Camino Verde Group recently completed the purchase of a 28-unit multifamily property at 2556 South Van Patten Street in the Historic Commercial Center District of Las Vegas. The units will be rebranded as Camino 2556.
Camino 2556 will undergo approximately $300,000 in interior and exterior improvements, which are already underway. Built in 1963, the property offers large 1-, 2-, and 3-bedroom floor plans with oversized kitchens and closets. The four garden-style buildings sit on .68 acres and share a common border with Camino 2575, another Camino Verde Group owned property.
Both properties are centrally located near major employment centers, and offer a unique affordable living environment not found in modern multifamily properties.
“They are within a mile of the Las Vegas Convention Center and the north end of the Las Vegas Strip, making them ideally suited for affordable workforce housing,” said Mike Ballard, co-founder of Camino Verde Group. “There is significant construction near these properties that are creating jobs including Resorts World, the Drew, the MSG Sphere and $980-million expansion of the Las Vegas Convention Center. These four projects should add more than 20,000 jobs, all within walking distance of our communities.”
Camino Verde Group’s history with Las Vegas multifamily investments helped the firm negotiate and close this transaction during a difficult economic time. “We have the capital to make good investments, and believe Las Vegas’ economy will come back stronger than ever,” said Ballard. “There has and will continue to be an affordable housing shortage in the market, and we aim to provide many quality affordable housing options throughout Southern Nevada.”
Ballard said the proximity of Camino 2556 and Camino 2575 will also allow economies of scale for operations and cost savings for investors.
“We are able to offer two-bedroom units below $900, which helps fill a significant need for affordable work force housing,” he said. “Both properties are located near the Monorail and other major transit lines, making transportation throughout the city easy for residents.”