LUCESCU REALTY Marketing Mixed Use Project, Valued at $50+ Million, Located at Main Entrance to UNLV
LUCESCU REALTY announced today that they have been selected, as the exclusive broker to offer for sale, University Gateway, located in Las Vegas, Nevada. The Property is a brand new, seven (7) story, Class A, mixed-use development, located directly across from the main entrance to the University of Nevada, Las Vegas.
The Property consists of 4 floors of upscale, studio apartments, 2 floors of professional offices (previously purchased by UNLV), ground floor retail, a rooftop pool and entertainment deck and a 7 floor parking garage (also previously purchased by UNLV). The 4 floors of housing includes one hundred and twenty-five (125) upscale, studio apartments, totaling 169 beds, 113 (90%) of which are single studio’s, which can be difficult to find, and affords students with much desired privacy and social distancing safeguards. All units feature best-in-class amenities that includes upscale, top of the line appliances and interior finishes, and many have breathtaking views of the Las Vegas Strip skyline. In addition to the 4 floors of upscale residential, the Property has ground floor retail that includes 7-Eleven, America’s First Federal Credit Union, Peet’s Coffee and a variety of national and regional restaurants.
University Gateway is located directly across the street from the UNLV’s main entrance. UNLV is the largest University in Nevada with an enrollment of 31,000+ students. The University has 16 separate colleges, including a new Medical School and offers over 300 degrees. Earlier this year, UNLV purchased the 2 floors of office at the Property and then build out improvements for their own use. The purchase of the office portion of the property follows UNLV’s acquisition of the 7 story, 820 stall, parking structure. After buying, UNLV built out a 10,000 square foot UNLV Police headquarters on the 1st floor of the parking structure; completing a substantial investment in the total project. The offered residential and retail parts of the Property have the exclusive use of 193 stalls in the adjacent parking structure owned by UNLV.
Las Vegas, is the entertainment capital of the world and is home to 14 of the world’s 25 largest hotels. The City welcomes more than 50 Million visitors annually, with tourism generating nearly $60 Billion annually. Development in the area continues with the new Allegiant Stadium, the new $2 Billion home of the NFL’s Las Vegas Raiders, as well as new large hotels developments including Resorts World Las Vegas, and Circa. In addition to being located a mile from the Las Vegas Strip, the Property is in immediate proximity to McCarran International Airport (4 blocks southwest), The Hughes Center, Las Vegas’ premier business address (5 blocks northwest) and the Las Vegas Convention Center, just 4 blocks to the north. Las Vegas remains as one of the fastest growing markets in the United States. 4,000-6,000 new residents enter Clark County each month. Since 2000, the population has grown more than 57% (750,000 people) and is expected to continue to grow to nearly 2.5 million people by 2024.
The Seller of the property is G2 Capital Development, based in Las Vegas, NV.