Next Wave Property Management (NWPM) announced today that Skyline Villas, a 94-unit multifamily housing community in Las Vegas, Nev., is now 100% leased. The property, formerly known as Fleur De Lis Villas, was built in 1963 as condominiums on a 6.5-acre parcel of land located approximately 1.5 miles east of the Strip and 1 mile north of UNLV.
“When Alpha Wave Investors acquired the property, we recognized that there would be substantial challenges to renovating and repositioning the property,” said Jordan Fisher, Co-Founder of Alpha Wave Investors and Next Wave Property Management CEO. “But we also saw the vision for Skyline Villas. The property has attractive large floor plans, great amenities and a phenomenal location close to both the Strip and UNLV.”
Alpha Wave Investors, LLC acquired the property in August 2014 with NWPM taking over management. At the time, the property suffered from over 60% vacancy, squatting vagrants, criminal activity along with pests and stray animals. Additionally, many of the units had been unrented for an extended period of time - up to several years - with appliances, parts and cabinets cannibalized and given to units in operation.
NWPM managed the $1.8 million renovation, which included complete renovations of the unit interiors with new flooring, resurfaced cabinets and stainless steel appliances. Additionally, the property amenities were upgraded by adding a fitness center to the pool area, gating the entire community and replacing the old grass landscaping with drought tolerant, environmentally-friendly landscaping.
“We took an aggressive approach to this project. It has been rewarding to help turn what was a neighborhood blight into an attractive part of the community, which provides much needed housing to local workers,” said Tiare Harline, NWPM Senior Vice President.
With the renovations now substantially complete, NWPM rapidly leased out the units. “NWPM implemented a comprehensive marketing program that leveraged social media and web advertising together with traditional marketing efforts including new signage and local outreach,” said Harline. “We used technology to ensure that all of our marketing efforts were measured and optimized. Maximizing the use of technology is part of our company DNA.”