31 Dec Avenue North Plans 165 Units in North Las Vegas
Avenue North acquired approximately 12 acres to build a 165-unit horizontal apartment development. The project will be one of the planned first single family rental communities in North Las Vegas, with limited like-kind competitive supply in the Las Vegas marketplace. The rental homes are an inspired alternative to traditional apartment communities with no common-walls, no neighbors above or below you, and private back-yards on every unit.
Avenue North anticipates renter demand to mirror the lease-up trends experienced at like-kind properties in Phoenix, AZ – which had established waiting lists on its first communities delivered, and very strong occupancy absorption.
The developer anticipates breaking ground in Q4 2020 and stabilizing the property in 2020. The project is being financed with a HUD 221d4 loan.