Las Vegas-based real estate investment and development firm Camino Verde Group recently acquired Sherwood Apartments in Midtown Las Vegas. Located just east of Las Vegas Boulevard, the 10-unit building will be a welcome addition to Camino Verde Groups’ five nearby communities, including Camino 2575, Camino 2556, Camino 2630, The Radcliff and Sherwood Palms. The acquisition brings the total number of units the firm has in the area to 140.
Mike Ballard, co-founder and managing partner of Camino Verde Group, said multifamily housing is in short supply in Las Vegas. “Right now, there’s a low inventory of affordable multifamily housing for the working class, so we are trying to mitigate that.” With the recent acquisition of 2555 Sherwood Street, which will be rebranded to Camino 2555, Ballard said he hopes to restore the vintage neighborhood and provide more housing for those who work on the North end of The Las Vegas Strip.
As the current job market in the state of Nevada is recovering following the pandemic, Camino Verde Group’s acquirement of Sherwood Apartments can serve as part of the solution to supply housing for the high demand. Planned to serve as work-force housing, the ten units can support more workers finding jobs and settling down in thriving areas of the city, such as Midtown.
The surrounding area is undergoing major developments within walking distance of 2555 Sherwood, including the construction of the Fontainebleau, the MSG Sphere and the Circus Circus Renovation. The projects are projected to bring more than 13,000 jobs to the community.
“We want to transform these barely inhabitable properties and turn them into places where new and existing residents can have a great place to live and commute easily to and from their jobs,” said Ballard.
Built in 1960, the two-story housing community was constructed on 0.23 acres. Across its ten units, it offers one-bedroom and two-bedroom floor plan options as well as a gated courtyard to give residents an extra sense of security. Local colleges and universities are within a ten-mile radius, including Nevada State College and the University of Nevada, Las Vegas (UNLV).
The newly acquired property neighbors world-famous entertainment and attractions, including The Las Vegas Strip with clear views of the Stratosphere, the historic Las Vegas Country Club and more. The apartments offer convenient access to a variety of outdoor malls, restaurants, shops and public transportation, including the Las Vegas Monorail and several bus stops leading to the Bonneville Transit Center. The building is also in close proximity to the medical center and Sunrise Hospital.
Camino Verde Group is investing in additional projects aimed to bring forth jobs and growth to the area. The real estate investment and development firm is currently working towards acquiring a nearby multifamily building, which is planned to close late spring of 2023.
