Continental Realty Picks Up 6th LV Property

Continental Realty Group purchased the 168-unit Villa Del Rio Apartments in Las Vegas for $27 million ($160,714 per unit). This marks CRA’s sixth acquisition in the Las Vegas market since 2015. 

Built in 1990, Villa Del Rio, on Nellis Blvd. on the east side of Las Vegas, features one-, two- and three-bedroom layouts in four distinct floor plans. The property’s amenity package includes a clubhouse/leasing center, swimming pool, fitness center and outdoor lounge and barbecue areas. The previous owner refurbished 38 units, and CRA plans to spend approximately $2.4 million to complete the renovation of all units and other property improvements.  

CRA’s Adam Holt added, “The Las Vegas market is poised to make a strong recovery from the pandemic era struggles as market fundamentals are rapidly improving. Las Vegas was one of the top markets for job growth in 2023, and we are seeing capital that has been largely sidelined since late-2022 return to the market.”