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Kaktus Life I Goes Vertical

On August 21,2017, Whiting Turner began laying the ground work with underground utilities, offsite improvements and grading for a 210 multifamily project with 21,600 square feet of boutique style space designed as tenant amenities.  The property is located at 10650 Dean Martin Drive minutes away from the new Las Vegas Raiders stadium, McCarran International Airport and ideally situated just off the Cactus and I-15/Blue Diamond interchange at the boundary of Southern Highlands Master Planned Community.

Tim Deters and TRU Development secured a $41.5MM construction loan with Goldman Sachs on November 8, 2017. This loan is going to take the Kaktus Life I project into the next stages of development, vertical construction, which is scheduled to begin on November 20, 2017.

“What’s in a Name?” Simply looking at the name one would think that the spelling is incorrect. Tim Deters, President and CEO of TRU Development, wants the customer to think and question the origin of the name. Kaktus is the German translation for Cactus and Tim wanted his heritage to be memorialized in the flagship property for TRU Development. The name “Kaktus Life” represents TRU Development’s BRAND for the unique, luxury lifestyle offered through services and amenities.

Kaktus Life I is a luxury, 4-story, elevator served apartment community. The project is promised to transcend the luxury apartment market in Las Vegas being the first of its kind to receive silver LEED certification, the first to provide SOLAR energy and the first to prioritize the tenants’ needs above all else. Each unit will be voice enabled with smart home learning technology. The state of the art fitness center is designed by Amanda Barton of David Barton Gym’s. Other amenities will include access to fitness programs, onsite personal training, keyless entry to common areas, a pool, 2 spas, cabanas, outdoor entertainment facility, fire pits, BBQ’s, large courtyard, business center, game room, mint lockers for dry cleaning, valet trash and outdoor track with exercise stations.

Kaktus Life I is scheduled for completion December 2018. For more information, please contact Kelly Kwasniewski at 702-545-0355 or visit our website www.trudevco.com.

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TRU Development Closes on a $41.5MM Construction Loan

TRU Development closed on a $41.5MM construction loan with Goldman Sachs on November 8, 2017. The loan will fund our Kaktus Life I project located at 10650 Dean Martin Drive, Las Vegas. The project is designed for 210 multifamily residential apartment units and 21,600 square feet of retail, restaurants or professional space.

Kaktus Life I is a luxury, 4-story, elevator served apartment community featuring a pool, 2 spas, outdoor entertainment facility, large courtyard, business center, game room, state of the art fitness center, smart home in unit integration, mint lockers for dry cleaning, fire pits, BBQ’s, cabanas and outdoor track with exercise stations.

The property is located minutes away from the new Las Vegas Raiders stadium, is close to the freeway and airport which make this community a desired location for an apartment seeking dweller.

Vertical construction is scheduled to commence on or around November 20, 2017.

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Grether & Grether: Newest Adaptive Reuse Downtown Los Angeles

Grether and Grether, a registered historic landmark, was originally commissioned in 1921. It now boasts 13,856 square feet of retail and mezzanine space and 72 luxury lofts. The lofts are a mix of studio and one-bedroom units overlooking either Santee Court or Los Angeles Street. This historic restoration shows a pride of ownership with desirable amenities, urban work/live environment and 360-degree views of the Downtown LA skyline.

CLICK HERE to read more about this modern landmark.

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Las Vegas MSA: Job Growth Rate 2.3 percent

Las Vegas MSA grew 21,600 jobs Y-o-Y on a trailing 12-month basis. Employment at record highs and no signs of abating. Las Vegas lost 134,400 jobs during the recession, a decline of 14.4 percent. Since bottoming out, the region has added 183,900 jobs, an increase of 23.1 percent. Employment currently stands 49,500 higher than the previous peak.

For more market updates please follow us on social media: Facebook, Instagram, LinkedIn, Twitter and YouTube

Gary Banner CCIM

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Who is renting now? Millennials and Retirees

The largest population cohort, Millennials, are entering their prime spending years. This cohort is described as The Sharers, as coined in the book Big Shifts Ahead: Demographic Clarity For Business. Sharers are marrying later in life, have more student debt and are more interested in capturing the best social media photo on an adventure than purchasing a home. This cohort prefers to live in an Urban neighborhood and embraces a co-living environment. Sharers want to be connected to the world and community they live in.

“The Innovators” cohort is now entering their golden years. This cohort lead the Technology Revolution and experienced great wealth as a direct result. These retirees are now entering the rental market because of their desire to be active, socially connected and travel more. Renting allows them greater flexibility and less home maintenance. This cohort prefers a slower pace that is offered in suburbs and golf course communities.

Understanding the market and the client is key to developing a product that will exceed their expectations and grow with technology. We are developing with the end user in mind. Contact our office today to learn more about our projects 702-545-0355.

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LA Fashion District: An Urban Dinner Party

October 12,2017 the LA Fashion District BID hosted a wonderful dinner party located at City Market South. All the proceeds from the event went to benefit the LA Fashion District public arts program. The award winning chef Steve Samson of Rossoblu prepared a flavorful, four course, Italian dinner al fresco.

The night was beautiful and the event was magical with fresh food and wonderful fellowship celebrating the neighborhood and community all for a great cause.

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Millennials Will Rent

All signs lead to renting as Millennial generation enters their prime spending years.  Millennials are marrying and having families later in life, which has created a new demand for housing particularly in the rental market. The Millennial cohort is comprised of approximately 92 million people and will far exceed the baby boomer cohort by 15 million people. As this generation continues to enter the workforce they are plagued with student debt and inflation that can stifle the idea of immediate home ownership.  While it might seem like Millennials are forced to rent due to economic hardship, studies indicate that they prefer it. They want to take advantage of community amenities, events and embrace a co-living environment. This also creates a new demand for smaller housing, i.e. studio and one bedroom units. TRU Development stays on the front lines with market research and data. We strive to develop a product that will meet and exceed our clients expectations while building strong relationships. Contact our office today if you would like to learn more about TRU Development and our projects 702-545-0355.

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DCBID: Los Angeles 2017 Q2 Market Report

The Downtown Center Business Improvement District (DCBID), a coalition of nearly 1,700 property owners in the central business district of Downtown Los Angeles and formed in 1998, is transforming the Fashion District area into a vibrant Urban Hub centered around the idea of live, work and shop!

DCBID published the 2017 Q2 Market Report. Some of the key highlights that are mentioned on page 4 of this article are 423 new residential units broke ground, 1,072 new residential units opened, $3.39 is the average per square foot Class A rent and apartment is asking $2.92 per sq foot.

CLICK HERE to download the full market report and learn more about the exciting activity happening in DTLA.

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Kaktus Life III: Ground Breaking News 09.27.17

We have some exciting news! Kaktus Life III located at 8030 W Maule Ave., Las Vegas has officially started construction September 27, 2017. This is our Class A mixed -use development opportunity with 608 multi-family units and 5,000 sq. ft. of retail space. If you are interested in learning more about our projects, contact our office today 702-545-0355 to chat with one of our team members.