Greystar Starts Development on Las Vegas Community
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Greystar has begun construction of Marlowe Centennial Hills, a three-building, 257-unit luxury apartment community located at 8550 West Deer Springs Way in Las Vegas. The development will be part of Greystar’s Marlowe brand, its first such property in the city. The first units will be completed in early 2024, with the development coming online in the third quarter of that year.
Marlowe Centennial Hills will be architecturally designed by Todd & Associates, with Mannigan Design planning the interior. After its completion, the property will offer a mix of one-, two- and three-bedroom living arrangements ranging from 624 square feet to 1,312 square feet, with the entire community totaling 280,819 square feet, according to CommercialEdge data. Apartments will include quartz countertops and stainless steel appliances. Residents will have access to a swimming pool with a spa, fitness center, office space and media room. In adopting many of the city’s aesthetics and motifs, the community will also feature a casino-style poker room and sports lounge.
Situated in the northwestern corridor of Vegas’ Centennial Hills neighborhood, the community will be within 15 miles of the Las Vegas Strip, as well as Harry Reid International Airport. The development will be flanked by numerous city and state parks, in addition to many upscale retail offerings.
Las Vegas multifamily plays its hand
Following a grueling slowdown due to pandemic-era shutdowns and restrictions and disruptions to its key tourism, hospitality and entertainment destinations, Las Vegas’ multifamily market is continuing its ascent. Data from an August 2022 Yardi Matrix report shows that the city saw nearly $2 billion in multifamily transactions in the first half of the year, on top of having 6,907 units in its construction pipeline, a significant portion of which are upscale projects. The average price per unit has increased substantially, going up to $245,504, a 78 percent increase year-over-year, according to the same data.
Another luxury transaction around the city is Keller Investment Properties’ $60.3 million acquisition of Henderson Lofts, a 110-unit lifestyle community in Henderson, Nev.
