Updated June 8, 2021 - 6:47 pm
Homebuilders have been plenty busy in Henderson’s Cadence community, putting it among the top-selling spots in the nation for new houses.
Now rental developers are getting a foothold, too.
The Wolff Co. has drawn up plans to build a 388-unit apartment complex in Cadence, and A.G. Spanos Cos. has filed plans to develop a 265-unit apartment project there as well, Henderson records show.
Meanwhile, American Homes 4 Rent has opened a tract of single-family rental houses in the master-planned community.
Southern Nevada’s rental market faced plenty of turmoil and questions after the pandemic hit, as many tenants tapped unemployment benefits, stimulus funds or other relief programs to pay their rent amid huge job losses in the casino-heavy region.
The sector still faces questions, including how many tenants might be forced out of their homes after the federal eviction moratorium expires, as it’s slated to at the end of this month. But overall, Las Vegas’ economy is getting back on its feet as vaccines roll out, tenants are leasing apartments and houses, rents are climbing at one of the fastest rates in the country, and developers are pushing ahead with more rental projects.
Cheryl Gowan, spokeswoman for Cadence developer The LandWell Co., told the Review-Journal on Monday that the proposed apartment complexes would be the first ones in the 2,200-acre community off Lake Mead Parkway east of Boulder Highway.
She said that Spanos is expected to break ground in the next few months and that she believes Wolff might start next year. Some tenants are already living in American Homes 4 Rent’s project, Pine Landing, she said.
Wolff, based in Scottsdale, Arizona, is no stranger to Southern Nevada. Its other projects here include Fremont9, which it built in downtown Las Vegas in partnership with the late Tony Hsieh’s side venture DTP Companies.
American Homes 4 Rent, based in Calabasas, California, has also built in the valley before and is a dominant landlord of single-family homes.
Spanos, based in Stockton, California, is led by Chairman and CEO Dean Spanos, owner of the Los Angeles Chargers football team.
The three development firms did not respond to requests for comment Monday.
Builders sold 849 homes in Cadence last year, 11th best among U.S. master-planned communities, real estate consulting firm RCLCO previously reported.
Sales there were up 13 percent from 2019.