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Las Vegas Q4 Multifamily Market Report: Sales Prices Rise as Velocity Accelerates

Highlights:

  • The Las Vegas multifamily market strengthened during the fourth quarter. Vacancy tightened late in the year, while the investment market gained momentum throughout 2019.
  • Vacancy dipped 30 basis points in the fourth quarter, falling to 4.1 percent. The rate dropped 10 basis points for the full year.
  • Rent growth has been very strong in Las Vegas during the past several years, but the pace slowed during the second half of 2019. Asking rents rose 4.3 percent for the year, reaching $1,146 per month.
  • The investment market strengthened in 2019. Sales velocity accelerated, particularly during the fourth quarter as prices rose and cap rates compressed. The median price topped $150,000 per unit, while cap rates averaged approximately 5 percent.

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Las Vegas Q3 Market Report: Prices Rose and Cap Rates Compressed in 2019

Highlights:

Las Vegas Q3 2019 market snapshot
  • The Las Vegas multifamily market had a steady year in 2019, with a strong year of hiring supporting renter demand for apartments.
  • Vacancy is up 30 basis points year over year, reaching 4.4 percent. The rate is lower in Class B and Class C units but has crept higher in Class A properties.
  • Asking rents are up 5.2 percent in the past 12 months, reaching $1,138 per month. Annual rent growth has exceeded 5 percent in each of the past nine quarters.
  • The investment market strengthened in 2019. Sales velocity accelerated, prices rose, and cap rates compressed. The median price topped $150,000 per unit, while cap rates averaged approximately 5 percent.

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Las Vegas Q2 Multifamily Market Report: Transaction Activity Spikes, Particularly in Larger Sales

Highlights:

Las Vegas Q2 market snapshot
  • The Las Vegas multifamily market fared well in the first half of the year. Vacancy was flat and rents rose at a steady pace. New construction was limited after a very active past two years.
  • Vacancy in Las Vegas was flat from the first quarter to the second quarter, holding steady at 4.2 percent. The rate is 70 basis points higher than one year ago.
  • Asking rents have gained 6.9 percent year over year, reaching $1,124 per month.
  • Multifamily property sales accelerated during the second quarter, with activity gaining momentum in larger assets. The median price in the first half of this year was $153,200 per unit, while cap rates have averaged approximately 5 percent.

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Las Vegas Q1 Multifamily Market Report: Vacancy Likely to Dip as Fewer Units Are Delivered

Q1 Las Vegas Multifamily Market Report indicators

Highlights:

  • The Las Vegas multifamily market steadied during the first quarter, with vacancy leveling off and deliveries slowing. Population growth remained strong, fueling employment expansion, and supporting renter demand for units.
  • Vacancy in Las Vegas was flat in the first quarter, holding at 4.2 percent. The rate is 100 basis points higher than one year ago.
  • Rent growth has been strong in recent quarters, although the pace slowed modestly during the first quarter. Asking rents reached $1,112 per month, up 8.4 percent year over year.
  • Newer properties accounted for approximately half of the transaction activity during the first quarter, resulting in higher prices in closed deals. The median price reached $174,500 per unit, while the average cap rate compressed to 4.9 percent.

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Scott Monroe shares insight at InterFace Las Vegas Multifamily Conference

NorthMarq’s Scott Monroe will share his insight into current commercial real estate finance trends during the Capital Markets panel at the InterFace Las Vegas Multifamily Conference on April 24. 

InterFaceLVMF_Monroe_TW

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NorthMarq Capital promotes two senior vice presidents to managing director in New Jersey and Las Vegas offices

MINNEAPOLIS (February 15, 2017) – NorthMarq Capital Presidents Jeff Weidell and William Ross announced two promotions in the company’s regional offices. Scott Monroe, senior vice president-Las Vegas, and Gary Cohen, senior vice president-New Jersey, were promoted to the position of managing director.

Both Monroe and Cohen will retain their local production roles but will add more oversight of their respective offices, primarily in achieving hiring, development, and production goals.

Prior to joining NorthMarq Capital, Monroe was a senior vice president at Johnson Capital Production, where he financed debt and equity for commercial projects. Before that he worked at Q10|Bonneville Realty Capital from 1996-2010 and was a top producer, averaging over $155 million in production per year. From 1996-2007 he funded over $1.5 billion. He worked at John Burnham Company from 1983-1996 as a top producing mortgage banker. At John Burnham Company, he was recognized as investment officer of the year in 19984, 1985, 1987, 1990, 1992 and 1994.

“We are very pleased that Scott is now managing director of our Las Vegas office. Scott has been with the company since mid-2013 and has been in our Million Dollar club consistently,” said Jeff Weidell, president. “He is in the process of building his office, which includes a new associate producer, vice president and an experienced analyst.”

Monroe is an active member of the Urban Land Institute (ULI), Southern Nevada NAIOP and the International Council of Shopping Centers. He received a Bachelor of Science degree from California State University in San Diego, where he majored in accounting and was named to the Dean’s list. Monroe was a Lieutenant in the Marines from 1974-1977.

Prior to joining NorthMarq Capital in 2011, Cohen ran the New Jersey office of Centerline Capital Group which focused primarily on FHLMC and FNMA debt originations. Cohen is a graduate of the University of Maryland and has been active in various charities and coaching youth sports.

“I am pleased to announce Gary Cohen’s promotion to managing director of our New Jersey office,” said William Ross, president. “Gary joined NorthMarq Capital in 2011 and is a 20+ year veteran of commercial mortgage banking. We look forward to Gary leveraging his extensive experience and know-how to the benefit of the New Jersey team.”

About NorthMarq Capital
NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through its 36 offices nationwide. The company has built long-term relationships with life companies, CMBS platforms and local, regional and national banks, and has maintained a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. The company closes $13 billion in commercial real estate loans annually and services a loan portfolio of more than $50 billion. For more information please visit northmarqcap.wpengine.com.

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