pinehurst - loopnet€¦ · pinehurst 195 units pinehurst exclusively presented by: who is northcap...

pinehurstLUXURY APARTMENT HOMESMULTIFAMILY INVESTMENT OPPORTUNITY

MULTIFAMILY INVESTMENT •

• p inehurst • 195 Un its

PINEHURSTExclusively PRESENTED BY:

WHO IS NORTHCAP MULTIFAMILY

Las Vegas’s premier multifamily real estate team consists of veterans John Tippins, Devin Lee, CCIM, Robin Willett, Jerad Roberts and Jason

Dittenber who form the city’s largest and most seasoned team of multifamily specialists. The group, which has more than three billion dollars

of transactions between them, comprise Northcap Commercial’s Multifamily Division. As a dedicated investment sales team creating a

company that encompassed a trusted global service platform with local market expertise was crucial to delivering exceptional results to

their clients.

The five-man powerhouse brings mastery in all facets of the market including investment brokerage, site selection, land development, asset

management, financing, property management, leasing and a robust presence in Downtown Las Vegas. The team prides themselves in

their extensive history with all classes of multifamily properties and record investment sales. Since Northcap Multifamily is not bound to a

larger corporate entity, they’re able to conduct outreach with both various brokers and buyers bringing a local’s perspective to an industry

overwhelmed with out-of-market competitors.

Having the largest multifamily team in Las Vegas allows them to provide the best service to their buyers and sellers. Due to their ability to

apply best practices, common sense, ownership, management experience as well as government relations, to each transaction, they can

easily work with every client with any need.

The team is honored to be recognized as CoStar Power Brokers.

Devin Lee, CCIMDirector Multifamily Investments | Finance

702 943 1901 [email protected]

robin willettSenior VP Multifamily Investments


jERAD ROBERTSExecutive VP Multifamily Investments


JASON DITTENBERVP Multifamily Investments


The OpportunityInvestment Overview

Property Overview

Location Overview

FinancialsSummary

Actuals/Proforma Breakout

Assumptions

Cash Flow Analysis 7yr

ComparablesSales Comps

Rent Comps

Las Vegas MarketAll Las Vegas

Submarket

Development/Future Projects

AboutNorthcap Multifamily

Our Team

TABLE OF CONTENTS


THE OPPORTUNITYpinehurst



COMMUNITY AMENITIES

• Beautiful Lush Landscaping

• Clubhouse with Great Room

• State-Of-The-Art Fitness Centers

• Two Resort-Style Pools and Soothing Spas

APARTMENT AMENITIES

• Extra Storage Available

• Private Balconies and Patios

• Spacious Walk-In Closets

• Spectacular Views Available

• Washer/Dryer In-Unit

• Conventional Financing Available

• Home Owners Association Control

• Value-Add Opportunity

• Potential Condo Sale Exit

PINEHURST6650 W Warm Springs Rd, Las Vegas, NV 89118

PROPERTY OVERVIEWThis beautiful community consists of five beautifully designed one, two and three bedroom floor plans ranging from 700 sf up to 1156 sf.

Sitting on 20 Acres of land, Pinehurst is comprised of 195 fractured condos out of 360 total units, totaling 174,359 square feet of living

space. Pinehurst Luxury Apartment homes feature gourmet kitchens equipped with modern appliances, abundant counter and cabinet space,

carpeting, ceiling fans, vertical blinds, spacious walk-in closets, private balconies and patios, and more.

THE OPPORTUNITY

Units 195

Avg SF 894

Avg Rent $1,011

Net Rentable Area 174,359

YR Built 2002

Acreage 20

Zoning R-3

APN 176-02-413-000

Actual Occupancy 97%

Actual Gross Income $2,331,012

Actual NOI $1,494,107

Proforma Occupancy 96%

Proforma Gross Income $2,493,914

Proforma NOI $1,540,056

HIGHLIGHTS


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• p inehurst • 195 Un itsINTERIOR PICTURES



1X1 - 700 SF - ASPEN 1X1 - 775 SF - BIRCHWOOD

UNIT MIX

FLOOR PLANS

UNIT MIX / FLOOR PLANS

UNIT TYPE # OF UNITS SIZE PROFORMA RENT PROFORMARENT/SF

1x1 JR 38 700 $915 $1.31

1x1 LG 43 775 $930 $1.20

2x2 JR 59 938 $1,020 $1.09

2x2 LG 34 1024 $1,065 $1.04

3x2 21 1156 $1,235 $1.07



2X2 - 938 SF - CEDAR 2X2 - 1024 SF - DOGWOOD

3X2- ELM

UNIT MIX / FLOOR PLANS



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LOCATION OVERVIEW

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• p inehurst • 195 Un itsAERIAL

las vegas strip


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15 min

10 min

5 min

drive times 5 min 10 min 15 min

Population 36,540 181,835 587,025

Avg. Household Income $83,066 $73,744 $73,163

Median Household Income $67,147 $56,883 $56,388

Median Age 33.6 35.5 36.8

Number of Employees 1,158 9,233 29,354

FINANCIALSpinehurst



UNIT MIX

INVESTMENT SUMMARY

OFFERING PRICE: TBD

UNITS: 195

PRICE PER UNIT: TBD

PRICE SF: TBD

CAP RATE: TBD

GRM: TBD

PROPERTY INFORMATION

RENTABLE AREA: 174,359

YEAR BUILT: 2002

GROSS POTENTIAL: $2,365,020

AVERAGE RENT: $1,011

AVERAGE UNIT SIZE: 894

PHYSICAL OCC:. 97%

financials

UNIT TYPE # OF UNITS SIZE PROFORMA RENT PROFORMA RENT/SF

1x1 JR 38 700 $915 $1.31

1x1 LG 43 775 $930 $1.20

2x2 JR 59 938 $1,020 $1.09

2x2 LG 34 1024 $1,065 $1.04

3x2 21 1156 $1,235 $1.07



T90 INCOME-FEB W/T12 EXP PER UNIT % PROFORMA PER UNIT %

Gross Potential Income $2,331,212 $11,955 $2,365,020 $12,128

Less Vacancy $(100,408) -$515 -4.31% $(94,601) -$485 -4.00%

Less Concess/Allowance $(14,588) -$75 -0.63% $(23,650) -$121 -1.00%

Net Rentable Income $2,216,216 $11,365 $2,246,769 $11,522

RUBS $95,484 $490 4.31% $112,338 $576 5.00%

Other Income $135,292 $694 6.10% $134,806 $691 6.00%

Gross Operating Income $2,446,992 $12,549 $2,493,914 $12,789

Estimated Operating Expenses

Payroll $315,500 $1,618 12.89% $175,500 $900 7.04%

Administration $47,516 $244 1.94% $14,625 $75 0.59%

Management $46,475 $238 1.90% $74,817 $384 3.00%

Repairs and Maintenance $104,946 $538 4.29% $58,500 $300 2.35%

Utilities $13,624 $70 0.56% $14,033 $72 0.56%

Advertising $16,090 $83 0.66% $19,500 $100 0.78%

Property Tax $119,984 $615 4.90% $119,984 $615 4.81%

HOA $240,000 $1,231 -9.81% 432,048 $2,216 17.32%

Capital Reserves $48,750 $250 1.99% $19,500 $100 0.78%

Total Operating Expense $952,885 $4,887 38.94% $953,857 $4,892 38.25%

Net Operating Income $1,494,107 $7,662 61.06% $1,540,056 $7,898 61.75%

ACTUAL / PROFORMA FINANCIALS

ACTUAL & PROFORMA BREAKOUT



Proforma Cash Flow Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7

Percent Annual Increase

Gross Potential Rent 100% 5.0% 2,365,020 2,483,271 2,607,435 2,737,806 2,874,697 3,018,431 3,169,353

Less Vacancy -5.0% -0.5% (118,251) (111,747) (104,297) (95,823) (86,241) (90,553) (95,081)

Gross Rental Income 95.0% 2,246,769 2,371,524 2,503,137 2,641,983 2,788,456 2,927,878 3,074,272

Other Income 3.0% 247,145 254,559 262,196 270,062 278,163 286,508 295,104

Effective Gross Income 2,493,914 2,626,083 2,765,333 2,912,045 3,066,619 3,214,387 3,369,376

Percent Per Unit Per SF

Operating Expenses 36% $4,662 $5.21 (934,357) (962,388) (991,259) (1,020,997) (1,051,627) (1,083,176) (1,115,671)

Capital Reserves 250 $0.11 (19,500) (20,085) (20,688) (21,308) (21,947) (22,606) (23,284)

Total Expenses & Reserves 3.0% (953,857) (982,473) (1,011,947) (1,042,305) (1,073,575) (1,105,782) (1,138,955)

Net Operating Income 1,540,056 1,643,610 1,753,386 1,869,739 1,993,045 2,108,605 2,230,421

Debt Service (1,207,849) (1,207,849) (1,207,849) (1,207,849) (1,207,849) (1,207,849) (1,207,849)

Pre-Tax Cash Flow 332,208 435,761 545,537 661,891 785,196 900,756 1,022,572

Cash on Cash Return 5.32% 6.97% 8.73% 10.59% 12.56% 14.41% 16.36%

IRR Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7

23.84% (6,250,000) 332,208 435,761 545,537 661,891 785,196 900,756 20,591,349

CASH FLOW

CASH FLOW



INCOME ASSUMPTIONS

EXPENSES ASSUMPTIONS

7 YEAR CASH FLOW ASSUMPTIONS

PROCEEDS ASSUMPTIONS FROM SALE

Market Rent Markets rents have been applied to achieve a annual gross potential income of $2,365,020

Vacancy Loss Vacancy rate is assuming a 4% vacancy factor

Bad Debt/Other Assuming 1% bad debt

RUBS Factoring a $48/month Utility Reimbursment for each unit

Other Misc Income Applied a 6% Other Income Factor to account for admin fees, pets, late fees, cleaning fees and other miscelaneous charges

Payroll Assuming an annual $900/unit: $175,500

Administration Assuming an annual $75/unit: $14,625

Management Assuming 3% MGMT fee of Gross Income: $74,817

Repairs & Maintenance Assuming an annual $300/unit: $58,500

Utilities Assuming only vacant electric as HOA covers WST: $14,033

Advertising Assuming an annual $100/unit: $19,500

Property Tax Actual estimated taxes per the Clarck County Tresurer: $119,984

HOA Assuming monthly HOA fees of $140, $155, $196, $215, $245 : $432,048

Replacement Reserves Assuming an annual $100/unit in replacement reserves: $19,500

Annual Rental Increase: 5.00%

Eco. Vac. Increase: -0.50%

Other Income Increase: 3.00%

Expense Increase: 3.00%

Est. CAP Rate Year 7: 6.00%

Projected NOI Year 7: $2,230,421

Projected Sale Price: $37,173,678

Price Per Unit: $190,634

Price Per Square Foot: $213.20

Less Selling Costs**: $1,115,210

Net Sale Proceeds: $36,058,468

Loan Payoff: $16,489,690

Return Of Initial Equity: $3,989,690

Proceeds Before Taxes: $15,579,087

(Assuming Sale December 31, Year 7)

ASSUMPTIONS

ASSUMPTIONS

COMPARABLESpinehurst



PROPERTY SALES PRICE NRA PRICE PER SF PRICE PER UNIT CLASS YEAR BUILT UNITS DATE SOLD

Pinehurst6650 W Warm Springs Rd,Las Vegas, NV 89118

TBD 174,359 TBD TBD A- 2002 195 TBD

PROPERTY SALES PRICE NRA PRICE PER SF PRICE PER UNIT CLASS YEAR BUILT UNITS DATE SOLD

1 Griffis Summerlin South9550 W Sahara Ave

$65,742,410 338,828 $194.03 $198,019 A 1998 332 1/31/2018

2 Hampton Garden9750 Peace Way

$27,550,000 170,112 $161.95 $153,056 B 2001 180 3/1/2018

3 Broadstone Flamingo West9100 West Flamingo Road

$52,250,000 320,364 $163.10 $161,265 A 1998 324 12/11/2017

4 Broadstone Talavera2251 South Fort Apache Road

$62,750,000 341,277 $183.87 $179,286 A 1996 350 12/11/2017

5 Cimarron Luxury Apartments 8301 West Flamingo Road

$35,100,000 222,480 $157.77 $146,250 B 2000 240 8/23/2017

AVERAGE SALE PRICE NRA PRICE PER SF PRICE PER UNIT CLASS YEAR BUILT UNITS

$44,732,068 261,237 $167.35 $161,014 --- 1999 270

SALE COMPS


• p inehurst • 195 Un itsSALES COMPS MAP

2

4

53

1

GRIFFISSUMMERLIN SOUTH

BROADSTONEFLAMINGO WEST

CIMARRON LUXURY APARTMENTS

BROADSTONETALAVERA

HAMPTON GARDEN

PINEHURST



SUBJECT PROPERTY UNITS AVG, SF PRICE PRICE/SF

Pinehurst 195 894 $1,011 $1.13

SUBJECT PROPERTY UNITS AVG, SF PRICE PRICE/SF

1 BED

Cabrillo 160 771 $1,165 $1.50

Cantera at Coronado Ranch 112 799 $990 $1.24

Chandler 104 794 $1,055 $1.33

The Covington at Coronado Ranch 208 752 $1,075 $1.35

Pinehurst 104 775 $975 $1.26

Resort at Coronado Ranch 112 788 $1,030 $1.31

Spectrum 96 735 $1,075 $1.46

Cabrillo 160 695 $1,035 $1.52

Cantera at Coronado Ranch 112 715 $990 $1.38

Chandler 104 790 $1,045 $1.32

The Covington at Coronado Ranch 208 683 $960 $1.41

Pinehurst 104 700 $945 $1.35

Resort at Coronado Ranch 112 898 $1,075 $1.20

Spectrum 96 820 $1,118 $1.36

2 BED

The Covington at Coronado Ranch 8 1,010 $1,405 $1.39

The Covington at Coronado Ranch 10 926 $1,287 $1.39

Cantera at Coronado Ranch 7 1,036 $1,390 $1.34

Spectrum 16 1,026 $1,320 $1.29

Chandler 97 961 $1,230 $1.28

Spectrum 172 962 $1,199 $1.25

Resort at Coronado Ranch 124 1,098 $1,365 $1.24

Cabrillo 116 1053 $1,285 $1.22

Resort at Coronado Ranch 164 1,074 $1,285 $1.20

Cabrillo 59 1,124 $1,340 $1.19

Cantera at Coronado Ranch 34 959 $1,130 $1.18

Pinehurst 152 938 $1,020 $1.09

Chandler 172 1,142 $1,221 $1.07

Pinehurst 124 1,024 $1,070 $1.04

3 BED

Cabrillo 16 1218 $1,490 $1.22



Covington at Coronado Ranch, The 24 1188 $1,360 $1.14

Pinehurst 21 1,156 $1,235 $1.07

RENT COMPS


• p inehurst • 195 Un itsrent COMPS MAP

CABRILLO

SPECTRUM

CHANDLER

PINEHURSTCANTERA AT

CORONADO RANCH

RESORT AT CORONADO RANCH

COVINGTON AT CORONADO

LAS VEGAS MARKETpinehurst



Relative to prior period Q3-2017 Q4-2017*

Vacancy

Net Absorption

Completions

Rental Rate

EMPLOYMENTRate

AVERAGEMedian Income

TOTAL JOBSClark County

APARTMENT MARKET TRENDS

The Las Vegas apartment market saw a large increase in the average asking

rent and an increase in the vacancy rate this quarter, according to data from

our apartment survey, collected by the Center for Business and Economic

Research(CBER). This was the tenth consecutive quarter where the average

asking rent increased. This quarter saw a 2.5 percent quarterly increase in the

average asking rent and the average asking rent is now $937. Asking rents

are up 6.5 percent since 2016Q2($880). The Las Vegas average asking

rent is now 6.8 percent higher than it’s peak in 2008($878). The average

asking rent is also 26.4 percent higher than it’s low in 2013($741). After

two consecutive quarters with an increase in the vacancy rate, the vacancy

rate increased to 7.8 percent for 2017Q2. This represents a 0.6 percentage

increase since the previous quarter and a 0.4 percentage point increase since

2016Q2. The vacancy rate is now 3.1 percentage points lower than it’s

peak in 2009Q3(10.96%), but 3.3 percentage points higher than it’s low in

2006Q1 (4.5%).

LOCAL MULTIFAMILY ECONOMIC INDICATORS

MARKET INDICATORS

SUMMARY STATISTICSHISTORICAL SALES DATA

95.2%

$58,432

1,058,900

Las Vegas Market Q3-16 Q2-17 Q3-17

Vacancy Rate 2.9 3.0 3.2

Asking Rent (PSF,NNN) $950 $978 $985

Net Absorption YTD (SF) 814 254 -50

New Completions YTD (SF) 911 0 426

2015 2016 2017

Units Sold 15,408 22,074 12,943

Average Price Per Unit $71,836 $96,720 $113,996

Cap Rate 7.3% 5.5% 5.8%

GREATER LAS VEGAS MARKET



The Raiders are leaving Oakland again, this time for the neon lights of Las Vegas.

In a decision that would have been hard to fathom not so long ago, NFL owners voted 31-1

on Monday at the Annual League Meeting to approve the Raiders’ proposal to relocate to Las

Vegas.

The decision comes after years of fruitless efforts by Raiders owner Mark Davis to build a viable

stadium in Oakland. The failure to do so, which goes back to Davis’ late father Al Davis’

stewardship of the team, led to exploring stadium options in Los Angeles and eventually Las

Vegas, where Nevada lawmakers approved $750 million in public funding for a new stadium.

The Autumn Wind will no longer blow through Raiders games as the team is expected to move

into a planned $1.7 billion domed stadium in Las Vegas.

In what is sure to be an awkward process, the Raiders won’t be moving immediately. The

new stadium in Las Vegas is not expected to be ready until 2020. The Raiders plan to play at

the Oakland Coliseum in 2017 and 2018, Davis said in a statement. Davis also expressed

openness to staying in Oakland in 2019, although NFL Commissioner Roger Goodell said the

league would look into potential venues for 2019. In the meantime, the Raiders will remain

the Oakland Raiders.

“My father always said, ‘the greatness of the Raiders is in its future,’ and the opportunity to

build a world-class stadium in the entertainment capital of the world is a significant step toward

achieving that greatness,” Davis said.

This is a surreal moment involving one of the NFL’s most iconic franchises, although NFL teams

changing cities is sadly becoming routine. The news caps a frenetic 14-month stretch during

which three teams announced plans for relocation. The Rams moved from St. Louis back to

Los Angeles last year and the Chargers announced their decision to move from San Diego to

L.A. in January. Goodell said last week on MMQB Peter King’s podcast that leaving Oakland

would be “painful.” ...”

NFL STADIUMExcerpt from nfl.comBy Gregg Rosenthal | March 2017

DEVELOPMENT PROJECTSDEVELOPMENT PROJECTS

The Raiders are leaving Oakland again, this time for the neon lights of Las Vegas.

In a decision that would have been hard to fathom not so long ago, NFL owners voted 31-1

on Monday at the Annual League Meeting to approve the Raiders’ proposal to relocate to Las

Vegas.

The decision comes after years of fruitless efforts by Raiders owner Mark Davis to build a viable

stadium in Oakland. The failure to do so, which goes back to Davis’ late father Al Davis’

stewardship of the team, led to exploring stadium options in Los Angeles and eventually Las

Vegas, where Nevada lawmakers approved $750 million in public funding for a new stadium.

The Autumn Wind will no longer blow through Raiders games as the team is expected to move

into a planned $1.7 billion domed stadium in Las Vegas.

In what is sure to be an awkward process, the Raiders won’t be moving immediately. The

new stadium in Las Vegas is not expected to be ready until 2020. The Raiders plan to play at

the Oakland Coliseum in 2017 and 2018, Davis said in a statement. Davis also expressed

openness to staying in Oakland in 2019, although NFL Commissioner Roger Goodell said the

league would look into potential venues for 2019. In the meantime, the Raiders will remain

the Oakland Raiders.

“My father always said, ‘the greatness of the Raiders is in its future,’ and the opportunity to

build a world-class stadium in the entertainment capital of the world is a significant step toward

achieving that greatness,” Davis said.

This is a surreal moment involving one of the NFL’s most iconic franchises, although NFL teams

changing cities is sadly becoming routine. The news caps a frenetic 14-month stretch during

which three teams announced plans for relocation. The Rams moved from St. Louis back to

Los Angeles last year and the Chargers announced their decision to move from San Diego to

L.A. in January. Goodell said last week on MMQB Peter King’s podcast that leaving Oakland

would be “painful.” ...”

NFL STADIUMExcerpt from nfl.comBy Gregg Rosenthal | March 2017



The Vegas Golden Knights officially joined the NHL as the league’s 31st team and were formally cleared to make trades and roster transactions before the league’s trade deadline.

While the team finished the day without making its first transaction, Foley and general manager George McPhee are beginning to get a good sense of the team they will be able to put together following June’s expansion draft and entry draft.

“We’ve been downstairs the last 2½ days doing mock drafts with all of the pro scouts and going through every team, and George is getting calls periodically from various teams on potential ideas for things that could happen,” Foley said. “We’ve done nothing yet. There are lots of different discussions, but we’re just not in a position to make commitments. We just don’t want to do something that would hamper us in the expansion draft.

“That’s what we’re all preparing for now: The focus on various players is becoming more clear and more pronounced. We’re picking the same players assuming they’re going to be available.”

Foley was initially scheduled to make his final payment on April 5 to make the team an active member of the NHL, but he moved up that date up so the team could field calls during the trade deadline, and McPhee could participate in the general managers meetings in Boca Raton, Florida, next week, and Foley could prepare for the board of governors meetings next month.

“The whole notion of moving it up to March 1 from April 1 came up casually several months ago,” McPhee said, “but I said, ‘Gee, it would be kind of nice to do it on March 1 so we can be involved in the trading deadline and I can go to the GM meetings and we can start competing for young free agents out there.’ Bill said, ‘Well, if we need it, I’m going to do it.’ That’s a big help for all of us...”

NHL

Excerpt from espn.comBy Arash Markazi | March 2017

Nevada lawmakers provided $27 million two years ago to get the school up and running. Governor Brian Sandoval wants to add another $53 million to that total. The request is in his current budget.

Most of that money has been used to hire faculty, Atkinson said.

The first 60 students in the school will pay no tuition. That means the total of their more than $100,000 in debt will be covered by a fundraising effort Atkinson spearheaded.

With big help from the Engelstad Family Foundation -- which is paying tuition for 26 students for each of the next four years -- she raised $13.5 million in just 60 days in 2015.

Meanwhile, the city of Las Vegas is expecting a big redevelopment spurt in the city’s urban core from the medical school. Betsy Fretwell, city manager, said by 2020--just three years from now -- the school will have a $600 million impact on the economy; will result in more than 4,000 new jobs; and bring in an addition $30 million in tax revenue.

In 13 years, those numbers are projected to quadruple...¨

UNLV SCHOOL OF MEDICINE

Excerpt from knpr.orgBy Joe Schoenmann | February 2017

DEVELOPMENT PROJECTS

If Hyperloop Technologies Inc. has its way, North Las Vegas could become one of the few locations for testing the futuristic transportation platform that propels pods down pneumatic tubes.

With city and state officials working to make that happen, the company is expected to receive tax incentives today worth an estimated $9.2 million for a full-scale track. The company’s new commitment expands upon its initial goal to create a smaller open-air test track at the largely vacant Apex Industrial Park.

The full-scale 2-mile track, to be operational at Apex by the end of 2016, is expected to bring the company’s workforce here to more than 100 jobs and give it a permanent presence in Nevada.

Officials see it as a big economic development win. Hyperloop Tech estimates that it will invest more than $121 million, yet the technology remains untested, and experts are unsure about any company’s ability to bring Hyperloop to the market soon.

The Hyperloop idea came from a design floated by Tesla CEO Elon Musk, who has described the levitating pods as a mix between a Concorde supersonic passenger jet, a rail gun and an air hockey table. Los Angeles-based Hyperloop Tech is one of several teams vying to build a working model of the frictionless high-speed pods that can transport people and goods in enclosed tubes...¨

HYPERLOOP

Excerpt from vegasinc.comBy Daniel Rothberg | March 2016



The $1.4 billion Las Vegas Convention Center expansion and improvement project authorized in a special session of the Nevada Legislature in October took a big step forward Tuesday.

The Las Vegas Convention and Visitors Authority board of directors approved the second phase of the project by unanimously authorizing an eight-month $1.28 million contract extension with its builder representative, Cordell Corp., to begin the process of designing a 600,000-square-foot exhibit hall.

The first phase involved demolition of the Riviera.

Between the middle of February and the end of March, Cordell officials will meet with convention authority staff, its contracted partners and customers that conduct conventions and trade shows in Las Vegas to solicit ideas for needs in the construction program. Those ideas will be reviewed by the authority board and a seven-member oversight panel appointed by Gov. Brian Sandoval to develop the building design.

Cordell principal Terry Miller said he hopes to bid the design and engineering of the project by August and have a construction process in place by the end of the year, with the groundbreaking of the new hall by early 2018.

Terry Jicinsky, senior vice president of operations, said Cordell would conduct focus groups and interviews and present industry trends and best practices to develop a quality facility.

“We’re not looking at using Italian marble and building a 300,000-square-foot ballroom, but we won’t be using residential carpet either,” Jicinsky said of the quality the authority will work to provide...”

Construction of the first 15 miles of Interstate 11, which will link Las Vegas to Phoenix and could eventually stretch from Mexico to Canada, is making progress.

The Nevada Department of Transportation is in charge of the 2.5-mile phase one, while the Regional Transportation Commission is heading the 12.5-mile phase two. Both phases have been under construction since 2015 and are expected to be completed by 2018.

The first phase of the $318 million Interstate 11 project is about 60 percent complete, according to the Nevada Department of Transportation.

NDOT’s phase is projected to make up $83 million of the project’s total cost. “We opted to use concrete pavement due to its longevity, which, federally funded studies show, costs 13 to 28 percent less in the long run than asphalt

” NDOT spokesman Tony Illia said. “It also reduces rutting and potholes, thereby cutting maintenance expenses by up to 75 percent.”

The stretch will allow motorists to bypass the main street through Boulder City, alleviating frequent bottlenecks and quickening the drive between Las Vegas and Phoenix...¨

CONVENTION CENTER

INTERSTATE-11

The maiden voyage of Hainan Airlines’ new non-stop service took off from Beijing and landed at McCarran International Airport in Las Vegas at 11:00 am on December 2, 2016, following a 12-hour journey. The flight, serviced by a Boeing 787 with a Kung Fu Panda motif adorning the plane’s cabins, served as the announcement of Hainan Airlines’ formal launch of non-stop service between Beijing and Las Vegas. The new service further complements the airline’s intercontinental network. Hainan Airlines is the sole Chinese airline providing non-stop service between the two cities.

A brief yet grand welcoming ceremony for the maiden voyage was held by the Las Vegas Convention and Visitors Authority at the arrivals hall in McCarran International Airport, after the plane landed at the airport.

Data from the US government shows that close to 7.3 million Chinese tourists are projected to travel to the US between now and 2021. Since the launch of the Beijing-Seattle service in 2008, Hainan Airlines has continued to expand its flight services to the US. Hainan Airlines’ non-stop flight to Las Vegas adds an additional transportation choice for business travelers, international students and tourists traveling between China and the US...¨

HAINAN AIRLINES


Excerpt from reviewjournal.comBy Richard N. Velotta | December 2016

Excerpt from lasvegassun.comBy Mick Akers | March 2017

Excerpt from prnewswire.comProvided by Hainan Airlines Co | December 2016



Wynn Resorts Ltd. hopes to start construction of its Paradise Park before the end of 2017, Chief Executive Office Steve Wynn said Thursday.

”I think we have nailed it down,” Wynn told investors and analysts on a call to discuss the company’s fourth-quarter results.

“I hope to take the business plan to our board of directors in the second quarter and be in a position to begin work in the fourth quarter,” Wynn said of the the proposed 38-acre lagoon surrounded by a convention center and hotel on the Strip.

Wynn Resorts’ future lies in nongaming attractions, Wynn said. It is those attractions that in turn bring people to the gaming tables.

“We want to take our noncasino revenue to enormously high levels,” he said while explaining the project’s concept.

Wynn commented after his company reported fourth-quarter net revenue rose 37.3 percent, beating analysts’ estimates. Shares surged despite adjusted profits missing estimates as Wynn said business was off to a strong start in China.

Wynn Resort’s revenue increased $353.5 million to $1.3 billion for the last three months of 2016, the company said in a statement. Wall street analysts expected the company to post revenue of $1.25 billion, based on Zacks Investment Research data....”

Resorts World Las Vegas will begin full-scale construction sometime in the last three months of this year, an executive affiliated with the $4 billion project told Nevada gaming regulators today.

Appearing before the Nevada Gaming Control Board almost exactly a year after the project held its ceremonial groundbreaking, Resorts World General Counsel Gerald Gardner said construction would get underway in earnest in the fourth quarter, with site activity starting to ramp up this summer.

Gardner said construction of the Chinese-themed resort should be finished in early 2019. Project officials had previously said it would open in 2018.

Genting Chairman K.T. Lim told board members his company’s goal for Resorts World was to complement the Strip’s existing resorts while creating a “new and unique” destination. He said he remained “very excited and engaged” with the plans moving forward.

Once building activity is in full swing, Resorts World is expected to create about 5,000 direct construction jobs, Gardner said.

The resort will have about 2,500 full-time employees at opening and aims to attract both Asian and domestic tourists, Gardner said.

Plans for the debut of Resorts World include a hotel tower with more than 3,000 rooms, a 150,000-square-foot casino and other amenities that Gardner said would be the “latest, greatest thing on the Strip...”

PARADISE PARK

RESORTS WORLD

Excerpt from reviewjournal.comBy Todd Prince | January 2017

Excerpt from vegasinc.comBy Jeff Gillan | May 2016




Mr. Willett joined Northcap Commercial in 2016 as a lead multifamily investment specialist for the greater Las Vegas market. Prior, Willett and his team worked at an international brokerage firm, with anchored specialty in the local multifamily industry for over 40 years. There he assisted clients in the acquisition and disposition of over 12,000 apartment units.

Willett began his real estate career in Las Vegas immediately after attending Fort Lewis College in Colorado. As a recognized leader in the industry, he continues to work with a spectrum of institutional firms to local owners offering unparalleled services. His skilled approach to identifying solutions and outlining opportunities gives clients the confidence needed to build consensus between decision makers on every transaction. Since obtaining his real estate license in 2006, he has shown exemplary skills in analyzing, negotiating and executing investment real estate transactions in excess of $750 million.

In addition to brokerage investment services, Willett enjoys entrepreneurship endeavors and is a passive investor in several small business start-ups as well as local real estate opportunities. He is a CCIM candidate and active in many of its community outreach programs. Willett is also a certified trainer in Neuro Linguistics, an avid auto racing enthusiast and passionate about the well-being of the Las Vegas community.

Jason joined the Northcap multifamily team in 2016 as an investment analyst. He previously held court at a locally based international real estate firm, specializing in multifamily research, marketing, database management and financial analysis.

Jason is a graduate from the University of Nevada Las Vegas, where he earned a Business Administration degree in Real Estate and Urban Economics. His knowledge of the field has continued to rapidly develop through his opportunities to work alongside several industry leaders.

A lifelong resident of Nevada, Jason moved to Las Vegas in 2010 from the Reno/Lake Tahoe area to attend college and eventually start his real estate career. He is an avid sports fan and can be found spectating or participating in various sporting events.

Jerad Roberts started in commercial real estate as a financial analyst in 2013 and now joins the Northcap team as a multifamily specialist. His specialties include financial underwriting, cash flow analysis, day-to-day operations as well as acquisitions and dispositions of multifamily assets. He has underwritten more than $600 Million in multifamily sales in just a few short years.

At the start of his career, Jerad was a financial underwriter for multifamily properties at NAI Vegas. During that tenure he underwrote more than 5,000 units and over $200 Million in sales. He is a native of Las Vegas and holds dual bachelor degrees in accountancy and business administration from the University of San Diego.

Currently, Jerad is working toward his Certified Commercial Investment Membership through and looks forward to becoming a future designee. Outside of the office he volunteers with Three Square, does committee work for CCIM and can often be found outdoors fishing or playing sports.

BIOS









Devin Lee, CCIM, became Director of the Northcap Multifamily division after a seven-year career with another international real estate firm where he began in 2010 after 12 years in commercial mortgage. He currently specializes in multifamily sales and financing and has been involved in over $1 billion in real estate transactions over the course of his career.

Mr. Lee is co-founder and president of Access Commercial Mortgage. He facilitates deals on behalf of property owners and developers nationwide. His responsibilities include oversight in origination, underwriting and placement of financing transactions with major national portfolio lenders, Wall Street conduits, life insurance companies, agency lenders and private lenders. He is also vice president of the Nevada branch for CIII Commercial Mortgage, a national Wall Street direct commercial lender. Mr. Lee earned his Certified Commercial Investment Member designation in 2005 and completed the Commercial Real Estate Program at the LIED School of Real Estate Studies in 2004. He was an active Southern Nevada CCIM chapter board member from 2006 through 2016 as well as served as the Southern Nevada CCIM chapter president in 2008. He was also a board member of Commercial Alliance Las Vegas in 2008. That same year he also became a founding member of the Inter-Capital Group, a strategic alliance of commercial mortgage brokers and bankers nationwide. Mr. Lee has been a resident of Las Vegas since 1974. He attended Valley High School and graduated Cum Laude from the University of San Diego in 1992, earning his Bachelor of Business Administration in Business Economics. Mr. Lee has been involved with several local charities including the YMCA and Nathan Adelson Hospice.

His industry affiliations present and past include: Southern Nevada CCIM Chapter, CCIM Institute, Inter-Capital Group, Commercial Alliance Las Vegas, Commercial Marketing Group, Better Business Bureau, Las Vegas Chamber of Commerce, Mortgage Bankers Association, Nevada Association of Mortgage Professionals, Southern Nevada Multifamily Association and Northern Nevada Multifamily Association.





john tippinsChief Executive Officer | Founder






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