Broadstone Sonata Las Vegas Apartment Homes By Alliance Residential
Broadstone Sonata Las Vegas apartment homes by Alliance Residential. The Phoenix based company is developing more than 1,500 apartment units at a cost of $230 million in North Las Vegas real estate.
Within the past year and a half, Alliance has spent $80 million investing in other real estate in Las Vegas, NV. They have expectations of investing even more.
Broadstone Sonata North Las Vegas apartments are expected to be ready in January of 2009. The 312 units are located on Lamb Blvd. and Craig Road.
Other apartment developments by Alliance include Broadstone Indigo, Broadstone Azure, Broadstone Eldorado and Broadstone Montecito in North Las Vegas.
In the next four years over 40,000 new hotel rooms will be available and material, land and labor costs are declining. A 12 percent population growth in Las Vegas is expected, too.
The rental market is strong at this time because of the mortgage crisis and home values. More and more buyers can’t afford their homes and pay less than a home mortgage by renting.
Real estate developers in the apartment sector have slowed in construction leaving Vegas a larger supply problem than a demand issue. Las Vegas averages about 5,500 new apartments units per year. This is from 50 to 100 percent less than other markets with slower population growth.
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Broadstone Sonata Las Vegas apartment homes by Alliance Residential.