Spanish Palms more than 80 percent sold
Few condominium communities in Las Vegas can boast the kind of sales success experienced at Spanish Palms, at 5220 S. Rainbow Blvd. and Hacienda Boulevard, across the street from the Spanish Trail community. Since April 2015, more than 100 residences have been sold, which brings the community to more than 80 percent sold.
According to Uri Vaknin, a partner at KRE Capital LLC, whose company, in partnership with Dune Real Estate Partners, purchased Spanish Palms in 2013 as DK Las Vegas, the company’s strategic approach to refreshing the community and expanding financing options, coupled with its central location, has made Spanish Palms one of the fastest selling properties in the company’s portfolio.
“While the Las Vegas economy continues to recover and regain strength, Spanish Palms has led the charge. It’s a true gem that offers a modern lifestyle, the perks of a maintenance-free condo lifestyle, lush landscaping and guard-gated security, all at an affordable price. Spanish Palms’ location just minutes from the Strip, makes a Las Vegas address a reality for those who might not otherwise have dreamed of home ownership here.”
During the summer of 2015, Spanish Palms had a remarkable 50 sales in just 60 days, or 26 percent of the available inventory. And in recent months, the sales trend has continued. The community encompasses 372 residences, of which 184 were sold before DK Las Vegas initiated its relaunch of Spanish Palms.
“This remarkable success is the result of a highly strategic plan to improve the overall property that included a new Central Park, a robust offering of upgraded amenities, modern and open floor plans, a stellar location, and most significantly, value pricing starting at $128,900s,” Vaknin said. “Additionally, the property is VA (Veterans Affairs) home loan-approved and will soon be FHA (Federal Housing Administration)-approved to offer homebuyers even more financing options.”
Vaknin, whose real estate career spans nearly two decades, is best known in the industry for his expertise in relaunching and repositioning condominium projects. As a founder of The Marketing Directors in Atlanta, Vaknin has repositioned real estate development projects throughout the country.
Other Las Vegas properties within the DK Las Vegas portfolio include The Ogden Las Vegas and One Las Vegas, which Vaknin’s team is marketing. In the coming months, DK Las Vegas will launch new marketing initiatives for Juhl and Loft 5, which is soon to be renamed.
“Las Vegas is truly the last great American city that is still on sale,” Vaknin said. “Real estate prices in other major metropolitan markets have not only fully recovered, but exceeded pre-recession pricing while Las Vegas is still catching up. That means there are still many great values to be had here, and Spanish Palms is most definitely among those exceptionally great buys.”
Since acquiring Spanish Palms in 2013, DK Las Vegas has refreshed all residences with modern design highlights and finishes. The one-, two- and three-bedroom residences feature private balconies and patios, generous kitchens with granite countertops, large walk-in closets, attached private one- and two-car garages with storage space, and in select residences, gas-burning fireplaces.
The guard-gated community boasts a round-the-clock attendant; two resort-style pools — one with a heated spa, the other with a cascading waterfall; poolside grills; clubhouse with full kitchen and dining area; fitness studio; business center; pet park; putting green with picnic and playground area; and easy access to the 215 Beltway, Interstate 15, McCarran International Airport and the Las Vegas Strip.
For more information on Spanish Palms, visit the sales center at 5250 S. Rainbow Blvd, No. 1055. It is open from 10 a.m. to 6 p.m. Monday through Friday, 10 a.m. to 5 p.m. Saturday and noon to 5 p.m., Sunday. Call 702-719-6100 or visit SpanishPalmsLV.com.