Las Vegas-based real estate investment and development firm Camino Verde Group recently acquired Sherwood Apartments in Midtown Las Vegas. Located just east of Las Vegas Boulevard, the 10-unit building will be a welcome addition to Camino Verde Groups’ five nearby communities, including Camino 2575, Camino 2556, Camino 2630, The Radcliff and Sherwood Palms. The acquisition brings the total number of units the firm has in the area to 140.
Mike Ballard, co-founder and managing partner of Camino Verde Group, said multifamily housing is in short supply in Las Vegas. “Right now, there’s a low inventory of affordable multifamily housing for the working class, so we are trying to mitigate that.” With the recent acquisition of 2555 Sherwood Street, which will be rebranded to Camino 2555, Ballard said he hopes to restore the vintage neighborhood and provide more housing for those who work on the North end of The Las Vegas Strip.
As the current job market in the state of Nevada is recovering following the pandemic, Camino Verde Group’s acquirement of Sherwood Apartments can serve as part of the solution to supply housing for the high demand. Planned to serve as work-force housing, the ten units can support more workers finding jobs and settling down in thriving areas of the city, such as Midtown.
The surrounding area is undergoing major developments within walking distance of 2555 Sherwood, including the construction of the Fontainebleau, the MSG Sphere and the Circus Circus Renovation. The projects are projected to bring more than 13,000 jobs to the community.
“We want to transform these barely inhabitable properties and turn them into places where new and existing residents can have a great place to live and commute easily to and from their jobs,” said Ballard.
Built in 1960, the two-story housing community was constructed on 0.23 acres. Across its ten units, it offers one-bedroom and two-bedroom floor plan options as well as a gated courtyard to give residents an extra sense of security. Local colleges and universities are within a ten-mile radius, including Nevada State College and the University of Nevada, Las Vegas (UNLV).
The newly acquired property neighbors world-famous entertainment and attractions, including The Las Vegas Strip with clear views of the Stratosphere, the historic Las Vegas Country Club and more. The apartments offer convenient access to a variety of outdoor malls, restaurants, shops and public transportation, including the Las Vegas Monorail and several bus stops leading to the Bonneville Transit Center. The building is also in close proximity to the medical center and Sunrise Hospital.
Camino Verde Group is investing in additional projects aimed to bring forth jobs and growth to the area. The real estate investment and development firm is currently working towards acquiring a nearby multifamily building, which is planned to close late spring of 2023.
Camino Verde Group, a Las Vegas-based real estate investment and development firm, recently acquired the Antigua Village Apartments, soon to be rebranded as Apex Apartments, in Fort Worth, Texas. The acquisition was represented by Global Real Estate Investors (GREA) and is a joint venture with Bakerson, an Arizona-based real estate investment and capital management firm. This marks the firm’s first property in Texas to further expand its portfolio within the high growth southern states.
“This acquisition fits into our core value of targeting investments with low volatility and high returns, not just economic, but also those outcomes that benefit the broader community stakeholders,” said Mike Ballard, co-founder and managing director of Camino Verde Group. “In a market undergoing substantial redevelopment, we identified an opportunity to provide quality housing to attract renters as this neighborhood transforms.”
The Apex Apartments are centrally located within the Stop Six submarket, a central part of the Stop Six Choice Neighborhood Initiative that was implemented in 2020. The city is investing heavily in the area to create a safe, convenient and more sustainable community. Once the six-phase project is completed, the area will include a total of $345 million in developments with recreation, health, education, residential and commercial properties.
The Apex Apartments are comprised of 10 two-story buildings on a 7.33-acre lot in the Metro Fort Worth area. The fifth largest city in Texas, Fort Worth is home to almost eight million residents, making it the fastest growing Metropolitan Statistical Area (MSA) in the country. The greater Dallas-Fort Worth area also has over 5.4 million square feet of projects under construction, including Museum Place, Texas A&M University’s Fort Worth Research Center and more.
“Based on the current market trends and data, Fort Worth is seeing rapid growth across all industries, which is resulting in a strong demand for multifamily housing,” said Ballard, who oversees the firm’s acquisitions. “Our proposed plan of improvements will make this already attractive property standout to the increasing demographic in need of upgraded rental housing in the Stop Six submarket.”
Camino Verde Group plans to upgrade existing features throughout the 152-unit property with high-quality finishes and appliances, including new cabinetry, granite countertops and backsplashes, vinyl plank flooring and individual air conditioning and heating in each unit. Built in 1968, the gated community offers one, two and three-bedroom units, on-site property management, a business center and expansive playground areas.
Apex Apartments are located at 5320 E Rosedale Street, just six miles from downtown and walking distance from Plaza Park. The property is also near a variety of entertainment, dining, retail, businesses, office space and other daily amenities. “Acquiring properties in prime locations strategically aligns with our investment strategy as we continue developing our portfolio in new markets,” said Ballard.
Directly adjacent to the property is Cowan Place, a 174-unit senior living community currently undergoing development as part of the neighborhood’s transformation initiative. Once completed, it will feature four-stories offering one and two-bedroom apartments for residents 62 and older and a variety of amenities, including rooms for a library and theater, fitness studio, salon, billiards, crafts, and other space for private meetings with health care professionals. Through the remaining five phases of the initiative, the city plans to create a new 1,000-unit urban village that will offer an updated commercial district while serving as a walkable community hub.
Camino Verde Group, a Las Vegas-based real estate investment, development and asset management company, has acquired Camino 2630 Apartments in Midtown Las Vegas. The community, located at 2630 Sherwood Street, is the fifth vintage apartment building that the firm has purchased to refurbish in the neighborhood.
“Las Vegas is experiencing a lack of rentable units right now, so it’s vital to renovate these apartment buildings and get them back on the market to be leased,” said Kevin Romney, co-founder and managing director of Camino Verde Group. “This is our fifth property that we have acquired in the community. With these acquisitions, it’s our hope to help restore Midtown Las Vegas living spaces in order to bring this once thriving neighborhood back to life.”
The 20-unit apartment building was originally built in 1965 and features two stories of spacious one and two-bedroom floor plans. At the center of the community is an outdoor courtyard, gated to provide additional security.
Camino Verde Group plans to renovate Camino 2630 Apartments with roof repair, renovations to the courtyard and landscaping, fresh paint, air conditioning unit repairs or replacements, renovations to the plumbing and electrical systems, repairs to the stuccos and concrete, updated security system and signage.
“The building is more than 50 years old and needs some significant renovations,” Romney said. “When we acquire neglected properties like this one, we make the needed repairs and updates in order to bring them back into a condition that makes them both safe and comfortable for residents.”
The community is just a short drive away from some of the city’s top employers, including the Convention Center, the recently opened Resorts World, The Westgate, the iconic Strat tower, Fremont Street Experience and the Fashion Show Mall.
Public transportation is a convenient short walk from Camino 2630 Apartments, including the Westgate Monorail Station that can take passengers to the heart of Las Vegas near the McCarran International Airport.
For information on Camino Verde Group’s portfolio of multifamily properties, visit www.caminoverdegroup.com.
Las Vegas-based Camino Verde Group, a real estate investment, development and asset management company, has acquired Sherwood Palms, a multifamily property in the Convention Center District of Las Vegas. The apartment community is located at 2635-2655 Sherwood Street and is the fourth that they have acquired in this neighborhood.
“Sherwood Palms was a great opportunity to restore this vintage Las Vegas property and provide quality workforce housing for workers on the north end of the Las Vegas Strip,” said Kevin Romney, co-founder and managing director of Camino Verde Group. “With the opening of the Convention Center Expansion, Resorts World and Circa, the need for affordable and workforce housing grows. Sherwood Palms fills an important need for that.”
Originally built in 1963, the 24-unit property features two levels of two-bedroom and three-bedroom floor plans up to 1,000 square feet. It includes an enclosed outdoor courtyard, community laundry facility and updated apartment spaces with high-speed internet access and air conditioning and heating units.
Camino Verde Group plans to renovate the units with new appliances, countertops and floor coverings along with other fixtures and finishings. “Many of the properties Camino Verde Group acquires are in dire need of rehabilitation and nearly uninhabitable,” said Romney. “We repair holes in the walls, broken windows and security issues to make them both safe and aesthetically pleasing to tenants. We are committed to providing affordable housing that our hard-working industry workers will appreciate.”
The community is just a short drive away from some of the city’s top employers, including the Convention Center, Resorts World, The Westgate, the iconic Strat tower, Fremont Street Experience and the Fashion Show Mall.
Public transportation is a convenient short walk from Sherwood Palms, including the Westgate Monorail Station that can take passengers to the heart of Las Vegas near the McCarran International Airport.
Residents can enjoy a variety of retail and restaurant options throughout the neighborhood, including the Historic Commercial Center District outdoor mall featuring a variety of restaurants, retail shops and entertainment opportunities.
For information on Camino Verde Group’s portfolio of multifamily properties, visit www.caminoverdegroup.com.
Nevada-based Camino Verde Group, in association with NV2 Holdings of Austin, Texas, recently acquired the Aspen Meadow apartment community in Hopkinsville, Kentucky. This is Camino Verde’s first property outside the western U.S.
“The purchase further defines Camino Verde Group’s multifamily investment strategy focused on acquiring quality assets in markets with strong fundamentals,” said Kevin Romney, chief investment officer for Camino Verde Group (CVG). “Specifically, the acquisition is Camino Verde’s first east of the Mississippi River and further diversifies its existing multifamily portfolio across the country. CVG plans to expand its footprint in the east over the coming years in markets with strong market fundamentals and overall economic growth.”
Aspen Meadow is a 258-unit multifamily property nestled in beautiful Hopkinsville, part of the Clarksville, Tennessee Metropolitan Statistical Area. Located at 1050 Denzil Drive, the property is minutes away from both the Oak Grove Racing, Gaming & Hotel and the Fort Campbell Army Base. Fort Campbell is home to the 101st Airborne Division and is the fourth largest Army base and seventh largest in the Department of Defense.
Constructed in phases from 1979 to 1989, Aspen Meadow offers units with two bed and one bath or two bed and two bath housed in 31 two-story townhomes and two-story eight-plexes. The community is situated in a serene, park-like setting. Units range in size from 860 to 1,350 square feet, with rent prices starting around $725 per month.
Currently, 87 percent of the Aspen Meadow’s units have been remodeled. Remodeled units offer all new appliances, such as washers and dryers, ranges, dishwashers, built-in microwaves and refrigerators.
Camino Verde will continue renovation of the remaining 13 percent of units with the same appliances and finishes in each unit.
Aspen Meadow features an indoor swimming pool, fitness center, playgrounds, a basketball court and picnic area. The complex is also pet friendly, allowing pets with an additional deposit and housing a fenced-in pet play area.
