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Cantor Fitzgerald and Silverstein Properties Close Opportunity Zone Land Acquisition in Las Vegas, NV

Cantor Fitzgerald and Silverstein Properties Close Opportunity Zone Land Acquisition in Las Vegas, NV

Silverstein and TRU Development to Develop 334-Unit “Meadows Apartments” close to downtown Las Vegas and the Medical District

 

Cantor Fitzgerald, L.P., a leading global financial services firm and real estate investment company, and Silverstein Properties, a leading global full-service real estate development, investment and management firm, today announced the closing of their first multifamily development site in a qualified opportunity zone.

 

The Meadows Apartments is intended to be developed by Silverstein Properties and Las Vegas-based TRU Development as part of Cantor Fitzgerald and Silverstein Properties’ opportunity zone program. The site is located 15 minutes west of downtown Las Vegas and near the Medical District. The four-story development on nearly 10 acres will feature 334 one- and two-bedroom units. Amenities include a clubhouse, two pools, a state of the art fitness center, and multiple recreational areas. The location offers convenient transit accessibility to nearby downtown Las Vegas and is adjacent to Meadows Mall, home to over 50 retail shops including restaurants, department stores, clothing stores, specialty stores, and a grocery store.

Growth in the Las Vegas market has exceeded other U.S. markets for the last few years, with Clark County’s population increasing by more than 48,000 people between 2017 and 20181 — the second largest increase of any U.S. county. Apartment fundamentals in Las Vegas continue to improve as the workforce and population expand. Rents in the Las Vegas market grew 7.5% year-over-year—the second largest among the top 50 U.S. markets and the 21st consecutive quarter in which year-over-year rent growth in Las Vegas was at or above 4.5%.2

 

“Downtown Las Vegas is undergoing significant revitalization fueled by public-private development and commercial investment,” said Michael Lehrman, Senior Managing Director, Cantor Fitzgerald. “We are delighted to have this well-located parcel as our development project and to partner with Silverstein, a company with which we have a unique and long-standing relationship and a shared commitment to investing in communities and improving lives.”

 

Cantor Fitzgerald and Silverstein Properties have a well-established relationship. Notably, the two firms share a historical connection to the tragic events of 9/11 at the World Trade Center and played central roles in the recovery that followed. This project is a natural extension of the companies’ shared history, and underscores both firms’ commitment to rebuilding.

 

“The Las Vegas market is a great fit for Cantor Fitzgerald and Silverstein Properties. Continued job and population growth have contributed to demand for new multifamily housing,” said Marty Burger, Chief Executive Officer, Silverstein Properties. “Renters in the area, many of them medical professionals, have few options. Our project will offer first-rate residences near US 95 providing convenient access to transit around greater Las Vegas, and is walkable to local shopping, food, and entertainment. Construction is scheduled to begin in 2020.”

About Cantor Fitzgerald

Cantor Fitzgerald, L.P., with over 12,000 employees, is a leading global financial services group at the forefront of financial and technological innovation and has been a proven and resilient leader for over 70 years. Cantor Fitzgerald & Co. is a preeminent investment bank serving more than 5,000 institutional clients around the world, recognized for its strengths in fixed income and equity capital markets, investment banking, prime brokerage, and commercial real estate and for its global distribution platform. Cantor Fitzgerald & Co. is one of the 24 primary dealers authorized to transact business with the Federal Reserve Bank of New York. For more information, please visit: https://www.cantor.com/.

 

About Silverstein Properties

Silverstein Properties is a privately held, full-service real estate development, investment and management firm based in New York founded by Larry Silverstein. Silverstein Properties has developed, owned and managed more than 40 million square feet of commercial, residential, retail and hotel space. Recent projects include 7 World Trade Center, the first LEED-certified office tower in New York City (2006), 4 World Trade Center (2013), the Four Seasons Downtown (2016), One West End (2017) and 3 World Trade Center (2018). The company has been recognized as one of the “Best Places to Work in New York City” by Crain’s New York Business for eight years in a row. For more information on Silverstein Properties, please visit: https://www.silversteinproperties.com/or https://www.wtc.com/.

 

About TRU Development

TRU Development is a full-service development company comprised of a group of professionals based in Las Vegas, Nevada specializing in residential, retail, office, and industrial real estate development. KAKTUSlife is the first luxury branded LEED Silver multifamily offering by TRU Development, followed by theAPEX brand. Coming soon to the TRU portfolio are KAKTUSlife @the curve, Meadows Apartments, and theAPEX @galleria. To date, TRU Development has developed approximately 7,000 multifamily units. For more information, please visit: https://trudevco.com/

 

 

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TRU Development looks forward to the next project with IOTAS in 2020.

TRU and IOTAS leadership have partnered on the KAKTUSlife @dean martin project here in Las Vegas, Nevada. The first luxury apartment community to feature IOTAS in the state. With leadership that is forward thinking in tech and development, we are confident that we can continue to create dynamic projects that exceed the consumers expectations.

Click on the link below to read about their recent capital raise efforts.

IOTAS Raises $8.5M to launch IoT-as-a-Service for Enterprise

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TRU Development is proud to announce that our property KAKTUSlife has been awarded LEED Silver Certification.

KAKTUSlife Awarded Prestigious LEED Green Building Certification
LAS VEGAS – TRU Development, a development company based in Las Vegas, is proud to
announce that their property, KAKTUSlife has been awarded LEED Silver Certification. The LEED
(Leadership in Energy and Environmental Design) rating system, developed by the U.S. Green
Building Council (USGBC), is the foremost program for buildings, homes and communities that
are designed, constructed, maintained and operated for improved environmental and human
health performance.
KAKTUSlife, located in Southern Highlands, is the premiere luxury lifestyle residential apartment
community and is the first of its kind in the valley. KAKTUSlife is attractive to a sagacious
clientele who value technology, health and sustainability in a connected co-living environment.
A community within a community, KAKTUSlife has created an engaging culture and unique,
sustainable living accommodations at an unbeatable location.
KAKTUSlife Apartments offers the best of Las Vegas all in one convenient, modern, luxurious,
and central location. These premier, upscale apartments are located steps from the Las Vegas
Strip and Town Square. Residents can enjoy the perfect blend of convenience and home with
nearby restaurants and shopping.
“The work of innovative building projects such as KAKTUSlife is a fundamental driving
force in transforming the way buildings are built, designed and operated,” said Mahesh
Ramanujam, president and CEO, USGBC. “Buildings that achieve LEED certification are lowering
carbon emissions, creating a healthier environment and reducing operating costs while
prioritizing sustainable practices. Because of KAKTUSlife, we are increasing the number of green
buildings and getting closer to USGBC’s goal to outpace conventional buildings, while being
environmentally and socially responsible and improving the quality of life for generations to
come”
KAKTUSlife achieved LEED certification through the implementation of practical and
measurable strategies and solutions aimed at achieving high performance in sustainable site
development, water savings, energy efficiency, materials selection and indoor environmental
quality.

The LEED Green Associate program is one of several credentials administered by Green
Business Certification Inc. (GBCI), the premier organization independently recognizing
excellence in green business industry performance and practice globally. The GBCI
credentialing program uses rigorous test development best practices and requires ongoing
maintenance to encourage credentialed professionals to participate in learning experiences
that demonstrate continued competency and up-to-date industry knowledge. In addition to the
LEED Green Associate credential, GBCI also administers the LEED AP with specialty credentials;
the SITES AP credential for landscape design and development; the WELL AP credential, which
focuses on human health and wellbeing in the built environment; and the Urban Greenhouse
Gas Inventory Specialist credential that focuses on community-level greenhouse gas emissions
inventory accounting. GBCI has received and maintained Personnel Certification accreditation
from the American National Standards Institute since 2011.

 

 

 

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Power Players Convention at the 2019 Annual Interface Las Vegas Multifamily Conference

 

 

TRU Development’s Senior Market Analyst, Gary Banner, was a guest speaker at this year’s 2019 Interface Las Vegas Multifamily Conference at The Four Seasons.
This event was earmarked for multifamily real estate topics specific to the Las Vegas market plus networking opportunities.

Dr. Stephen M. Miller, Director, CBER of Lee Business School at the University of Nevada, Las Vegas was a Key note speaker at this Annual event.

For more information click on the link below:

http://rebusinessonline.com/vegas-multifamily-renters-want-higher-end-properties-need-more-affordable-options-say-interface-panelists/

 

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Channel 8 Interview with Timothy Jason Deters, the CEO of TRU Development is raising the bar in Las Vegas at KAKTUSLife in April 2019

KAKTUSLife is a new development for Las Vegas Residents and the first luxury multi-family community built to meet LEED Silver specifications.
For more information click on the link below:

https://www.lasvegasnow.com/news/local-news/kaktuslife-complex-to-bring-resort-living-to-las-vegas-residents-when-it-opens-in-april/1877357590

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Tim Deters president and CEO of TRU Development Co Gets interviewed by Las Vegas SUN

Tim Deters was interviewed at KAKTUS Life Apartments by Las Vegas Sun . It’s almost that time for our Grand Opening. We have all been looking forward to this moment! KAKTUS life will be changing up the game here in Las Vegas with energy conservation, retail areas, high ceilings, fitness center, a rooftop lounge and much more.

For more information click the link below:

https://vegasinc.lasvegassun.com/business/real-estate/2019/mar/08/trendy-apartments-seek-to-attract-young-socal-tran/

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Las Vegas Review Journal interviews Tim Deters Founder of Tru Development Co. at KAKTUSlifeI Dean Martin Drive multifamily retail Project

Tim Deters was interviewed at KAKTUSlifeI by The Las Vegas Review Journal on Friday February 22, 2019.
Where he shared many exciting things about KAKTUSlife rental projects in the south Valley and much more. KAKTUSlifeI is located on Dean Martin Drive near the Interstate 15 and Cactus Avenue. KAKTUSlifeI is 21,600 square feet has 210 units, a resort-style pool, and is four stories with elevators.
For more information click on the link below:
https://www.reviewjournal.com/business/housing/las-vegas-luxury-apartment-complex-to-open-in-april-1603238/

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MOBILE DOORMAN and IOTAS team up to ensure clients are exceeding resident expectations by providing a comprehensive smart apartment experience for multifamily all from their mobile device

TRU development was the key player in creating this relationship to enhance the tenant experience from community app with mobile doorman to the in-unit app experience with IOTAS. TRU’s business model is building on relationships and this is one key relationship that is not only paying off for TRU but directly transcends to our tenant experience.
For more information about the partnership please read the full article here:
https://www.iotashome.com/iotas-mobile-doorman-partnership/