Apartment boom strikes in Las Vegas valley

LAS VEGAS - "Now leasing;" "under construction;" "accepting new tenants." These signs are popping up more and more around the Las Vegas valley because about a dozen new apartment complexes are under construction.

Nearly a dozen new apartment complexes are being built along the 215 beltway.

"It's picking up; there's no question," said Brian Gordon, principal, Applied Analysis.  "We're tracking about 4,500 units in the development pipeline; projects that are either under construction or planning for future development."

Economic analysts like Gordon say population and strong employment growth are translating to more of a demand for housing, especially in the northwest and south part of the valley.

"A lot of developers are looking at those sights that have great accessibility on the 215," Gordon said.  "It gets people to work easy.  A lot of those sights have been identified as apartment sites, so we're seeing some pretty significant development along the 215.

On the south beltway off of Stephanie, there's an apartment complex under construction.  There's also another one in the final stages just across the street.

The newest developments are also bigger than usual.  The ones on the south beltway off of Stephanie have 4,500 new units like the ones at Elysian and Stonelake.

The apartment communities area owned by Pinnacle Living, which currently has six properties, but plans to have 10 by 2019.

"I think today the draw of apartment living is so different from what it used to be," said Cassie Trujillio, regional manager of Pinnacle Living.  "I think we're seeing more renters by choice."

Trujillo credits the boom to apartments that create a lifestyle.

"Everything is right here," Trujillo said. "Everything from your high-end amenities to fitness and tanning. Everything they get as a renter is so much more than what they're going to get as a homeowner."


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