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June 13, 2024
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Res Developer Spends Over $15 Mil on Las Vegas Land Site


A 14.57-acre site located at the southwest corner of Arby Ave and Gagnier Blvd in Las Vegas sold for $15.25 mil. The land’s zoning classification is Urban Village (U-V) and the new ownership plans to develop midrise apartments.

Situated adjacent to the new Uncommons development, its prime location allows immediate access to Durango, Warm Springs and the 215 beltway, McCarran International Airport (10 minutes), and the Las Vegas Strip (15 minutes). It was sold by a Nevada-based limited liability corporation.

Pat Sauter, Art Carll-Tangora, and Steve Nosrat with Avison Young’s Sauter Multifamily Team represented the seller in the transaction.

The Southwest submarket has been booming with construction, experiencing the fastest growth in Southern Nevada, and is home to a number of major recent completions as well as new planned developments. The area has quickly attracted a flurry of new development activity which includes the Uncommons, a 40-acre live/work/play community directly across the street. Also nearby is the UNLV Research and Technology Park, a 122-acre, master-planned business, research, and technology community, and The BEND – entertainment, retail, restaurant development. Durango Casino, Stations Casino new site at Durango and 215, is expected to be finished by late 2023.

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