Troubled Luxury Property Finally Shows Signs of Life

vantage_lofts_screen_shot_WEBThey started as expensive condos; now they’re expensive apartments. But more importantly, people are actually living in them now!

When the concept for Vantage Lofts—at 201 S. Gibson Road in Henderson, just south of Interstate 215—fizzled in a 2008 bankruptcy, the luxury modern condo project became the Valley’s greatest recessionary eyesore this side of the Fontainebleau Las Vegas.

But that was then, and now things are looking a lot brighter. Last year, Vantage was purchased and co-developed by Seattle-based Goodman Real Estate and Tilton Development Company of Scottsdale. Construction was completed in April, and today 70 percent of Vantage’s 110 units are leased, says Cassie Bostic, leasing office manager.

Monthly rents at Vantage range from $1,500 to $4,500, with 26 different floor plans. Among the perks are a gated community, pool, fitness center, Wi-Fi café, indoor and outdoor spas, a 24-7 concierge and a theater. And, true to its name, Vantage offers striking panoramic views for those with west-facing units.

“We definitely push the [pricing] envelope out here,” Bostic says. “We took Vantage at a slower pace, because we knew our market was much higher [priced]. But there are few concessions, and we’re getting true market rents.”

Certainly, Vantage appears to be the exception to a rule, seeing that Southern Nevada’s apartment market continues to be slow to recover—average rents are still more than 12 percent below their 2008 highs, according to local economic research firm Applied Analysis.

For now, Bostic says empty nesters, entrepreneurs and single professionals are among those looking to call Vantage home, with Miami and Los Angeles serving as the primary feeder markets. Bostic predicts Vantage will be fully occupied by the end of the year—quite a turnaround for a property that six years ago seemed left for dead.

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