedroom/1 Bath
2 Bedroom/2 Bath
3 Bedroom/2 Bath
W Avg
465
665
850
978
1,050
711
$927
$1,127
$1,237
$1,327
$1,507
$1,148
$1.99
$1.69
$1.46
$1.36
$1.44
$1.61
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
Senior Director P: 702.522.2729
jared.glover@berkadia.comNV License # B.0144864
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CONTACT US
8548 Rozita Lee Avenue Suite 310 Las Vegas, NV 89113 Phone: 702.866.6333 Fax: 702.866.6066
Las Vegas Office
Investment Highlights
Meticulously Maintained Garden-Style Community with Significant CapEx:
Current ownership has invested over $4M into community enhancements and deferred maintenance, primarily targeting curb appeal, marketing and resident experience.
100% Interior Value-Add Opportunity with Market Support:
The community offers a blank slate interior value-add opportunity. Comparable communities in the submarket that have undergone renovations are capturing an average $249 premium over Park at Spring Valley’s effective rents.
Additional income upside:
Park at Spring Valley currently runs on central, gas water heaters in each building, inflating utility costs. A conversion to individual water heaters offers up to $33/unit/month in cost savings, offering further topline rent growth opportunity.
New Construction Provides Rent Headroom:
New developments in the submarket are capturing average premiums of $712 over Park at Spring Valley’s market rents.
Offered Below replacement Cost:
Opportunity in prime location offered significantly below replacement cost
Opportunity to expand the community:
The asset is fully entitled to build an additional 42 rentals units.
Full Amenity Package:
The community features a full slate of recently improved amenities including a new leasing office, new clubhouse, renovated resort-style pool, central community park, sport court, dog park & grooming station, and advanced security system and new access gate
THE OPPORTUNITY
Berkadia is pleased to present Park at Spring Valley, a 264-unit garden-style multifamily community situated in Las Vegas.
Park at Spring Valley presents an opportunity to acquire a well-amenitized and meticulously maintained community. Current ownership has invested over $4.0M to refresh the community and complete transformational upgrades to amenities. The community offers 100% interior renovation upside. Comparable communities in the submarket support an average renovation premium of $249/unit over Park at Spring Valley’s in-place rents.
The Park at Spring Valley enjoys a prime infill location directly off the I-15 and US-95 freeways. This strategic positioning provides residents with immediate access to a wide range of employment and entertainment amenities. Within close proximity, residents can enjoy the vibrant offerings of Symphony Park, UNLV's Medical District, the Arts District, Downtown Las Vegas, and the world-renowned Las Vegas Strip. The ongoing transformative developments in UNLV's medical district continue to contribute to the demand for apartments in the submarket and stimulate further development and revitalization in downtown, Symphony Park, and the Arts District.
Apartment demand in Las Vegas remains strong, supported by several factors including a limited supply pipeline, high job growth, and robust net migration. As one of the fastest-growing metropolitan areas in the United States, the Las Vegas metro continues to attract residents and businesses alike. Boasting the highest job gains among major US markets in 2023, Las Vegas continues to grow and diversify with the highest growth coming from the professional and business services industry. Job growth in 2023 far surpassed the supply of apartments by approximately 10 to 1. Looking forward, the Las Vegas metro population is expected to grow at an average annual rate of 1.7% over the next five years, more than 5x the national rate of growth.
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QUICK STATS
264
UNITS
711
AVG SF
Interior Value-Add
100%
UNIT MIX
# UNITS
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98 S. MARTIN LUTHER KING BLVD | LAS VEGAS, NV 89106
PHOTO GALLERY
LOCATION
OPPORTUNITY
$927
$1,127
$1,237
$1,327
$1,507
$1,148
$1.99
$1.69
$1.46
$1.36
$1.44
$1.61
Property
Location
photo gallery
contact
document center
privacy
terms of use
Opportunity
virtual tours
Interior Tour
Amenities Tour
Proximity to UNLV Medical District: Park at Spring Valley is centrally located just minutes from the metro’s top demand generators including UNLV’s Medical District, Symphony Park, the Art’s District, downtown, and the world-renowned Las Vegas Strip.
Exceptional Freeway Connectivity: The property is situated near the intersection of the I-15 and US 95 freeways providing convenient commutes to the entire MSA. Over 42% of all jobs in Clark county are within a 5 mile radius of the community.
#1 Job Growth Market in US: In the past 12-months, the Las Vegas market added 30,200 jobs, equating to a 3.8% increase in total nonfarm employment, the largest increase among large metros.
Limited Supply Pipeline: 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 average of 2.2%.
Job Growth Outpaces New Supply: The year-over-year job growth in Las Vegas is significantly surpassing the market's multifamily permitting and supply by a ratio of 10 to 1.
High Home Prices Support Multifamily Demand: Rising interest rates combined with elevated home prices should sustain demand for apartments as renters are priced out of the for-sale market.
High Net Migration from Renter-Heavy Young Adults: Looking forward, the Las Vegas metro population is expected to grow at an average rate of 1.7% over the next five years, more than 5x the national rate of growth. Robust population growth in the Las Vegas metro is driven by strong in-migration trends by renter heavy young adults from more expensive western markets.
LOCATION HIGHLIGHTS