Newmark Facilitates $17.1 Million Sale of Las Vegas Land Parcel for Major Residential Development Near Durango Casino

August 11, 2025 9:00 AM

Newmark announces the company has arranged the $17.1 million sale of a prime 7.8-acre site, strategically located on the northeast corner of Maule Ave and Gagnier Blvd. in Las Vegas, Nevada, along the 215 Beltway, adjacent to the thriving Durango Casino and UnCommons. This strategic location places future residents at the heart of one of the city’s most dynamic and amenity-rich corridors.

Newmark Executive Managing Director Michael Stuart represented the buyer, The NRP Group, which plans a four-story, 390-unit residential community on the site. The NRP Group expects to break ground in the third quarter of 2025, with first occupancy scheduled for 2027.

“We are proud to have facilitated this pivotal transaction for both our client and the community,” said Stuart. “This development highlights continued demand and sustained interest in quality multifamily housing, and we look forward to seeing the positive impact The NRP Group’s vision will have on the area.”

With its premier location and immediate access to sought-after lifestyle destinations such as Durango Casino and UnCommons, the new development will meet growing demand for well-located, amenitized rental housing.

This transaction aligns with broader market trends, as Las Vegas’ multifamily sector continues to attract significant investment. According to Newmark Research, the region’s multifamily market saw a 42% year-over-year increase in investment sales, driven by strong demand for residential properties. This sale reinforces Las Vegas’ position as a hotspot for institutional investors seeking high-value opportunities in a constrained supply environment.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended June 30, 2025, Newmark generated revenues of over $2.9 billion. As of June 30, 2025, Newmark and its business partners together operated from 165 offices with over 8,400 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

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