Cambridge Companies LLC has partnered with Jerusalem-based Sabra Real Estate Equity on future multifamily and mixed-use development in the Las Vegas market. The team aims to achieve up to $50 million in capitalization within the next three years.
“Cambridge Companies LLC is pleased to provide entitlement and value-add expertise which will bring quality multifamily inventory to market, create employment opportunities for our community and utilize sustainable land-use and building practices,” said Filipp Chebotarev, chief operating officer at Cambridge Cos. “The partnership parameters are equity multiple-driven and target outstanding risk-adjusted returns for our capital partners.”
Company officials at Cambridge see the coming year as a good time to strike: “In 2016, Las Vegas is poised for an official economic awakening,” said Cambridge Vice President Polina Chebotareva. “Southern Nevada leads the nation in job creation and economic diversification.”
Chebotareva noted the entrance of the Faraday Future project as one of the key factors in job growth. The car company is slated eventually to bring 4,500 direct jobs and 9,000 indirect future positions.
Cambridge has more than 55 years of history in the real estate market and 20 years in Las Vegas.
“We’re pleased to work with Sabra Real Estate Equity,” said Michael Bash, Cambridge founder and investor. “We share common values, heritage and investment principals.”
USCB America relocates
USCB America Inc., a provider of business process outsourcing and accounts receivable solutions in Henderson, has relocated its operations to 450 N. Stephanie St. from 3007 W. Horizon Ridge Parkway.
Its new location in the Eastgate Plaza is part of a two-building, 217,000-square-foot class A office complex. USCB previously occupied 13,000 square feet of space.
USCB handles accounts for several large private and public health care providers.
It was represented by Steven Seinfeld of Cresa Los Angeles in cooperation with Dean Krieger of Realty Enterprise Partners LLC in Las Vegas. The lessor, United Insurance Co. of America, was represented by John Acker with IREPLV, LLC.
“This lease is an indication of increasing activity in the office market throughout the Las Vegas area, and significant interest in the project, with a total of 21,000 square feet in new leases completed in the last quarter,” Aker said.
Apartment group elects board
Jill DiFabbio of Western Risk Insurance Agency was elected to the board of directors at the Nevada State Apartment Association, a nonprofit organization that advocates for Nevada’s multifamily industry.
DiFabbio was sworn in at NVSAA’s annual Jewel Awards at the Rio in December. She will function as the board liaison to the community outreach and social media committee.
DiFabbio has five years of experience in sales, marketing and customer service in the insurance industry, with a focus on the commercial real estate and multifamily industry. She has been an active member of NVSAA, both chairing and serving on several committees over the past several years.
Some of the other board members sworn in include Phyllis Garcia of Pinnacle Property Management as president; Erica Arthur of Ovation Property Management at vice president, Tommy Zauder of Alliance Residential Co. as treasurer; and Eric Newmark from Karsaz Law as legal counsel. There were also more than a dozen other director positions filled.
Renter tastes surveyed
The top five apartment features that potential renters in the Las Vegas market look for are a washer and dryer inside their unit, high-speed Internet access, a microwave, a walk-in closet and soundproof walls.
For community amenities, renters look for parking, secured community access, a pool, community fitness center and available recycling.
The National Multifamily Housing Council and Kingsley Associates, a research, data analysis and consulting firm, teamed up recently on a survey to identify what qualities apartment dwellers look for in a community, along with demographic information and leasing factors.
The more than 150-page report targeted several key areas, including amenities potential residents look for, level of pet ownership in the city and community preferences, among other factors.
The highest reasons for renting were that it suits a renter’s lifestyle, the top rated answer at over 31 percent. The other top reason was potential renters who needed to move and renting offered flexibility. Top leasing decisions included location or convenience, rental rate, floor plans and layout, appearance of property and community amenities.
The report gave specifics on both national and Las Vegas specific numbers.
Demographically, apartment dwellers consist of nearly 60 percent of the Las Vegas multifamily market. More than 50 percent are ages 25 to 44. The rate for single people is nearly 44 percent and almost 22 percent are living with a spouse or partner.
Nearly 30 percent of apartment goers are pet owners, which is lower than the 33 percent national average. A high percentage of pet owners were interested in having a community dog park — 67 percent — on the national scale. There was also a high interest in a community pet-washing station — 54 percent — on a national level.