Property Name: The Club at Desert Pines
Location: Las Vegas, NV
Greystar purchased the Club at Desert Pines in April, 2005, marking its entry into the Las Vegas multifamily market. The strategy for the asset included a capital renovation plan consisting of approximately $2,000 per unit in interior upgrades, primarily consisting of new flooring, countertops, and appliances throughout a majority of the units. In addition to the interior renovation component, new landscaping was installed throughout the property, common areas were upgraded extensively, the parking lot was resurfaced, and the exteriors of all buildings were repainted. The total timeline for this project was 15 months.
In the 15-month hold period, Greystar was able to combine the capital improvement plan with expert onsite property management to grow effective lease rates by approximately 11%, exceeding the reported submarket rent growth by nearly 60%. Net Operating Income increased over this same period by nearly 15%.