Apartments near Las Vegas Strip set for renovations, rent hikes
A Southern California real estate firm bought two apartment complexes near the Las Vegas Convention Center for almost $68 million combined.
Greg Campbell, co-founder of Mission Viejo, California-based Laguna Point Properties, said Tuesday that his group acquired Mi Casita, 3600 Swenson St., and Pinewood Crossing, across the street at 764 E. Twain Ave.
NAI Vegas, which brokered the deal, announced the $67.7 million purchase last month.
The new owners plan to put almost $8 million worth of renovations into the 556-unit Mi Casita, which will be renamed Aya Las Vegas, and $3 million into the 208-unit Pinewood, which will be called Vio Las Vegas, and to raise the rents, according to Campbell.
He said his group was drawn to the properties in large part because of their proximity to the expanding convention center. They are also near the Strip and a hotel and apartment project by Las Vegas developer Daniel Grimm.
Las Vegas apartment rents are climbing at one of the fastest rates in the country, and many investors have been buying older buildings, sprucing them up and raising the rents.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.