A LAS VEGAS MARKET REPORT - CBRE€¦ · LAS VEGAS MULTIFAMILY Q1 2018 LAS VEGAS MULTIFAMILY SALES VOLUME LAS VEGASMULTIFAMILY CAP RATES BY CLASS VACANCY NOTABLE SALE TRANSACTIONS

A L A S V E G A S M A R K E T R E P O R T Q1

20

18

C A P I T A L M A R K E T S | M U LT I F A M I LY

04E X E C U T I V E S U M M A R Y

05M A R K E T I N F O

06L A S V E G A S P R O J E C T M A P

07S A L E S CO M PA R A B L E S

08L A S V E G A S M AC R O O V E R V I E W

09S U B M A R K E T S

18D E B T M A R K E T S

18C B R E A D VA N TAG E

© Copyright 2018 CBRE Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accu-racy and completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of the CBRE Global Chief Economist. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited.

TEAM TRANSACTIONS C B R E M U LT I FA M I LY

$28.8B+Multifamily Sales

Transactions H1 2016

300+ PROFESSIONALSU.S. Multifamily

#1 FREDDIE MACSeller/Servicer (2009-2016)

$24.0B+Loan Originations

TOP FIRM SINCE 2001U.S. MULTIFAMILY

(PER RCA)

Committed to providing a comprehensive multifamily transaction experience to owners of multifamily investment properties throughout the United States, Jeffrey Swinger is a highly tenured Sales Professional with 21 years of experience specializing in the sale of multifamily properties with over $3 billion in sales.

Jeffrey and his team provide transaction, valuation and underwriting services individually tailored to the unique needs of multifamily investors and owners. Partnering with the CBRE platform the team leverages the resources, research and collaboration of the largest global commercial real estate service provider.

As one of the most experienced multi-family brokerage teams in the market, we welcome your inquiries and can provide comprehensive market data or analysis. Please reach out to us directly for a broker price opinion on your property or any other market information.

2016 2017NAME UNITS PRICEMontego Bay 420 $51,100,000Camden Bel Air 528 $59,500,000Camden Breeze 320 $39,000,000Camden Canyon 200 $29,000,000Camden Commons 376 $48,900,000Camden Cove 104 $13,000,000Camden Del Mar 560 $88,250,000Camden Fairways 320 $46,000,000Camden Hills 184 $13,000,000Camden Legends 113 $12,750,000Camden Palisades 624 $69,000,000Camden Pines 315 $43,300,000Camden Pointe 252 $27,500,000Camden Summit 234 $42,870,000Camden Tiara 400 $55,700,000Camden Vintage 368 $39,982,500Oasis Palms 208 $21,300,000Oasis Vinings 234 $21,300,000Oasis Gateway 360 $39,200,000

Totals 6,120 $760,652,500

NAME UNITS PRICEAlicante 232 $35,500,000Hampton Court 420 $24,125,220Bella Vida 72 $9,200,000Deer Springs 272 $36,000,000Indian Ridge 184 $24,000,000Monaco Park 284 $43,800,000Oasis Ridge 478 $19,770,000Oasis Landing 144 $11,570,000Oasis Pearl 90 $5,400,000Oasis Island 118 $7,290,000Oasis Bay 128 $10,700,000Oasis Emerald 132 $10,899,083Oasis Meadows 383 $38,270,000Oasis Springs 304 $25,100,917

Totals 3,241 $301,625,220

Tech-Centered Amenities

Resort-likeAmenities

Value-addOpportunities

Proximity toTransportation

M A R K E T T R E N D S

LAS VEGAS MULTIFAMILYQ 1 2 0 1 8

LAS VEGAS MULTIFAMILY SALES VOLUME

LAS VEGASMULTIFAMILY CAP RATES BY CLASS

VA C A N C Y N O TA B L E S A L E T R A N S A C T I O N S

5.02%R E N T

$988/MO

304UNITS

Desert RidgeLas Vegas$30,750,000

192UNITS

CenterpointLas Vegas$30,000,000

332UNITS

Griffis Summerlin South$65,742,410

426UNITS

Ultris Arrow CanyonLas Vegas$59,650,000

1777 UNITS

Oasis Portfolio*Las Vegas$129,000,000

228UNITS

Winsome WestLas Vegas$24,000,000

180UNITS

Hampton GardenLas Vegas$27,550,000

236UNITS

Sorrento VillasLas Vegas$25,960,000

E X E C U T I V E S U M M A R YThe Las Vegas area has continued to be very active in the multifamily sector during 1Q2018. Acquisitions, new deliveries and renter demand fuel the continued desire of many to participate in the Las Vegas apartment market. From 1Q2017 to 1Q2018 average rents have risen steadily throughout Las Vegas. Investors continue to seek opportunities to invest capital throughout the valley, evidenced by the increase in multifamily transactions year to year, and the volume of new construction. New deliveries were just over 7,000 units in 2017, and Las Vegas experienced an increase of just over 25,000 jobs for the calendar year.

Looking forward, the market is expected to remain stable in regard to vacancy, and we anticipate a 6% rent growth for the 2018 calendar year. New supply for 2018 is expected to match averages from the last 15 years, with just over 4,000 units currently scheduled. We expect 2018 job growth to exceed 2017.

2013 2014 2015 2016 2017

$2,500

$2,250

$2,000

$1,750

$1,500

$1,250

$1,000

$750

$500

$987

$1,06

1

$1,17

0

$2,38

2

$2,47

3

CLASS A4.88 - 5.41%

CLASS B5.41 - 6.71%

CLASS C6.71- 8.85%

Source: Real Capital Analytics

© 2018 CBRE, Inc. 4 | Las Vegas Multifamily Market Report Las Vegas Multifamily Market Report | 5© 2018 CBRE, Inc.

LAS VEGAS MULTIFAMILY MARKET

2014 2015 2016

$1,000

$900

$800

$700

$600

$500

$400

$300

$200

VACANCY Rent

2013Source: CBRE, Inc.

11%

10%

9%

8%

7%

6%

5%

4%

3%2009 2010 2011 2012 2017

$ - Millions

CLASS A CLASS B CLASS C MARKET

Type Rent Rent/SF Rent Rent/SF Rent Rent/SF Rent Rent/SF

1Bed $1,088 $1.30 $862 $1.19 $644 $1.18 $849 $1.21

2Bed $1,340 $1.14 $1,003 $1.01 $767 $0.87 $1,044 $1.03

3Bed $1,535 $1.11 $1,153 $0.97 $897 $0.78 $1,218 $0.99

Average $1,282 $1.18 $969 $1.05 $708 $0.99 $988 $1.08

Occupancy 94.20% 95.69% 93.63% 94.98%

LAS VEGAS RENT GROWTH & VACANCY BY CLASS

Source: CBRE, Inc.

* Sold by Jeffrey Swinger & Ryan Broadhead

$1.08/SF


L A S V E G A S P R O J E C T M A P S A L E S CO M PA R A B L E S

UPRR

UNIVERSITYMEDICAL CENTER


CCSNCHEYENNECAMPUS

CCSNCHEYENNECAMPUS

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SIENA CAMPUS

ST. ROSEDOMINICAN

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CCSNHENDERSON CAMPUS


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W CHARLESTON BLVD E CHARLESTON BLVD

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W LONE M OUNTAIN ROAD

N JONES BLVD

W ALEXANDER ROAD

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S DECATUR B LVDN DECATU R BLVD

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S PECOS ROA DS EASTERN AVENUE

BLUE DIAMOND ROAD

W WARM SPRINGS ROAD

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N RANCHO DR

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MARTI N LUTHE R KING JR BL VD

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W WASHINGTON DRIVE

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W SILVERADO RANCH BLVD

W CACTUS AVE

SOUTHERN HIGHLANDS PARKWAY

SHINNECOCK HILLS AVE

M OUNTAINS EDGE PKWY

W CACTUS AVE

S FORT APACHE RD

W WIGWAM AVE

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ANTHEM PARKWAY

SEVEN HILLS DR

AM ERICAN PACIFIC DR

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W PAC IFIC AVE

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NELLIS AFB

NORTH LAS VEGASAIRPORT

MC CARRANINT’L AIRPORT

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LAS VEGAS

EASTLAS VEGAS

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HENDERSON

NORTHLAS VEGAS

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191

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# NAME UNITS TYPE1 Cordero Pines 288 C2 Boulder Pines 264 C3 Flamingo Pines 126 UC4 Vue at Centennial I & II 686 UC5 Madison Palms 126 P6 Patriot Place Vet Housing 50 C7 Buffalo 307 UC8 Rock Springs 202 UC9 Tenaya 264 P10 Seven Hills Apartments 286 UC11 Tesora II 132 P12 TBD 297 P13 Minuet II 188 C14 Russel III 105 UC15 Imagine I & II 307 UC16 The Adobe Buffalo Sunset 418 P17 Horizon Range 129 UC18 Spring Mountain & Valley View 295 UC19 Fremont 9 231 UC

# NAME UNITS TYPE20 Revel 146 C21 Castile 498 UC22 Union Village I 396 UC23 Union Village II 360 UC24 Tropicana Senior 132 UC25 Elysian @ Stone Lake 360 C26 Elysian @ Flamingo 360 UC27 Elysian @ Valley View 287 UC28 Elysian @ Rampart 359 UC29 The Constellation 124 C30 Sands Avenue 375 P31 The Passage II 121 C32 Level 25 @ Durango 168 C33 Level 25 @ Oquendo 244 UC34 U District 226 UC35 U District II & III 591 P36 Kaktus Life I 210 UC37 Kaktus Life III 608 UC38 Spring Mountain & Polaris 471 P

# NAME UNITS TYPE39 Buffalo & Sunset 421 P40 The Adobe Redrock 308 UC41 Windmill Lane & Las Vegas Blvd 50 P42 Solana 204 UC43 Gallery Apartment Homes 325 C44 South Beach Russell 220 C45 Southern Highlands 304 P46 The Mercer 174 UC47 Franklin Park 150 P48 The Central 162 P49 TBD 212 P50 Goldfield Regena 80 C51 Aspen Peak Phase II 50 P52 Rose Gardens 120 C53 Lake Mead Senior 800 P54 One60 129 UC55 The Revenant 111 P56 TBD 267 P57 Tesoro Ranch II 67 P

# NAME UNITS TYPE58 EVO 376 UC59 Evolve I 348 C60 TBD 316 P61 Trend! 362 P62 Evolve II 422 UC63 Empire 550 P64 TBD 338 P65 2 One 5 368 C66 TBD 374 P67 Eden 276 C68 Spur 288 UC69 Dune 398 UC70 Summit on Boulder 144 P71 Kaktus Life II 172 P72 Boulder & Galleria 297 P

TOTAL UNITS: 19,920

D Delivered7,080 UNITS

UCUnder Construction5,019 UNITS

FD Future Delivery7,821 UNITS

2017DELIVERY

2018 DELIVERY

Q1 ...............................640Q2 ............................1,219Q3 ............................2,095Q4 ............................3,126Total .......................7,080

Q1 ............................1,282Q2 ............................1,141Q3 ...............................570Q4 ............................1,132Total .......................4,125

U N I T S NAME ADDRESS ZIP DATE SOLD # OF UNITS YEAR BUILT TOTAL SF NRA UNIT SIZE VACANCY RATE

SALE PRICE CAP RATE PRICE PER UNIT AVG. RENT LOCATION

Brittnae Pines Apartments 2051 N Torrey Pines 89108 March 208 1997 184,400 887 10.00% $19,600,000 5.79% $94,231 $839 NWCabana on Dumont 1001 E Dumont 89169 March 105 1973 140,450 1,338 13.00% $8,000,000 5.50% $76,190 $852 SERebel Place 3896 Swenson 89119 April 156 2010 178,580 1,145 14.00% $17,500,000 8.85% $112,179 $1,791 SEToscana 4550 Karen 89121 April 128 1994 124,656 974 12.00% $9,700,000 6.03% $75,781 $814 SEWoodlake Villas 4747 Pennwood 89102 April 218 1988 197,244 905 10.00% $16,400,000 5.71% $75,229 $742 SWMaravilla 5024 Broken Sound 89110 May 212 1994 216,396 1,021 10.00% $19,050,000 5.41% $89,858 $821 NEMarina Bay 939 E Flamingo 89119 May 192 1973 193,920 1,010 10.00% $17,425,000 5.79% $90,755 $888 SEDream 1005 Wigwam 89074 May 324 2015 350,810 1,083 12.00% $54,400,000 5.79% $167,901 $1,301 SESW 6355 S Durango 89113 May 310 2016 333,410 1,076 12.00% $55,286,957 5.75% $178,345 $1,327 SWUnion Apartments 4450 S Hualapai 89147 May 338 2016 367,132 1,086 12.00% $60,313,043 5.62% $178,441 $1,336 SWDeer Springs * 7855 Deer Springs 89131 May 272 2000 261,210 960 8.00% $36,000,000 5.08% $132,353 $954 NWIndian Ridge * 9353 W Twain 89147 May 184 1998 172,032 935 10.00% $24,000,000 5.25% $130,435 $984 SWMonaco Park * 8350 W Desert Inn 89117 May 284 1999 315,740 1,112 11.00% $43,800,000 5.37% $154,225 $1,157 SWChateau at Flamingo 6570 W Flamingo 89103 May 136 1992 117,584 865 8.00% $16,600,000 5.06% $122,059 $856 SWParadise Park 446 E Twain 89169 May 168 1963 133,602 795 10.00% $8,200,000 6.39% $48,810 $645 SEBella Fiore 2881 N Rancho 89130 June 272 1998 259,463 954 9.00% $25,800,000 5.53% $94,853 $829 NWMountain Gate & Trails 9350 S Cimarron 89178 June 539 2008 510,748 948 8.00% $83,000,000 5.41% $153,989 $1,077 SWVolare 10695 Dean Martin 89141 June 360 2015 344,804 958 12.00% $63,000,000 5.46% $175,000 $1,253 SWWoodhaven 3650 Stober 89103 June 226 1981 169,500 750 9.00% $12,800,000 6.38% $56,637 $664 SWSunbow Villas 711 E Nelson 89030 June 144 1998 113,550 789 12.00% $7,200,000 6.39% $50,000 $685 NESunrise Springs 4455 E Twain 89121 June 192 1989 164,928 859 12.00% $15,600,000 6.01% $81,250 $845 SEElysian West 5175 Jerry Tarkanian 89148 July 466 2017 540,876 1,161 11.00% $106,500,000 5.43% $228,541 $1,523 SEPalms at Peccole Ranch 9599 W Charleston 89117 July 404 1996 357,900 886 12.00% $62,000,000 5.57% $153,465 $1,167 SWSterling Court 5500 Mountain Vista 89120 July 237 1991 214,330 904 8.00% $24,000,000 5.06% $101,266 $797 SEVeritas 3370 St Rose 89052 July 430 2011 431,038 1,005 8.00% $76,500,000 5.03% $177,907 $1,123 SEWillows at Spring Valley 5280 W Hacienda 89118 August 170 1998 178,050 1,047 10.00% $24,000,000 5.26% $141,176 $1,069 SWCimarron Apartments 8301 W Flamingo 89147 August 250 2000 229,930 920 12.00% $35,100,000 5.65% $140,400 $1,158 SWCanyon Pointe 5421 E Harmon 89122 August 670 1981 400,196 597 10.00% $38,900,000 6.35% $58,060 $667 SEOasis Ridge * 3040 E Charleston 89104 August 478 1984 183,053 383 10.00% $19,770,000 6.71% $41,360 $555 SEOasis Landing * 4000 E Bonanza 89110 August 144 1990 135,024 938 14.00% $11,570,000 5.90% $80,347 $909 NEOasis Pearl * 1330 E Reno 89119 August 90 1987 83,710 930 12.00% $5,400,000 7.55% $60,000 $887 SEOasis Island * 4521 E Bonanza 89110 August 118 1990 109,100 925 15.00% $7,290,000 6.49% $61,780 $887 NEOasis Bay * 1601 E Katie 89119 August 128 1990 112,112 876 15.00% $10,700,000 6.21% $83,594 $984 SEOasis Emerald * 361 N Nellis 89110 August 132 1988 106,616 808 10.00% $10,899,083 5.30% $82,569 $756 NEOasis Meadows * 3150 S Nellis 89121 August 383 1996 394,968 1,031 15.00% $38,270,000 6.24% $99,922 $1,037 SEOasis Springs * 451 N Nellis 89110 August 304 1989 254,720 838 14.00% $25,100,917 5.77% $82,569 $883 NEVernazza 5540 W Harmon 89103 August 168 2000 152,760 909 10.00% $18,200,000 5.76% $108,333 $939 SWSummerhill Villas 2150 N Tenaya 89128 September 440 1990 424,808 965 10.00% $58,200,000 5.45% $132,273 $1,010 NWLas Palms 3550 Paradise 89169 September 393 1974 319,188 812 10.00% $26,800,000 6.01% $68,193 $741 SETropicana Royale 1900 E Tropicana 89119 September 324 1978 267,340 825 8.00% $21,446,000 6.11% $66,191 $711 SEDesert Palms North 1001 E Carey 89030 September 248 1992 195,352 788 8.00% $15,050,000 6.28% $60,685 $664 NEBayshore Club 4975 S Duneville 89118 September 144 1989 149,340 1,037 12.00% $16,250,000 6.14% $112,847 $1,046 SEThe Rubix 5300 E Craig 89115 September 236 2015 65,585 274 18.00% $12,500,000 7.10% $52,966 $752 NEBristol at Sunset 2001 Ramrod 89014 September 432 1989 401,808 930 10.00% $58,250,000 5.43% $134,838 $1,029 SEEmerald Park 4545 Pennwood 89102 September 300 1979 193,380 645 10.00% $18,450,000 7.07% $61,500 $739 SWCountry Hills 5400 S Maryland 89119 October 208 1981 182,676 878 8.00% $19,000,000 5.64% $91,346 $795 SEThe Venue 5035 E Russel 89122 October 168 2009 163,406 973 10.00% $25,886,171 5.44% $154,084 $1,135 SETower at Tropicana 6575 W Tropicana 89103 November 260 1990 233,280 897 10.00% $32,500,000 5.66% $125,000 $1,016 SWCheyenne Pointe 3240 N Las Vegas 89115 November 204 1999 195,480 958 12.00% $17,442,000 6.50% $85,500 $916 NEEntrata Di Paradiso 2701 N Rainbow 89108 November 480 1990 476,160 992 12.00% $55,000,000 5.91% $114,583 $1,020 NWCasa Grande 6250 Hargrove 89107 November 168 1984 152,320 907 12.00% $12,275,000 6.38% $73,065 $820 NWElysian at Stonelake 1445 Stonelake Cove 89074 December 360 2017 406,112 1,128 8.00% $84,600,000 4.88% $235,000 $1,348 SEMartinique Bay 3000 High View 89014 December 256 1989 275,140 1,075 8.00% $42,750,000 4.99% $166,992 $1,115 SEBroadstone Talavera 2251 S Fort Apache 89117 December 350 1996 353,724 1,011 10.00% $62,750,000 5.18% $179,286 $1,209 SWBroadstone Flamingo West 9100 W Flamingo 89147 December 324 1998 323,267 998 10.00% $52,250,000 5.18% $161,265 $1,123 SWThe Avenue Apartments 4800 E Tropicana 89121 December 252 1996 2,442,244 969 8.00% $32,750,000 5.04% $129,960 $918 SEVintage Pointe 6500 Vegas 89108 December 368 1994 355,296 965 10.00% $49,250,000 5.38% $133,832 $1,028 NWTorrey Springs 2200 N Torrey Pines 89108 December 320 1989 299,200 935 8.00% $36,350,000 5.42% $113,594 $907 NWPromenade at Sahara 4801 E Sahara Ave 89104 January 312 1983 273,920 878 8.00% $23,300,000 5.31% $74,679 $683 SEGriffis Summerlin South 9550 W Sahara Ave 89117 January 332 1998 310,236 934 7.00% $65,742,410 5.08% $198,019 $1,201 SWSanta Fe 3955 E Charleston Blvd 89104 January 145 1988 125,079 863 7.00% $11,500,000 5.62% $79,310 $749 NECambridge 3875 Cambridge St 89119 January 210 1974 196,332 935 10.00% $22,500,000 5.90% $107,143 $991 SEStewart Villas 2601 Stewart Ave 89101 January 114 1962 114,780 1,007 14.00% $5,000,000 7.30% $43,860 $752 NEHilltop Villas 600 N 13th St 89101 January 111 1963 98,478 887 14.00% $4,000,000 7.58% $36,036 $687 NEAmber Ridge 346 Sturgeon Ln 89110 February 308 1985 260,028 844 8.00% $21,000,000 5.82% $68,182 $704 NEMark I 1020 E Desert Inn 89109 February 114 1975 99,700 875 10.00% $15,870,000 6.20% $139,211 $1,207 SEPaseo Del Prado 740 E Warm Springs Rd 89015 February 120 1996 85,824 715 8.00% $10,200,000 5.50% $85,000 $760 SEUltris Arrow Canyon 5005 Losee Rd 89081 February 426 2007 458,324 1,076 10.00% $59,650,000 5.50% $140,023 $1,080 NESorrento Villas 3580 E Alexander 89115 February 236 2000 222,884 944 10.00% $25,960,000 5.73% $110,000 $924 NEHampton Garden 9750 Peace Way 89147 March 180 2001 169,788 943 8.00% $27,550,000 5.17% $153,056 $1,030 SWCity Center 811-821 E. Bridger Ave 89101 March 300 2003 110,620 369 8.00% $19,000,000 6.50% $63,333 $708 NECenterPoint 5905 W Charleston Blvd 89146 March 192 2007 170,904 890 10.00% $30,000,000 5.14% $156,250 $1,082 NWWinsome West 5050 Duneville St 89118 April 228 1986 187,560 823 10.00% $24,000,000 5.23% $105,263 $860 SWDesert Ridge 7055 E Lake Mead Blvd 89156 April 304 1989 257,600 847 8.00% $30,750,000 5.48% $101,151 $809 NETOTALS 19,407 19,751,705 $2,273,646,581AVERAGES/WEIGHTED AVERAGES 262 1993 266,915 911 10.43% $30,724,954 5.83% $110,180 $950

Sold by Jeffrey Swinger and Ryan BroadheadSource: CBRE, Inc.Source: CBRE, Inc.


72

100+ U N I T S

4.4%


L A S V E G A S M AC R O O V E R V I E W S U B M A R K E T S

NORTH

WEST

SOUTHWEST

NORTHEAST

CENTRAL

UNIVERSITY/DOWNTOWN

HENDERSON

EAST

2017 showed a resurgence of investment in Las Vegas, specifically in the resort corridor, with multiple transactions occurring throughout the year. The Fontainebleau sold for $600 million with the new buyers planning to complete the stalled project. In addition, Crown Resorts sold their 38-acre site, located across the street from the Wynn Hotel, to Wynn Resorts.

Las Vegas saw 46,598 homes sold in 2017, the third-highest tally on record and an 11.7% increase from 2016. Existing homes sold for a median price of $267,900, a 14% increase from December 2016.

H E A D L I N E S

Las Vegas Raider’s stadium officially breaks ground

Steve Wynn purchases the 34.6 acre Alon site for over

$300 million

Fontainebleau, now called Project Blue, sold for $600

million

1

2

3

MAJOR JOB SECTORS

Construction6.9%

Manufacturing2.3%

Trade, Transportation, & Utilities17%

Financial Activities5.1%

Professional & Business Services14.58%

Education & Health Services9.8%

Leisure & Hospitality29.4%

Other2.5%Las Vegas Metro Area

2016-2017

8%YOY Nov 2017

43MLas Vegas Metro Area

2016-2017

5.1%Las Vegas Metro Area

2016-2017

2.0%Clark County2016-2017

UNEMPLOYMENT EMPLOYMENT GROWTH

TOURISM VOLUMEPOPULATION GROWTH


Government10.5%

Source: U.S. Bureau of Labor StatisticsAs of November 2017

Home Price ChangeMedian New

$356KAs of Nov 2017

Home PriceMedian New


N O R T H S U B M A R K E T

* Trend arrows indicate positive or negative change. * Trend arrows indicate positive or negative change.

Vacancy Rate2.85%

Vacancy Rate5.14%

Rental Rate$1,058

Rental Rate$1,166

Rent / Square Foot$1.07


12-Month Rent Growth9.58%


UPRR



CCSNCHEYENNECAMPUS

CCSNCHEYENNECAMPUS

DESERTSPRINGS

HOSPITAL

DESERTSPRINGS

HOSPITAL


SIENA CAMPUS


SIENA CAMPUS

ST. ROSEDOMINICAN

HOSPITAL

ST. ROSEDOMINICAN

HOSPITAL



15

15

15

15

15

93

93

95

93

95

95

95

93

93

93

95

95

215

215

215

215

215

515

515

515

502

593

564

582

160

604

604

604

589

159

599

574

573

147147

147

147

595

595 607

607

146

582

612

GRAND TETON DRIVE

ELKHORN ROAD


ANN ROADW ANN ROAD

SIMM

ONS STREE T

N DECATUR BLVD

CRAIG ROAD

E DESERT INN ROAD


W SAHARA AVE

W DESERT INN ROAD


BUFFALO D RIVE

S RAINBOW BLVD


F ORT A PACHE ROAD


BOULDER HWY

STEWART AVENUE

E BONANZA ROAD

E OWENS AVENUE


N JONES BLVD

W ALEXANDER ROAD

W CHEYENNE AVENUE


N JONES B LV D

E SAHARA AVE


BLUE DIAMOND ROAD

W WARM SPRINGS ROAD

S RAINBOW BLVD

GOM ER ROAD

S JONES BLVD

W SUNSET ROAD

W RUSSELL ROAD



N RANCHO DR


BERMUDA RD


N 5TH STREET

N LAS VEGAS BLVD

N EASTERN AV E

W WASHINGTON DRIVE


TO WN CENTER DRIV E


N STEPHANIE STREET

LAMB BLVD

NELLIS BLVD

HUALAPAI WA Y

RACETRACK ROAD

COLLEGE DR

EQUESTRIAN DR

E PARADISE HILLS DR

RICHARDSON DRIVE

BURKHOLDER BLVD


MARYLAND PARKW

AY

E RUSSELL ROAD

WARM SPRINGS ROAD

MARYL AND PARKW

AY

ALTA DRIVE

VEGAS DRIVE

SMOKE RANCH ROAD

PECOS ROAD

S HOLLYWOOD BLVD

N DU RAN GO DR IVE

CAMIN O

AL NORTE

WINDMILL LN

UNION PACIFIC RR

S BU FFALO DRIVE

E WASHINGTON AVE

N HOLLY W

OOD BLVD

N LOS FELIIZ ST

VEGAS VALLEY DRIVE

FREMONT ST

S S ANDH ILL ROAD

E SUNSET ROAD

E SUNSET ROAD

WINDMILL LANE

DEAN MARTIN DR


W CACTUS AVE




W CACTUS AVE

S FORT APACHE RD

W WIGWAM AVE

VOLUNTEER BLVD

ANTHEM PARKWAY

SEVEN HILLS DR


EASTGATE RD

BROADBENT BL VD

M ISSION DR

GREENWAY RD

W PAC IFIC AVE

S WATER ST

E VAN WAGENEN ST

FOOTHILLS DR

APPALOOSA R D

S MAGI C W

AY

CENTER ST

PABCO ROAD


VALLE VERDE DR

E PEBBLE ROAD

SPRING M OUNTAIN RD

PARADISE RD

E ST LOUIS AVE

N BRUCE ST

E EVANS AVE

BELMONT S

T

E CAREY AVE

S LAMB BLVD

N P EC OS RO AD

WASHBURN RD

N TENAYA WAY

SEVERENCE LANE

DEER SPRINGS WAY

CLIFF SHADOWS DRIVE


W ARBY AVE

HACIENDA AVE

St Rose Parkway

UNION PACIFI

C RR

E LAKE MEAD PARKWAY

WESTCLIFF DRIVE

N RAINBOW BLVD

LAKE LAS VEGAS PKWY

SUM MERLIN PARKWAY

INDU

STRIA

L ROA

D

BUFFALO DRIVE

CRAIG ROAD

E CHEYENNE AVENUE

E LAKE MEAD BLVD

LOSE

E RD.

“THE

STRI

P”

GIBSON Rd.

BUFFALO DRIVE

NELLIS AFB



LAKELAS VEGAS


LAS VEGAS

EASTLAS VEGAS

GREENVALLEY

SUMMERLIN

HENDERSON

NORTHLAS VEGAS

SUNRIDGE WESTCANYON


RAILROADPASS

UNLV

BOULEVARDMALL

SEVEN HILLS

NELLIS AFB

SUBJECT

• Rents for the submarket increased to $1,058, a quarterly increase of 5.30%, and a YOY increase of 9.58%.

• Vacancy for the submarket in Q1 was 2.29%, down from 2.85% 4Q17 and down from 5.34% 1Q17.

• Rents for the submarket decreased to $1,166, a quarterly decrease of 0.62%, and a YOY increase of 4.69%.

• Vacancy for the submarket in Q1 was 5.14%, up from 4.59% 4Q17, and down from 5.44% 1Q17

CLASS A CLASS B CLASS C SUBMARKET


1Bed $1,263 $1.49 $912 $1.19 $754 $1.33 $911 $1.22

2Bed $1,540 $1.22 $1,087 $1.02 $844 $0.93 $1,112 $1.04

3Bed $1,472 $0.94 $1,200 $0.95 0 0 $1,241 $0.95

Average $1,474 $1.17 $1,039 $1.06 $800 $1.08 $1,058 $1.07

Occupancy 92.69% 99.04% 95.94% 97.71%



1Bed $1,166 $1.35 $962 $1.21 0 0 $1,026 $1.25

2Bed $1,339 $1.16 $1,115 $1.04 0 0 $1,204 $1.09

3Bed $1,574 $1.13 $1,307 $1.05 0 0 $1,444 $1.10

Average $1,321 $1.20 $1,071 $1.09 0 0 $1,166 $1.14

Occupancy 93.71% 95.76% 0.00% 94.86

RENT GROWTH & VACANCY BY CLASS RENT GROWTH & VACANCY BY CLASS

10.0% 10.0%

9.0% 9.0%

8.0% 8.0%

7.0% 7.0%

6.0% 6.0%

5.0% 5.0%

4.0% 4.0%

3.0% 3.0%

2.0% 2.0%

1.0% 1.0%

0.0%

$500

$600

$700

$800

$900

$1,000

$1,100

3Q16 4Q16 1Q17 2Q17 3Q17 4Q17

VACANCY (%) RENT ($) VACANCY (%) RENT ($)OVERALL VACANCY & RENT OVERALL VACANCY & RENT

Source: CBRE, Inc. Source: CBRE, Inc.

Source: CBRE, Inc. Source: CBRE, Inc.

W E S T S U B M A R K E T

UPRR



CCSNCHEYENNECAMPUS

CCSNCHEYENNECAMPUS

DESERTSPRINGS

HOSPITAL

DESERTSPRINGS

HOSPITAL


SIENA CAMPUS


SIENA CAMPUS

ST. ROSEDOMINICAN

HOSPITAL

ST. ROSEDOMINICAN

HOSPITAL



15

15

15

15

15

93

93

95

93

95

95

95

93

93

93

95

95

215

215

215

215

215

515

515

515

502

593

564

582

160

604

604

604

589

159

599

574

573

147147

147

147

595

595 607

607

146

582

612

GRAND TETON DRIVE

ELKHORN ROAD


ANN ROADW ANN ROAD

SIMM

ONS STREE T

N DECATUR BLVD

CRAIG ROAD

E DESERT INN ROAD


W SAHARA AVE

W DESERT INN ROAD


BUFFALO D RIVE

S RAINBOW BLVD


F ORT A PACHE ROAD


BOULDER HWY

STEWART AVENUE

E BONANZA ROAD

E OWENS AVENUE


N JONES BLVD

W ALEXANDER ROAD

W CHEYENNE AVENUE


N JONES B LV D

E SAHARA AVE


BLUE DIAMOND ROAD

W WARM SPRINGS ROAD

S RAINBOW BLVD

GOM ER ROAD

S JONES BLVD

W SUNSET ROAD

W RUSSELL ROAD



N RANCHO DR


BERMUDA RD


N 5TH STREET

N LAS VEGAS BLVD

N EASTERN AV E

W WASHINGTON DRIVE


TO WN CENTER DRIV E


N STEPHANIE STREET

LAMB BLVD

NELLIS BLVD

HUALAPAI WA Y

RACETRACK ROAD

COLLEGE DR

EQUESTRIAN DR

E PARADISE HILLS DR

RICHARDSON DRIVE

BURKHOLDER BLVD


MARYLAND PARKW

AY

E RUSSELL ROAD

WARM SPRINGS ROAD

MARYL AND PARKW

AY

ALTA DRIVE

VEGAS DRIVE

SMOKE RANCH ROAD

PECOS ROAD

S HOLLYWOOD BLVD

N DU RAN GO DR IVE

CAMIN O

AL NORTE

WINDMILL LN

UNION PACIFIC RR

S BU FFALO DRIVE

E WASHINGTON AVE

N HOLLY W

OOD BLVD

N LOS FELIIZ ST

VEGAS VALLEY DRIVE

FREMONT ST

S S ANDH ILL ROAD

E SUNSET ROAD

E SUNSET ROAD

WINDMILL LANE

DEAN MARTIN DR


W CACTUS AVE




W CACTUS AVE

S FORT APACHE RD

W WIGWAM AVE

VOLUNTEER BLVD

ANTHEM PARKWAY

SEVEN HILLS DR


EASTGATE RD

BROADBENT BL VD

M ISSION DR

GREENWAY RD

W PAC IFIC AVE

S WATER ST

E VAN WAGENEN ST

FOOTHILLS DR

APPALOOSA R D

S MAGI C W

AY

CENTER ST

PABCO ROAD


VALLE VERDE DR

E PEBBLE ROAD

SPRING M OUNTAIN RD

PARADISE RD

E ST LOUIS AVE

N BRUCE ST

E EVANS AVE

BELMONT S

T

E CAREY AVE

S LAMB BLVD

N P EC OS RO AD

WASHBURN RD

N TENAYA WAY

SEVERENCE LANE

DEER SPRINGS WAY

CLIFF SHADOWS DRIVE


W ARBY AVE

HACIENDA AVE

St Rose Parkway

UNION PACIFI

C RR

E LAKE MEAD PARKWAY

WESTCLIFF DRIVE

N RAINBOW BLVD

LAKE LAS VEGAS PKWY

SUM MERLIN PARKWAY

INDU

STRIA

L ROA

D

BUFFALO DRIVE

CRAIG ROAD

E CHEYENNE AVENUE

E LAKE MEAD BLVD

LOSE

E RD.

“THE

STRI

P”

GIBSON Rd.

BUFFALO DRIVE

NELLIS AFB



LAKELAS VEGAS


LAS VEGAS

EASTLAS VEGAS

GREENVALLEY

SUMMERLIN

HENDERSON

NORTHLAS VEGAS

SUNRIDGE WESTCANYON


RAILROADPASS

UNLV

BOULEVARDMALL

SEVEN HILLS

NELLIS AFB

SUBJECT


$400

$300

$200

$600

$700

$800

$900

$1,000

$1,100

$1,200

3Q16 4Q16 1Q17 2Q17 3Q17 4Q17

$500

$400

$300

1Q18 1Q18

$889$915

$957$992

$1,004 $1,002$1,058

$1,047 $1,075$1,111 $1,136 $1,163 $1,173 $1,166


C E N T R A L S U B M A R K E T

* Trend arrows indicate positive or negative change.

Vacancy Rate4.26%

Rental Rate$890





1Bed 0 0 $793 $1.17 $679 $1.20 $764 $1.17

2Bed 0 0 $954 $0.96 $787 $0.95 $935 $0.96

3Bed 0 0 $1,079 $0.93 $961 $0.93 $1,075 $0.93

Average 0 0 $920 $1.00 $728 $1.07 $890 $1.01

Occupancy 0 96.01% 94.70% 95.74%

RENT GROWTH & VACANCY BY CLASS

10.0%

9.0%

8.0%

7.0%

6.0%

5.0%

4.0%

3.0%

2.0%

1.0%

0.0%

VACANCY (%) RENT ($)OVERALL VACANCY & RENT

Source: CBRE, Inc.

Source: CBRE, Inc.

UPRR



CCSNCHEYENNECAMPUS

CCSNCHEYENNECAMPUS

DESERTSPRINGS

HOSPITAL

DESERTSPRINGS

HOSPITAL


SIENA CAMPUS


SIENA CAMPUS

ST. ROSEDOMINICAN

HOSPITAL

ST. ROSEDOMINICAN

HOSPITAL



15

15

15

15

15

93

93

95

93

95

95

95

93

93

93

95

95

215

215

215

215

215

515

515

515

502

593

564

582

160

604

604

604

589

159

599

574

573

147147

147

147

595

595 607

607

146

582

612

GRAND TETON DRIVE

ELKHORN ROAD


ANN ROADW ANN ROAD

SIMM

ONS STREE T

N DECATUR BLVD

CRAIG ROAD

E DESERT INN ROAD


W SAHARA AVE

W DESERT INN ROAD


BUFFALO D RIVE

S RAINBOW BLVD


F ORT A PACHE ROAD


BOULDER HWY

STEWART AVENUE

E BONANZA ROAD

E OWENS AVENUE


N JONES BLVD

W ALEXANDER ROAD

W CHEYENNE AVENUE


N JONES B LV D

E SAHARA AVE


BLUE DIAMOND ROAD

W WARM SPRINGS ROAD

S RAINBOW BLVD

GOM ER ROAD

S JONES BLVD

W SUNSET ROAD

W RUSSELL ROAD



N RANCHO DR


BERMUDA RD


N 5TH STREET

N LAS VEGAS BLVD

N EASTERN AV E

W WASHINGTON DRIVE


TO WN CENTER DRIV E


N STEPHANIE STREET

LAMB BLVD

NELLIS BLVD

HUALAPAI WA Y

RACETRACK ROAD

COLLEGE DR

EQUESTRIAN DR

E PARADISE HILLS DR

RICHARDSON DRIVE

BURKHOLDER BLVD


MARYLAND PARKW

AY

E RUSSELL ROAD

WARM SPRINGS ROAD

MARYL AND PARKW

AY

ALTA DRIVE

VEGAS DRIVE

SMOKE RANCH ROAD

PECOS ROAD

S HOLLYWOOD BLVD

N DU RAN GO DR IVE

CAMIN O

AL NORTE

WINDMILL LN

UNION PACIFIC RR

S BU FFALO DRIVE

E WASHINGTON AVE

N HOLLY W

OOD BLVD

N LOS FELIIZ ST

VEGAS VALLEY DRIVE

FREMONT ST

S S ANDH ILL ROAD

E SUNSET ROAD

E SUNSET ROAD

WINDMILL LANE

DEAN MARTIN DR


W CACTUS AVE




W CACTUS AVE

S FORT APACHE RD

W WIGWAM AVE

VOLUNTEER BLVD

ANTHEM PARKWAY

SEVEN HILLS DR


EASTGATE RD

BROADBENT BL VD

M ISSION DR

GREENWAY RD

W PAC IFIC AVE

S WATER ST

E VAN WAGENEN ST

FOOTHILLS DR

APPALOOSA R D

S MAGI C W

AY

CENTER ST

PABCO ROAD


VALLE VERDE DR

E PEBBLE ROAD

SPRING M OUNTAIN RD

PARADISE RD

E ST LOUIS AVE

N BRUCE ST

E EVANS AVE

BELMONT S

T

E CAREY AVE

S LAMB BLVD

N P EC OS RO AD

WASHBURN RD

N TENAYA WAY

SEVERENCE LANE

DEER SPRINGS WAY

CLIFF SHADOWS DRIVE


W ARBY AVE

HACIENDA AVE

St Rose Parkway

UNION PACIFI

C RR

E LAKE MEAD PARKWAY

WESTCLIFF DRIVE

N RAINBOW BLVD

LAKE LAS VEGAS PKWY

SUM MERLIN PARKWAY

INDU

STRIA

L ROA

D

BUFFALO DRIVE

CRAIG ROAD

E CHEYENNE AVENUE

E LAKE MEAD BLVD

LOSE

E RD.

“THE

STRI

P”

GIBSON Rd.

BUFFALO DRIVE

NELLIS AFB



LAKELAS VEGAS


LAS VEGAS

EASTLAS VEGAS

GREENVALLEY

SUMMERLIN

HENDERSON

NORTHLAS VEGAS

SUNRIDGE WESTCANYON


RAILROADPASS

UNLV

BOULEVARDMALL

SEVEN HILLS

NELLIS AFB

SUBJECT

UPRR



CCSNCHEYENNECAMPUS

CCSNCHEYENNECAMPUS

DESERTSPRINGS

HOSPITAL

DESERTSPRINGS

HOSPITAL


SIENA CAMPUS


SIENA CAMPUS

ST. ROSEDOMINICAN

HOSPITAL

ST. ROSEDOMINICAN

HOSPITAL



15

15

15

15

15

93

93

95

93

95

95

95

93

93

93

95

95

215

215

215

215

215

515

515

515

502

593

564

582

160

604

604

604

589

159

599

574

573

147147

147

147

595

595 607

607

146

582

612

GRAND TETON DRIVE

ELKHORN ROAD


ANN ROADW ANN ROAD

SIMM

ONS STREE T

N DECATUR BLVD

CRAIG ROAD

E DESERT INN ROAD


W SAHARA AVE

W DESERT INN ROAD


BUFFALO D RIVE

S RAINBOW BLVD


F ORT A PACHE ROAD


BOULDER HWY

STEWART AVENUE

E BONANZA ROAD

E OWENS AVENUE


N JONES BLVD

W ALEXANDER ROAD

W CHEYENNE AVENUE


N JONES B LV D

E SAHARA AVE


BLUE DIAMOND ROAD

W WARM SPRINGS ROAD

S RAINBOW BLVD

GOM ER ROAD

S JONES BLVD

W SUNSET ROAD

W RUSSELL ROAD



N RANCHO DR


BERMUDA RD


N 5TH STREET

N LAS VEGAS BLVD

N EASTERN AV E

W WASHINGTON DRIVE


TO WN CENTER DRIV E


N STEPHANIE STREET

LAMB BLVD

NELLIS BLVD

HUALAPAI WA Y

RACETRACK ROAD

COLLEGE DR

EQUESTRIAN DR

E PARADISE HILLS DR

RICHARDSON DRIVE

BURKHOLDER BLVD


MARYLAND PARKW

AY

E RUSSELL ROAD

WARM SPRINGS ROAD

MARYL AND PAR KW

AY

ALTA DRIVE

VEGAS DRIVE

SMOKE RANCH ROAD

PECOS ROAD

S HOLLYWOOD BLVD

N DU RAN GO DR IVE

CAMIN O

AL NORTE

WINDMILL LN

UNION PACIFIC RR

S BU FFALO DRIVE

E WASHINGTON AVE

N HOLLY W

OOD BLVD

N LOS FELIIZ ST

VEGAS VALLEY DRIVE

FREMONT ST

S S ANDH ILL ROAD

E SUNSET ROAD

E SUNSET ROAD

WINDMILL LANE

DEAN MARTIN DR


W CACTUS AVE




W CACTUS AVE

S FORT APACHE RD

W WIGWAM AVE

VOLUNTEER BLVD

ANTHEM PARKWAY

SEVEN HILLS DR


EASTGATE RD

BROADBENT BL VD

M ISSION DR

GREENWAY RD

W PAC IFIC AVE

S WATER ST

E VAN WAGENEN ST

FOOTHILLS DR

APPALOOSA R D

S MAGI C W

AY

CENTER ST

PABCO ROAD


VALLE VERDE DR

E PEBBLE ROAD

SPRING M OUNTAIN RD

PARADISE RD

E ST LOUIS AVE

N BRUCE ST

E EVANS AVE

BELMONT S

T

E CAREY AVE

S LAMB BLVD

N P EC OS RO AD

WASHBURN RD

N TENAYA WAY

SEVERENCE LANE

DEER SPRINGS WAY

CLIFF SHADOWS DRIVE


W ARBY AVE

HACIENDA AVE

St Rose Parkway

UNION PACIFI

C RR

E LAKE MEAD PARKWAY

WESTCLIFF DRIVE

N RAINBOW BLVD

LAKE LAS VEGAS PKWY

SUM MERLIN PARKWAY

INDU

STRIA

L ROA

D

BUFFALO DRIVE

CRAIG ROAD

E CHEYENNE AVENUE

E LAKE MEAD BLVD

LOSE

E RD.

“THE

STRI

P”

GIBSON Rd.

BUFFALO DRIVE

NELLIS AFB



LAKELAS VEGAS


LAS VEGAS

EASTLAS VEGAS

GREENVALLEY

SUMMERLIN

HENDERSON

NORTHLAS VEGAS

SUNRIDGE WESTCANYON


RAILROADPASS

UNLV

BOULEVARDMALL

SEVEN HILLS

NELLIS AFB

SUBJECT


Vacancy Rate5.02%

Rental Rate$780





1Bed 0 0 $736 $1.13 $662 $1.11 $699 $1.12

2Bed 0 0 $844 $1.15 $723 $0.79 $794 $0.98

3Bed 0 0 $983 $0.96 $910 $0.82 $954 $0.90

Average 0 0 $829 $1.11 $719 $0.89 $780 $1.01

Occupancy 0 97.43% 92.40% 94.98%


10.0%

9.0%

8.0%

7.0%

6.0%

5.0%

4.0%

3.0%

2.0%

1.0%

0.0%


Source: CBRE, Inc.

Source: CBRE, Inc.

N O R T H E A S T S U B M A R K E T


$500

$600

$700

$800

$900

$1,000

$1,100

3Q16 4Q16 1Q17 2Q17 3Q17 4Q17

$400

$300

$200

$500

$600

$700

$800

$900

$1,000

$1,100

3Q16 4Q16 1Q17 2Q17 3Q17 4Q17

$400

$300

$200

• Rents for the submarket increased to $890, a quarterly increase of 0.25%, and a YOY increase of 7.15%.




1Q18

$763 $774$826 $852 $863 $865 $890

1Q17

$733$750 $741 $759 $760 $765 $780


E A S T S U B M A R K E T


Vacancy Rate5.71%

Rental Rate$804





1Bed 0 0 $763 $1.09 $607 $1.11 $693 $1.10

2Bed 0 0 $897 $0.94 $775 $0.88 $861 $0.92

3Bed 0 0 $1,028 $0.89 $872 $0.80 $992 $0.87

Average 0 0 $865 $0.98 $692 $0.96 $804 $0.97

Occupancy 0 94.39% 94.11% 94.29%


10.0%

9.0%

8.0%

7.0%

6.0%

5.0%

4.0%

3.0%

2.0%

1.0%

0.0%


Source: CBRE, Inc.

Source: CBRE, Inc.

UPRR



CCSNCHEYENNECAMPUS

CCSNCHEYENNECAMPUS

DESERTSPRINGS

HOSPITAL

DESERTSPRINGS

HOSPITAL


SIENA CAMPUS


SIENA CAMPUS

ST. ROSEDOMINICAN

HOSPITAL

ST. ROSEDOMINICAN

HOSPITAL



15

15

15

15

15

93

93

95

93

95

95

95

93

93

93

95

95

215

215

215

215

215

515

515

515

502

593

564

582

160

604

604

604

589

159

599

574

573

147147

147

147

595

595 607

607

146

582

612

GRAND TETON DRIVE

ELKHORN ROAD


ANN ROADW ANN ROAD

SIMM

ONS STREE T

N DECATUR BLVD

CRAIG ROAD

E DESERT INN ROAD


W SAHARA AVE

W DESERT INN ROAD


BUFFALO D RIVE

S RAINBOW BLVD


F ORT A PACHE ROAD


BOULDER HWY

STEWART AVENUE

E BONANZA ROAD

E OWENS AVENUE


N JONES BLVD

W ALEXANDER ROAD

W CHEYENNE AVENUE


N JONES B LV D

E SAHARA AVE


BLUE DIAMOND ROAD

W WARM SPRINGS ROAD

S RAINBOW BLVD

GOM ER ROAD

S JONES BLVD

W SUNSET ROAD

W RUSSELL ROAD



N RANCHO DR


BERMUDA RD


N 5TH STREET

N LAS VEGAS BLVD

N EASTERN AV E

W WASHINGTON DRIVE


TO WN CENTER DRIV E


N STEPHANIE STREET

LAMB BLVD

NELLIS BLVD

HUALAPAI WA Y

RACETRACK ROAD

COLLEGE DR

EQUESTRIAN DR

E PARADISE HILLS DR

RICHARDSON DRIVE

BURKHOLDER BLVD


MARYLAND PARKW

AY

E RUSSELL ROAD

WARM SPRINGS ROAD

MARYL AND PAR KW

AY

ALTA DRIVE

VEGAS DRIVE

SMOKE RANCH ROAD

PECOS ROAD

S HOLLYWOOD BLVD

N DU RAN GO DR IVE

CAMIN O

AL NORTE

WINDMILL LN

UNION PACIFIC RR

S BU FFALO DRIVE

E WASHINGTON AVE

N HOLLY W

OOD BLVD

N LOS FELIIZ ST

VEGAS VALLEY DRIVE

FREMONT ST

S S ANDH ILL ROAD

E SUNSET ROAD

E SUNSET ROAD

WINDMILL LANE

DEAN MARTIN DR


W CACTUS AVE




W CACTUS AVE

S FORT APACHE RD

W WIGWAM AVE

VOLUNTEER BLVD

ANTHEM PARKWAY

SEVEN HILLS DR


EASTGATE RD

BROADBENT BL VD

M ISSION DR

GREENWAY RD

W PAC IFIC AVE

S WATER ST

E VAN WAGENEN ST

FOOTHILLS DR

APPALOOSA R D

S MAGI C W

AY

CENTER ST

PABCO ROAD


VALLE VERDE DR

E PEBBLE ROAD

SPRING M OUNTAIN RD

PARADISE RD

E ST LOUIS AVE

N BRUCE ST

E EVANS AVE

BELMONT S

T

E CAREY AVE

S LAMB BLVD

N P EC OS RO AD

WASHBURN RD

N TENAYA WAY

SEVERENCE LANE

DEER SPRINGS WAY

CLIFF SHADOWS DRIVE


W ARBY AVE

HACIENDA AVE

St Rose Parkway

UNION PACIFI

C RR

E LAKE MEAD PARKWAY

WESTCLIFF DRIVE

N RAINBOW BLVD

LAKE LAS VEGAS PKWY

SUM MERLIN PARKWAY

INDU

STRIA

L ROA

D

BUFFALO DRIVE

CRAIG ROAD

E CHEYENNE AVENUE

E LAKE MEAD BLVD

LOSE

E RD.

“THE

STRI

P”

GIBSON Rd.

BUFFALO DRIVE

NELLIS AFB



LAKELAS VEGAS


LAS VEGAS

EASTLAS VEGAS

GREENVALLEY

SUMMERLIN

HENDERSON

NORTHLAS VEGAS

SUNRIDGE WESTCANYON


RAILROADPASS

UNLV

BOULEVARDMALL

SEVEN HILLS

NELLIS AFB

SUBJECT


Vacancy Rate6.27%

Rental Rate$824





1Bed $896 $1.09 $776 $1.13 $650 $1.28 $718 $1.19

2Bed $1,427 $1.12 $894 $0.92 $782 $0.91 $941 $0.96

3Bed $1,225 $0.84 $1,134 $0.85 $911 $0.69 $1,060 $0.79

Average $1,170 $1.09 $858 $0.99 $697 $1.09 $824 $1.04

Occupancy 95.86% 93.97% 93.13% 93.73%


10.0%

9.0%

8.0%

7.0%

6.0%

5.0%

4.0%

3.0%

2.0%

1.0%

0.0%


Source: CBRE, Inc.

Source: CBRE, Inc.

U N I V E R S I T Y / D O W N TO W N S U B M A R K E T

UPRR



CCSNCHEYENNECAMPUS

CCSNCHEYENNECAMPUS

DESERTSPRINGS

HOSPITAL

DESERTSPRINGS

HOSPITAL


SIENA CAMPUS


SIENA CAMPUS

ST. ROSEDOMINICAN

HOSPITAL

ST. ROSEDOMINICAN

HOSPITAL



15

15

15

15

15

93

93

95

93

95

95

95

93

93

93

95

95

215

215

215

215

215

515

515

515

502

593

564

582

160

604

604

604

589

159

599

574

573

147147

147

147

595

595 607

607

146

582

612

GRAND TETON DRIVE

ELKHORN ROADLOSSE ROADW CENTENNIAL PARKWAY

ANN ROADW ANN ROAD

SIMM

ONS STREE T

N DECATUR BLVD

CRAIG ROAD

E DESERT INN ROAD


W SAHARA AVE

W DESERT INN ROAD


BUFFALO D RIVE

S RAINBOW BLVD


F ORT A PACHE ROAD


BOULDER HWY

STEWART AVENUE

E BONANZA ROAD

E OWENS AVENUE


N JONES BLVD

W ALEXANDER ROAD

W CHEYENNE AVENUES DECATUR B LVD

N DECATU R BLVD

N JONES B LV D

E SAHARA AVE


BLUE DIAMOND ROAD

W WARM SPRINGS ROAD

S RAINBOW BLVD

GOM ER ROAD

S JONES BLVD

W SUNSET ROAD

W RUSSELL ROAD



N RANCHO DR


BERMUDA RD


N 5TH STREET

N LAS VEGAS BLVD

N EASTERN AV E

W WASHINGTON DRIVE


TO WN CENTER DRIV E


N STEPHANIE STREET

LAMB BLVD

NELLIS BLVD

HUALAPAI WA Y

RACETRACK ROAD

COLLEGE DR

EQUESTRIAN DR

E PARADISE HILLS DR

RICHARDSON DRIVE

BURKHOLDER BLVD


MARYLAND PARKW

AY

E RUSSELL ROAD

WARM SPRINGS ROAD

MARYL AND PARKW

AY

ALTA DRIVE

VEGAS DRIVE

SMOKE RANCH ROAD

PECOS ROAD

S HOLLYWOOD BLVD

N DU RAN GO DR IVE

CAMIN O

AL NORTE

WINDMILL LN

UNION PACIFIC RR

S BU FFALO DRIVE

E WASHINGTON AVE

N HOLLY W

OOD BLVD

N LOS FELIIZ ST

VEGAS VALLEY DRIVE

FREMONT ST

S S ANDH ILL ROAD

E SUNSET ROAD

E SUNSET ROAD

WINDMILL LANE

DEAN MARTIN DR


W CACTUS AVE




W CACTUS AVE

S FORT APACHE RD

W WIGWAM AVE

VOLUNTEER BLVD

ANTHEM PARKWAY

SEVEN HILLS DR


EASTGATE RD

BROADBENT BL VD

M ISSION DR

GREENWAY RD

W PAC IFIC AVE

S WATER ST

E VAN WAGENEN ST

FOOTHILLS DR

APPALOOSA R D

S MAGI C W

AY

CENTER ST

PABCO ROAD


VALLE VERDE DR

E PEBBLE ROAD

SPRING M OUNTAIN RD

PARADISE RD

E ST LOUIS AVE

N BRUCE ST

E EVANS AVE

BELMONT S

T

E CAREY AVE

S LAMB BLVD

N P EC OS RO AD

WASHBURN RD

N TENAYA WAY

SEVERENCE LANE

DEER SPRINGS WAY

CLIFF SHADOWS DRIVE


W ARBY AVE

HACIENDA AVE

St Rose Parkway

UNION PACIFI

C RR

E LAKE MEAD PARKWAY

WESTCLIFF DRIVE

N RAINBOW BLVD

LAKE LAS VEGAS PKWY

SUM MERLIN PARKWAY

INDU

STRIA

L ROA

D

BUFFALO DRIVE

CRAIG ROAD

E CHEYENNE AVENUE

E LAKE MEAD BLVD

LOSE

E RD.

“THE

STRI

P”

GIBSON Rd.

BUFFALO DRIVE

NELLIS AFB



LAKELAS VEGAS


LAS VEGAS

EASTLAS VEGAS

GREENVALLEY

SUMMERLIN

HENDERSON

NORTHLAS VEGAS

SUNRIDGE WESTCANYON


RAILROADPASS

UNLV

BOULEVARDMALL

SEVEN HILLS

NELLIS AFB

SUBJECT


$500

$600

$700

$800

$900

$1,000

$1,100

3Q16 4Q16 1Q17 2Q17 3Q17 4Q17

$400

$300

$200

$500

$600

$700

$800

$900

$1,000

$1,100

3Q16 4Q16 1Q17 2Q17 3Q17 4Q17

$400

$300

$200


• Vacancy for the submarket in Q1 was 5.71%, up from 5.44% 4Q17 and up from 5.62% 1Q17.

• Rents for the submarket were $824, a quarterly decrease of 1.06%, and a YOY increase of 3.42%.


1Q18 1Q18

$782 $769 $796 $792$816 $815 $824

$761 $784 $776 $785 $783 $786$804

UPRR



CCSNCHEYENNECAMPUS

CCSNCHEYENNECAMPUS

DESERTSPRINGS

HOSPITAL

DESERTSPRINGS

HOSPITAL


SIENA CAMPUS


SIENA CAMPUS

ST. ROSEDOMINICAN

HOSPITAL

ST. ROSEDOMINICAN

HOSPITAL



15

15

15

15

15

93

93

95

93

95

95

95

93

93

93

95

95

215

215

215

215

215

515

515

515

502

593

564

582

160

604

604

604

589

159

599

574

573

147147

147

147

595

595 607

607

146

582

612

GRAND TETON DRIVE

ELKHORN ROAD


ANN ROADW ANN ROAD

SIMM

ONS STREE T

N DECATUR BLVD

CRAIG ROAD

E DESERT INN ROAD


W SAHARA AVE

W DESERT INN ROAD


BUFFALO D RIVE

S RAINBOW BLVD


F ORT A PACHE ROAD


BOULDER HWY

STEWART AVENUE

E BONANZA ROAD

E OWENS AVENUE


N JONES BLVD

W ALEXANDER ROAD

W CHEYENNE AVENUE


N JONES B LV D

E SAHARA AVE


BLUE DIAMOND ROAD

W WARM SPRINGS ROAD

S RAINBOW BLVD

GOM ER ROAD

S JONES BLVD

W SUNSET ROAD

W RUSSELL ROAD



N RANCHO DR


BERMUDA RD


N 5TH STREET

N LAS VEGAS BLVD

N EASTERN AV E

W WASHINGTON DRIVE


TO WN CENTER DRIV E


N STEPHANIE STREET

LAMB BLVD

NELLIS BLVD

HUALAPAI WA Y

RACETRACK ROAD

COLLEGE DR

EQUESTRIAN DR

E PARADISE HILLS DR

RICHARDSON DRIVE

BURKHOLDER BLVD


MARYLAND PARKW

AY

E RUSSELL ROAD

WARM SPRINGS ROAD

MARYL AND PAR KW

AY

ALTA DRIVE

VEGAS DRIVE

SMOKE RANCH ROAD

PECOS ROAD

S HOLLYWOOD BLVD

N DU RAN GO DR IVE

CAMIN O

AL NORTE

WINDMILL LN

UNION PACIFIC RR

S BU FFALO DRIVE

E WASHINGTON AVE

N HOLLY W

OOD BLVD

N LOS FELIIZ ST

VEGAS VALLEY DRIVE

FREMONT ST

S S ANDH ILL ROAD

E SUNSET ROAD

E SUNSET ROAD

WINDMILL LANE

DEAN MARTIN DR


W CACTUS AVE




W CACTUS AVE

S FORT APACHE RD

W WIGWAM AVE

VOLUNTEER BLVD

ANTHEM PARKWAY

SEVEN HILLS DR


EASTGATE RD

BROADBENT BL VD

M ISSION DR

GREENWAY RD

W PAC IFIC AVE

S WATER ST

E VAN WAGENEN ST

FOOTHILLS DR

APPALOOSA R D

S MAGI C W

AY

CENTER ST

PABCO ROAD


VALLE VERDE DR

E PEBBLE ROAD

SPRING M OUNTAIN RD

PARADISE RD

E ST LOUIS AVE

N BRUCE ST

E EVANS AVE

BELMONT S

T

E CAREY AVE

S LAMB BLVD

N P EC OS RO AD

WASHBURN RD

N TENAYA WAY

SEVERENCE LANE

DEER SPRINGS WAY

CLIFF SHADOWS DRIVE


W ARBY AVE

HACIENDA AVE

St Rose Parkway

UNION PACIFI

C RR

E LAKE MEAD PARKWAY

WESTCLIFF DRIVE

N RAINBOW BLVD

LAKE LAS VEGAS PKWY

SUM MERLIN PARKWAY

INDU

STRIA

L ROA

D

BUFFALO DRIVE

CRAIG ROAD

E CHEYENNE AVENUE

E LAKE MEAD BLVD

LOSE

E RD.

“THE

STRI

P”

GIBSON Rd.

BUFFALO DRIVE

NELLIS AFB



LAKELAS VEGAS


LAS VEGAS

EASTLAS VEGAS

GREENVALLEY

SUMMERLIN

HENDERSON

NORTHLAS VEGAS

SUNRIDGE WESTCANYON


RAILROADPASS

UNLV

BOULEVARDMALL

SEVEN HILLS

NELLIS AFB

SUBJECT


Vacancy Rate4.75%

Rental Rate$1,099





1Bed $1,040 $1.27 $930 $1.23 0 0 $970 $1.24

2Bed $1,251 $1.07 $1,065 $1.01 0 0 $1,137 $1.04

3Bed $1,501 $1.10 $1,251 $1.02 0 0 $1,358 $1.06

Average $1,208 $1.13 $1,032 $1.08 0 0 $1,099 $1.10

Occupancy 95.05% 95.37% 0.00% 95.25%


10.0%

9.0%

8.0%

7.0%

6.0%

5.0%

4.0%

3.0%

2.0%

1.0%

0.0%


Source: CBRE, Inc.

Source: CBRE, Inc.


S O U T H W E S T S U B M A R K E T H E N D E R S O N S U B M A R K E T

UPRR



CCSNCHEYENNECAMPUS

CCSNCHEYENNECAMPUS

DESERTSPRINGS

HOSPITAL

DESERTSPRINGS

HOSPITAL


SIENA CAMPUS


SIENA CAMPUS

ST. ROSEDOMINICAN

HOSPITAL

ST. ROSEDOMINICAN

HOSPITAL



15

15

15

15

15

93

93

95

93

95

95

95

93

93

93

95

95

215

215

215

215

215

515

515

515

502

593

564

582

160

604

604

604

589

159

599

574

573

147147

147

147

595

595 607

607

146

582

612

GRAND TETON DRIVE

ELKHORN ROAD


ANN ROADW ANN ROAD

SIMM

ONS STREE T

N DECATUR BLVD

CRAIG ROAD

E DESERT INN ROAD


W SAHARA AVE

W DESERT INN ROAD


BUFFALO D RIVE

S RAINBOW BLVD


F ORT A PACHE ROAD


BOULDER HWY

STEWART AVENUE

E BONANZA ROAD

E OWENS AVENUE


N JONES BLVD

W ALEXANDER ROAD

W CHEYENNE AVENUE


N JONES B LV D

E SAHARA AVE


BLUE DIAMOND ROAD

W WARM SPRINGS ROAD

S RAINBOW BLVD

GOM ER ROAD

S JONES BLVD

W SUNSET ROAD

W RUSSELL ROAD



N RANCHO DR


BERMUDA RD


N 5TH STREET

N LAS VEGAS BLVD

N EASTERN AV E

W WASHINGTON DRIVE


TO WN CENTER DRIV E


N STEPHANIE STREET

LAMB BLVD

NELLIS BLVD

HUALAPAI WA Y

RACETRACK ROAD

COLLEGE DR

EQUESTRIAN DR

E PARADISE HILLS DR

RICHARDSON DRIVE

BURKHOLDER BLVD


MARYLAND PARKW

AY

E RUSSELL ROAD

WARM SPRINGS ROAD

MARYL AND PARKW

AY

ALTA DRIVE

VEGAS DRIVE

SMOKE RANCH ROAD

PECOS ROAD

S HOLLYWOOD BLVD

N DU RAN GO DR IVE

CAMIN O

AL NORTE

WINDMILL LN

UNION PACIFIC RR

S BU FFALO DRIVE

E WASHINGTON AVE

N HOLLY W

OOD BLVD

N LOS FELIIZ ST

VEGAS VALLEY DRIVE

FREMONT ST

S S ANDH ILL ROAD

E SUNSET ROAD

E SUNSET ROAD

WINDMILL LANE

DEAN MARTIN DR


W CACTUS AVE




W CACTUS AVE

S FORT APACHE RD

W WIGWAM AVE

VOLUNTEER BLVD

ANTHEM PARKWAY

SEVEN HILLS DR


EASTGATE RD

BROADBENT BL VD

M ISSION DR

GREENWAY RD

W PAC IFIC AVE

S WATER ST

E VAN WAGENEN ST

FOOTHILLS DR

APPALOOSA R D

S MAGI C W

AY

CENTER ST

PABCO ROAD


VALLE VERDE DR

E PEBBLE ROAD

SPRING M OUNTAIN RD

PARADISE RD

E ST LOUIS AVE

N BRUCE ST

E EVANS AVE

BELMONT S

T

E CAREY AVE

S LAMB BLVD

N P EC OS RO AD

WASHBURN RD

N TENAYA WAY

SEVERENCE LANE

DEER SPRINGS WAY

CLIFF SHADOWS DRIVE


W ARBY AVE

HACIENDA AVE

St Rose Parkway

UNION PACIFI

C RR

E LAKE MEAD PARKWAY

WESTCLIFF DRIVE

N RAINBOW BLVD

LAKE LAS VEGAS PKWY

SUM MERLIN PARKWAY

INDU

STRIA

L ROA

D

BUFFALO DRIVE

CRAIG ROAD

E CHEYENNE AVENUE

E LAKE MEAD BLVD

LOSE

E RD.

“THE

STRI

P”

GIBSON Rd.

BUFFALO DRIVE

NELLIS AFB



LAKELAS VEGAS


LAS VEGAS

EASTLAS VEGAS

GREENVALLEY

SUMMERLIN

HENDERSON

NORTHLAS VEGAS

SUNRIDGE WESTCANYON


RAILROADPASS

UNLV

BOULEVARDMALL

SEVEN HILLS

NELLIS AFB

SUBJECT


Vacancy Rate5.03%

Rental Rate$1,173





1Bed $1,140 $1.35 $944 $1.30 0 0 $1,017 $1.32

2Bed $1,384 $1.19 $1,106 $1.07 0 0 $1,223 $1.12

3Bed $1,575 $1.15 $1,266 $1.06 0 0 $1,400 $1.10

Average $1,331 $1.22 $1,065 $1.14 0 0 $1,173 $1.17

Occupancy 93.64% 95.91% 0.00% 94.97


10.0%

9.0%

8.0%

7.0%

6.0%

5.0%

4.0%

3.0%

2.0%

1.0%

0.0%


Source: CBRE, Inc.

Source: CBRE, Inc.


$600

$700

$800

$900

$1,000

$1,100

$1,200

3Q16 4Q16 1Q17 2Q17 3Q17 4Q17

$500

$400

$300

$600

$700

$800

$900

$1,000

$1,100

$1,200

3Q16 4Q16 1Q17 2Q17 3Q17 4Q17

$500

$400

$300

• Rents for the submarket were $1,099, a quarterly decrease of 0.97%, and a YOY increase of 5.04%.

• Vacancy for the submarket in Q1 was 4.75%, up from 4.32% 4Q17 but down from 5.09% 1Q17.

• Rents for the submarket increased to $1,173, a quarterly increase of 0.98%, and a YOY increase of 4.67%.

• Vacancy for the submarket in Q1 was 5.03%, up from 6.38% 4Q17 but down from 5.84% 1Q17.

1Q18

$936 $954

$1,044$1,098 $1,120 $1,110 $1,099

1Q18

$1,091 $1,095 $1,118 $1,141 $1,160 $1,161 $1,173

The world’s leading developers and commercial property owners turn to CBRE to provide creative financial solutions for their commercial real estate investment needs. CBRE has long-term, established relationships with more than 400 of the industry’s premier international lenders, including banks, pension funds, life insurance and credit companies, conduits/CMBS entities, government-sponsored enterprises and offshore investors.

CBRE Capital Markets is the premier provider of commercial and multifamily financing and investment sales. In addition to our relationships with correspondent life companies and institutional lenders, our fully integrated platform provides seamless access to Fannie Mae, Freddie Mac and FHA financing programs.

Source: CBRE, Inc.

Globalization and the deregulation of emerging markets are creating significant opportunities and challenges for real estate market participants. As our clients grew nationally and internationally, CBRE anticipated their needs by continuously evolving the breadth and depth of our services. In the last decade, the real estate services business has consolidated into a handful of truly global players, of which CBRE is the acknowledged market leader. As Standard & Poor’s notes, CBRE’s “global reach means that it is one of the few real estate firms capable of handling complicated real estate transactions for large multinational corporations.” Our ongoing effort to build the preeminent, global, vertically integrated real estate services firm has created value for our clients—whether they are private investors working in a single market or multi-billion-dollar pension funds investing globally. Working in a spirit of respect, integrity, service and excellence, our account teams have pride of ownership in the work that they do. Our professionals are innovative and customer focused, passionate about their work, and dedicated to building long-term relationships.


D E B T M A R K E T S

T H E C B R E D I F F E R E N C E

LENDER TYPE

MAX LTV AMORTIZATION TERM10-YR

PRICINGRECOURSE

Fannie Mae 75-80% IO then 30yr 5-15yr; 30/30 4.50-4.65% No

Freddie Mac 75-80% IO then 30yr 5-15yr; 30/30 4.25-4.50% No

HUD 80-85% 35 35/35 3.85-4.00% No

Banks 70-75% 25 5-10yr 4.75-5.00% Yes

Credit Unions 70-75% 25 5-10yr 4.75-5.00% Yes

Life Companies 65-70% IO then 30yr 5-10yr; 25/25 4.00-4.25% No

CMBS 70-75% IO then 30yr 5-10yr 4.50-4.75% No

CURRENT LENDING PARAMETERS

© 2018 CBRE, Inc. 18 | Las Vegas Multifamily Market Report

© Copyright 2018 CBRE Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of the CBRE Global Chief Economist. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited.

JEFFREY SWINGER Senior Vice President Capital Markets +1 702 369 4881 [email protected]

RYAN BROADHEAD Client Services Assistant Capital Markets +1 702 369 4841 [email protected]

JARED GLOVER Sales Analyst Sales Management +1 702 369 4924 [email protected]

Documents

A LAS VEGAS MARKET REPORT - CBRE€¦ · LAS VEGAS MULTIFAMILY Q1 2018 LAS VEGAS MULTIFAMILY SALES VOLUME LAS VEGASMULTIFAMILY CAP RATES BY CLASS VACANCY NOTABLE SALE TRANSACTIONS