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Developer Buys Back 'Girl That Got Away'
1 Jun
Summary
- Developers repurchased a Las Vegas apartment complex they once missed out on.
- The Calida Group paid $48.45 million for two buildings at The Gramercy.
- This deal comes amid a market where landlords offer incentives to attract renters.
Developers Eric Cohen and Doug Eisner have reacquired a Las Vegas real estate project, The Gramercy, a decade after it was a casualty of the city's housing market crash. Their firm, The Calida Group, purchased two apartment buildings totaling 160 units for $48.45 million in April. This marks a significant "full-circle" moment for the developers who nearly acquired the property, then known as ManhattanWest, more than a dozen years ago.
The deal for Ely at The Gramercy closed at approximately $302,800 per unit. This acquisition occurs as many Las Vegas landlords are providing concessions, such as free rent, to attract tenants amidst a surge in apartment construction. Ely at The Gramercy is currently offering eight weeks of free rent, with its occupancy at 84 percent at the time of sale.
Originally developed by Alex Edelstein and intended as a mixed-use complex, ManhattanWest stalled construction in 2008. It was later bought and completed by other developers, who renamed it The Gramercy and sold off its components. In 2018, Lyon Living acquired apartment buildings for around $46 million. Lyon later developed a new building, The Ellison, which sold in April for $103 million.
