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/