Hats off to Patrick Humes and David Thurman of L.A.-based BondRok Partners for scooping up the former Luxe Lofts on West Flamingo Road near Durango for about 18 cents on the dollar. It takes audacity to make a go of luxury condo sales in a brutalized real estate market.
Time will tell whether the savvy pair really cashes in on their newly branded concept, The Modern. Humes is optimistic that the urban-hip suburban units ranging from $200,000 to the $400,000’s could even sell out this year.
But there’s another reason to eye the go-getters in 2012. Their financial backing comes from Boston-based CrossHarbor Capital Partners, which has nearly $500 million set aside for buying distressed real estate over the next two years, Thurman says.
And the group is motivated to pick up more Las Vegas sites. Up next, could be Manhattan West in the southwest Valley and Vantage Lofts in Henderson, two other partially built and decaying projects desperately in need of new owners to finish them.
Both admitted they have done due diligence on the projects and have been in talks to purchase, but a deal still hasn’t been struck.
“Those would require a lot more construction work [than Luxe Lofts]. But we’re not scared of those projects … if the price is right,” Thurman added.
Thurman and Humes beat out a pool of about 20 bidders on Luxe Lofts. A similar number of suitors has been rumored to be bidding on Vantage Lofts, once valued at $160 million, in the near future.