Newmark announces the opportunity to purchase 1,150 acres of contiguous land located in Las Vegas at Mount Potosi Canyon Road. Newmark Executive Managing Directors Curt Allsop and Doug Schuster, and Directors Angela Bates and Vittal Ram are providing exclusive marketing and representation services for the property.
The site has been approved as a master-planned residential community with 1,250 proposed units - ranging from single-family homes on 3-acre estate lots to attached townhomes and stacked-flat condos. The site is ideally located on the southwest edge of Las Vegas in a forest-like environment with mature trees, spectacular mountain views and privacy for future residents. With the ongoing widening of nearby State Route 160, the site is approximately 12 minutes from the nearest grocery store as well as the Las Vegas Strip.”
“The Mount Potosi Canyon Road land listing offers an extraordinary opportunity for developers, as the potential acquisition of 1,150 acres of contiguous land in one transaction has not existed in Las Vegas for many years,” commented Allsop, who is leading the team providing marketing and listing services for the development parcel. “Located just outside of Las Vegas in a striking natural environment offering unequaled views, the site’s remarkable attributes combined with the traditional price points of a master-planned community will allow for luxury living without the luxury price tag.”
Newmark’s client-focused consulting services will include the engagement of the best professionals in the industry to secure the most desirable and appropriate development plans for the Potosi Mountain land parcel. As part of the targeted marketing effort, Newmark has contracted with a local, private helicopter company to provide aerial property tours for interested and qualified parties.
The rapidly expanding Las Vegas metropolitan area remains one of the fastest growing single-family and multifamily markets in the nation, with Southern Nevada home prices up 9.7 percent year-over-year as of February, more than double the national rate of 4 percent, and the Las Vegas apartment market entering 2019 with the fastest growing rents in the nation, up 7.7 percent from the same period as last year.
“The metro’s strong fundamentals and the population influx from neighboring states has increased demand for communities that offer both privacy and exclusivity; which the Potosi Mountain site provides,” added Allsop.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
Discussion of Forward-Looking Statements about Newmark Group
Statements in this document regarding Newmark Group that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark Group undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark Group’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.