Behringer Harvard News
Behringer Harvard Announces Contemporary Lofts Development in Las Vegas
DALLAS, June 18 PRNewswire — Behringer Harvard announced today its investment in Alexan Russell Lofts, a 168-unit multifamily community slated for construction in Las Vegas on a 6.78-acre suburban site six miles southeast of the world-famous Las Vegas Strip and three miles east of McCarran International Airport. Trammell Crow Residential will serve as developer of the estimated 163,250-square-foot project.
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"We were attracted by the opportunity to develop an upscale multifamily community in close proximity to the McCarran airport, the downtown business district and the Las Vegas Strip, which form the hub of the city's entertainment and tourism industries and its historic and economic nucleus," said Mark Alfieri, senior vice president of Behringer Harvard. "We're also encouraged that, in spite of national economic challenges during the first quarter of this year, Las Vegas has continued to show strong population growth and median household income above the U.S. average."
Alexan Russell Lofts intends to offer apartments averaging 973 square feet with rents ranging from $900 to $1,400. Plans call for units featuring a contemporary loft design that promotes an aura of urban chic and sets this high-end development apart from the traditional garden-style apartments offered in the Henderson submarket. The community also plans to offer luxury amenities including a state-of-the-art fitness facility, barbecues, and resort-style pool and spa. Construction is scheduled for completion in late 2009.
The site for Alexan Russell Lofts, situated west of the intersection of Galleria Drive and East Russell Road, provides easy access to Interstate 95/515 and a wealth of public recreational amenities.
Within walking distance of the site are two parks supplying a total of 13 acres of public recreational facilities. Stephanie Lynn Craig Park is a five-acre recreation area featuring lighted ball fields and covered picnic facilities. The adjacent eight-acre White School Park includes two lighted ball fields and courts for basketball and tennis.
Also within close proximity is the 41,000-square-foot Whitney Ranch Recreation Center/Aquatic Complex, which features an indoor competition pool; an outdoor activity pool; racquetball and wallyball courts; and rooms for exercise classes, games and meetings.
Residents also will enjoy convenient access to Galleria at Sunset Mall, one of Nevada's premier shopping destinations, which provides more than one million square feet of retail space and boasts 140 specialty shops, two full-service restaurants and 12 fast-food restaurants.
About Behringer Harvard
Behringer Harvard is a commercial real estate company investing in assets domestically and internationally. The company creates and manages strategic real estate fund opportunities across a wide spectrum of investment styles for retail investors, as well as domestic and international institutions, through its real estate investment trusts, partnerships, joint ventures, and proprietary program structures. For more information, call toll-free 866.655.3600 or visit behringerharvard.com.
SOURCE Behringer Harvard
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