Newmark 1 sells Lyric Apartments for $135.2M
Newmark 1 announced that it has arranged the $135.2 million sale, $359,575 per unit, and $91.4 million financing of Lyric Apartments, a luxury 376-unit multifamily community in the high-growth area of Las Vegas’ Silverado Ranch submarket.
Lyric traded from The Bascom Group — a private equity firm that has completed over $19.1 billion in multifamily value-add transactions since 1996 — to Starlight U.S. Residential Fund, a fund focused on the acquisition, ownership and operation of multifamily properties in the United States. The property was 99 percent occupied at the time of sale.
Newmark Executive Managing Director Curt Allsop and Managing Director Angela Bates, along with Executive Managing Director Doug Schuster and Director Vittal Ram, represented the seller in the transaction. Newmark Executive Managing Director Matthew Williams and Assistant Vice President James Maynard of the firm’s debt and structured finance team helped secure the acquisition financing from Sumitomo Mitsui Banking Corp.
Lyric Apartments is east of Las Vegas Boulevard at 304 E. Silverado Ranch Blvd. and was constructed in 2014 by Nevada West, a company known for quality construction and unique floor plans. The property features a mix of one-, two- and three-bedroom units with an average unit size of 1,084 square feet. Amenities include two resort-style pools with formal cabanas, a state-of-the-art fitness center, a LP Karaoke Lounge and a splash pad and playground. Newmark also represented the original developer, Nevada West, when Bascom Group purchased the property in 2016.
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Wynn Design leases office in Downtown Summerlin
The Howard Hughes Corp., developer of the Summerlin master-planned community and its 400-acre Downtown Summerlin, announced that Wynn Design & Development, the creative arm of Wynn Resorts, has signed a lease for 38,800 square feet on the top floor at 1700 Pavilion — a new 10-story, Class-A office building under development in Downtown Summerlin.
The 1700 Pavilion, which is scheduled for completion in the fourth quarter of 2022, will encompass approximately 267,000 square feet on approximately 3 acres directly south of Las Vegas Ballpark and feature vantage points with one-of-a-kind views of the entire valley, from the Strip to Red Rock Canyon.
The leasing activity at 1700 Pavilion underscores market demand for Class-A workplaces that are close to home in walkable, amenity-rich environments like Downtown Summerlin.
“Interest in Class-A office space among today’s leading companies, both local and national, continues to be strong,” said Kevin T. Orrock, president of the Las Vegas Region of The Howard Hughes Corp. “In part, this reflects corporate America’s growing focus on creating highly desirable work environments for employees — the very environment Downtown Summerlin is ideally positioned to deliver. Nevada is a low-tax, business-friendly state, and Summerlin offers abundant retail, dining and entertainment amenities, sports offerings and outdoor recreational opportunities created by its location adjacent to Red Rock Canyon National Conservation Area and the community’s walking trails and parks.”
“Establishing Wynn Design & Development’s new headquarters and Innovation Studio in the dynamic mixed-use area of Downtown Summerlin supports our goal of providing an energetic, social and invigorating landscape for our new workplace,” said Todd-Avery Lenahan, president and chief creative officer of Wynn Design & Development. “Our team of accomplished design and development professionals have come to us from all over the world. With WDD becoming a part of the Summerlin community, our staff will enjoy a fantastic live/work environment that is unmatched anywhere else in Las Vegas.
“Establishing 1700 Pavilion as the address for our new WDD innovation center is precedent-setting in Las Vegas in terms of the quality-of-life benefits it offers our team and how it minimizes the environmental impacts of commuting. With over 70 percent of our team living on the west side of the valley, we’ll be reducing our collective commuting distance by over 160,000 miles annually. WDD’s new home in Downtown Summerlin reaffirms Wynn Resorts’ commitment to Las Vegas by cementing its corporate presence here as one of the world’s most pre-eminent hospitality and entertainment brands.”
The 1700 Pavilion was designed by Hart Howerton, an interdisciplinary planning, architecture and interior design firm. The building’s design exemplifies Summerlin’s commitment to a healthy, active lifestyle, offering bike storage to encourage cycle-to-work options. The Living Room — a shared common area within the first-floor lobby with reservable conference room and gathering spaces — provides direct access to Pavilion Center Drive and retail and dining options across the street. 1700 Pavilion will feature touchless entry from the garage to the tenant suites, along with enhanced air filtration throughout.
KGA Architects, a full-service architecture firm with over 40 years of experience specializing in a broad range of product types, completed the production documentation for the 1700 Pavilion parking garage. Whiting Turner is providing construction management services. CBRE is the office broker of record.
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Lage Design landscape firm wins NVASLA Silver Award
Cecilia Schafler, president and founder of Lage Design, a Henderson-based landscape architecture firm, is the 2021 recipient of the Nevada Chapter of the American Society of Landscape Architects (NVASLA) Silver Award.
The Silver Award is the highest honor the Nevada Chapter of the American Society of Landscape Architects can bestow upon an individual. There have only been five prior recipients since the chapter’s inception. It is given in recognition of the most distinguished service to the profession of landscape architecture and/or a significant body of work having lasting influence on the theory, practice and advancement of the profession in Nevada. Schafler is the first woman to receive this Award.
“I am excited and humbled to receive such a distinguished award,” Schafler said. “This is a rewarding feat for our organization and a great symbol of the passionate work that we do here in our community. In recognition of this great achievement, Lage Design will continue to flourish as an industry leader.”
Schafler founded Lage Design in 2006 and since then she and her team have worked on numerous public and private projects throughout the Silver State. She has received numerous accolades including the NVASLA President’s Award in 2017 and 2018.
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City National supports Habitat Build Project
City National Bank recently participated in a Habitat Build project with monetary and volunteer support. About a dozen colleagues helped with the ongoing framing of a Habitat home being built in the Henderson area. City National also donated $5,000 to the project.
City National supports Habitat Build projects throughout its footprint and has been for the past several years. These projects enlist the support of the community along with the homeowner through sweat equity. Supporting Habitat for Humanity is part of City National’s affordable housing initiative through its Community Reinvestment Act program funding.
Habitat for Humanity Las Vegas Inc. was established in Clark County in 1991. A Christian housing ministry, it is governed by a board of directors made up of local community leaders.
Habitat for Humanity Las Vegas builds single-family homes throughout the county for working families earning less than 80 percent of area median income. The home is sold at no profit through a zero-interest mortgage. Families volunteer their labor to help build Habitat homes, including the one they will eventually purchase.
Visit the orgnization’s website at lasvegashabitat.org.