Spanish Palms has come full-circle on its recession-era roller coaster ride.
The 18-year-old multifamily complex started life as a rental community, then flipped to the for-sale side in 2006 in the condo-conversion craze, during the housing bubble. The conversions stopped when the market crashed in 2007 and 2008.
Now, the units at Spanish Palms are back on the sales market.
DK Las Vegas and KRE Capital, the same entities that brought downtown’s Ogden tower back onto the market and relaunched the retail space on the ground floor of downtown’s Juhl project, is now selling units at Spanish Palms.
Prices begin in the $120,000s at the 180-home community, near Rainbow Boulevard and Hacienda Avenue.
Homes include fireplaces, walk-in closets, private balconies and attached one- or two-car garages with storage space. They range in size from one to three bedrooms, and 744 to 1,131 square feet.
The community also has two pool areas, a waterfall, heated spas, a private clubhouse, a fitness studio and a business center and a community park with a playground, a pet park with an agility course, a putting green, a gazebo and grilling areas.
“The return to condominium residences at Spanish Palms comes at a time of significant growth for the Las Vegas real estate market, which is showing signs that demand is dramatically on the upswing,” DK Las Vegas representatives said in a statement.
DK Las Vegas has committed more than $1.5 million to capital improvements at Spanish Palms.
Brokerage deal in Henderson
A high-end country club community in Henderson has signed a brokerage deal with Synergy Sotheby’s International Realty.
Under the agreement, Synergy Sotheby’s will exclusively market custom-home sites at MacDonald Highlands Country Club Community.
The brokerage will represent MacDonald Highlands to a “worldwide high-net-worth audience,” the companies said in a statement.
The partnership comes as MacDonald Highlands readies the first release of large, flat custom estates in more than a decade. More than 200 view lots are in the release.
“There is simply no stronger brand than Synergy Sotheby’s International Realty when it comes to luxury real estate,” developer Rich MacDonald said. “To me, the only brand name on the planet that comes close is Tiffany &Co., and they’re not in the business of selling real estate. We have turned over all our sales and marketing to Synergy Sotheby’s International Realty, and we see tremendous potential here.”
Companies set to build inside MacDonald Ranch in coming months include Christopher Homes, Blue Heron, Emerald Homes, Chateau Development, Elegant Homes, Lawrence Homes, Legend Construction, Merlin Contracting, Raftery Construction, Westpoint Development and Wright Custom Homes.
Architects and designers include Gregory J. Moore, Pinnacle Architectural Studio, Richard Luke Architects, studio g Architecture and Sun West Custom Homes.
BREAKING GROUND
Southern Nevada’s resurgent industrial market has grabbed the attention of the state’s top official.
Gov. Brian Sandoval is scheduled to attend the May 12 groundbreaking of Dermody Properties’ LogistiCenter Cheyenne project at 4025 E. Cheyenne Ave.
The industrial spec building will have 381,804 square feet of space.
Kennedy Wilson expands
Commercial property manager Kennedy Wilson has added brokerage services to its local operation. The California company named Greg St. Martin, a 30-year brokerage veteran, to its local office. St. Martin joins as a vice president, with a concentration in industrial, office and retail.
“The Las Vegas market is ramping up again. We’re seeing a number of buildings changing hands, with many of the investors coming from Southern California, resulting in the need for brokerage services,” said Donna Clark, senior managing director with Kennedy Wilson’s Properties Group. “With St. Martin’s local expertise, industry knowledge and his background as a business owner as well as a contractor, we can now offer the same level of quality services for brokerage as we’re already known for in property management.”
St. Martin previously was vice president at Sun Commercial Real Estate. He’s also served as vice president at Realty One Group and NAI Vegas.
“The Las Vegas market may have been hit hard during the recession, but sectors like office and industrial are making a strong come back,” St. Martin said. “Industrial in particular is seeing a lot of action with large companies from California, where property and land are at a high premium, looking for spaces to develop distribution centers and manufacturing plants. It’s an exciting time for Las Vegas commercial real estate.”
