![]() Led by billionaire Stephen Schwarzman, Blackstone was no stranger to Las Vegas before its apartment binge. They didn’t gut the place but benefited from the market’s rent growth, he said.īlackstone and ConAm did not respond to requests for comment Friday. Hochman said his group updated Solis’ units and amenities. When they sold it a few weeks ago, tenants were paying an average of $1,022 per month, said Noah Hochman, TruAmerica’s senior managing director of capital markets, who identified the buyers as Blackstone and The ConAm Group. They bought it for $50.5 million, and its average rents were $735 per month at the time. Solis at Flamingo, built in 1988, was acquired in 2015 by TruAmerica Multifamily and Investcorp. Elysian’s sale last summer, by developer The Calida Group, set a local record for a garden-style apartment complex, Calida co-founder Eric Cohen said at the time. Most of Blackstone’s acquisitions were in the western Las Vegas Valley, and its most-expensive purchase, at $106.5 million, was the 466-unit Elysian West. As it stands, Las Vegas apartment rents are rising faster than the national average - good news for landlords but not for tenants - and the vacancy rate is among the lowest in the country. Investors are drawn by Southern Nevada’s relatively low sales prices, the potential to raise rents and the diversifying - though still tourism-dependent - economy, real estate pros say. Blackstone is one of many landlords paying big bucks for rental properties, but it seems to be buying more than others. Las Vegas’ apartment market has heated up with more construction, higher rents, shrunken vacancies and a swelling tally of investor purchases. They paid $72 million - more than $20 million above what the seller paid just three years ago. The most recent deal came June 6, when, according to the seller, Blackstone and a San Diego firm bought Solis at Flamingo, a 1980s-era property across from a foreclosed strip mall in the eastern Las Vegas Valley. The New York investment giant has acquired at least nine local apartment complexes since spring 2017 for $616 million total, Clark County records show. Just look at its apartment-buying spree in Las Vegas. Bizuayehu Tesfaye/Las Vegas Review-Journal you’re as big as The Blackstone Group, shelling out hundreds of millions of dollars can be pretty normal stuff. No arrests have been made in connection with the homicide, and no further details about possible suspects were available, Metro spokesman Larry Hadfield said.īlas’ death was the 50th homicide Metro has investigated in its jurisdiction this year.Ĭontact Christian Bertolaccini at and 70.The exterior of the Xander 3900 apartment complex at 3900 Dalecrest Drive photographed on Friday, June 22, 2018, in Las Vegas. “Detectives believe a failed drug deal may have been the motive for this incident,” according to a statement released by Metro. ![]() Police said that the investigation initiated by Metro’s homicide section indicated that several people saw four to five men running away from the area where the shots were heard. He was taken to Sunrise Hospital and Medical Center, where he later died, police said. Officers found a man with a gunshot wound. Flamingo Road, in response to a man “screaming for help,” Metro Lt. ![]() Monday, officers responded to the Solis apartment complex, 3223 E. His death was ruled a homicide.Ībout 9 p.m. (Bizuayehu Tesfaye/Las Vegas Review-Journal Follow man shot and killed Monday at an apartment complex has been identified by the Clark County coroner’s office.Īccording to the coroner’s office, he was Thomas Blas, 34, of North Las Vegas. Flamingo Road, Monday night, April 18, 2016. A man is dead after a shooting at Solis at Flamingo apartment complex, 3223 E.
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