ZMR Breaks into Las Vegas Market with Multifamily Rental Buy
The 216-unit Sunridge marks the entry into the Las Vegas market for the Florida-based multifamily investment firm. “The Las Vegas rental market continues to benefit from very favorable supply and demand dynamics as well as ongoing migration of people from the west coast seeking a more affordable cost of living,” said ZMR’s Zamir Kazi.
Built in 1991, the complex is located six miles from the Las Vegas Strip. ZMR plans to execute a multi-million dollar renovation of the inside of the units, as well as common areas and making curb appeal enhancements.
Kazi says that Las Vegas rent growth is up 22% over the previous year, when the pandemic stifled growth in the sector. ZMR paid $38.5 million for the asset, or $178,000 a unit. Before the Las Vegas acquisition, the company’s portfolio included communities in Florida, Texas, Georgia and Arizona.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.