Real estate company CARROLL has acquired two large multi-family developments in Las Vegas, The Meadows, and Emerald Springs. Rebranded as ARIUM Emerald Springs and ARIUM Meadows, the acquisition represents a new focus on the West Coast and meeting the unexpected demand for multi-family units that have erupted in Las Vegas. M Patrick Carroll, CARROLL CEO, and founder has overseen the acquisition of more than 60,000 multi-family units across America throughout his career. While over half of them are concentrated on the East Coast, he believes that Las Vegas is the next frontier.
Las Vegas has been embattled by the pandemic, as COVID-19 put a crimp on tourism and live events that the city and state heavily rely on. The tourism industry has slowly been coming back to life although with variants circulating and long-term efficacy of COVID-19 vaccines being unclear, it’s yet to be determined when The Strip will return to its former glory. But in spite of the devastation the tourism and entertainment sectors suffered, Clark County records show that 40,000 new residents arrived in 2020 (a 2% population increase).
Many are likely to be tech and entertainment workers from California who seek to retain West Coast lifestyles and feel in a smaller and more affordable city, as the pandemic proved not all work needs to be anchored to one place anymore. With living costs far lower than comparable California cities like Los Angeles and San Diego, renters and homebuyers alike have been flocking to Las Vegas irrespective of what’s happening with the tourism industry. The rental market which was in decline at the onset of the pandemic has rebounded in Las Vegas, particularly East Las Vegas, to the point that demand for multi-family units is now outstripping supply. Vacancy rates are lower than they expected to be at this point of the year.
Regarding the massive opportunities for growth in Las Vegas, real estate investor M Patrick Carroll states, “This acquisition represents a unique opportunity to enter a market we have been targeting for the past three years. Markets like Las Vegas that allow varied investment strategies between core-plus and value-add have been fundamental targets for CARROLL because of the short- and long-term successes they offer.”
ARIUM Meadows and ARIUM Emerald Springs are in a prime location for workers in the tourism industry, which is expected to make a resurgence by late 2022. With the industry providing over 400,000 jobs in the area, tourism workers seek desirable housing near work. CARROLL’s new properties are only 20 minutes from the Strip. Even those who do not work in tourism are seeking rentals that are close to shopping, dining, and other attractions, and that have more updates and amenities than comparable rental units, according to CARROLL Organization’s M Patrick Carroll.
CARROLL has massive overhaul and renovation plans for the ARIUM Emerald Springs and ARIUM Meadows, in addition to upgrading the common areas and amenities of the properties.