Rental Real Estate Heats Up

Rental Real Estate Heats Up

By Melinda Sheckells | VEGASSEVEN.COM

The development of architecturally interesting, affordable mid-rise luxe rental properties is on the rise, coinciding with a large demand by those seeking a carefree, low-maintenance lifestyle.

California transplants are especially fond of this type of living because it mimics many of the offerings there. The communities feature amenities that rival resorts, and as the weather gets warmer, the pool scene at home becomes just as important as the one on the Strip. Here’s a look at a few of the most chic:

The Lennox

Location: Cactus Avenue and Bermuda Road

Details: 100 units, starting at $1,250/month.

Outdoor amenities: Two gas grills with mini fridges, fire pit, day beds, complimentary beverages and snacks, six cabanas with TVs and an indoor/outdoor gym.

The vibe: Day party. The residents at this community, dubbed the “Melrose Place of Las Vegas,” love to frolic poolside. Many work in the service industry, so the outdoor life comes alive on Sundays and Mondays.

The closer: Poolside games such as a foosball, ping-pong, bag toss and giant Jenga.

Mandarin Oriental, Las Vegas residences

While it qualifies as neither affordable nor mid-rise, the residences at luxury resort Mandarin Oriental, Las Vegas are one of the most coveted addresses in town, and a few opportunities exist for renters.

Location: Adjacent to Aria

Details: 225 units, $3,200-$12,500/month.

Outdoor amenities: 166 lounge chairs, two pools, two Jacuzzis and a plunge pool, two showers, 19 cabanas.

The vibe: Luxury resort. As a resident, you are checking in for more than just a few nights, so make sure you are on a first-name status with your cabana attendant. Plus, hit up the pool café, which serves fresh, light fare to achieve your #bodygoals.

The closer: Owners and renters get the same amenities as hotel guests. Cabana rentals come with mini smoothies and frozen fruit, a complimentary mini bar with non-alcoholic beverages, suncare and passed pool amenities every hour.

Long-Awaited Gramercy Finally Nearing Completion

Vegas Seven Staff | VEGASSEVEN.COM

Projector screens, wine, cheese and treadmills are just a few things on Jay Krigsman’s mind these days. The executive vice president for Krausz Companies, which is a joint owner of the Gramercy in the southwest part of the Valley, is in the midst of a lease and letter-of-intent maelstrom. But it should all pay off in the spring with plenty of live-work-players at the new community, which is being billed as an “urban village.”

To date, Krausz has leased about two-thirds of the 200,000 square feet of office space at the former Manhattan West recessionary casualty. The three main tenants are custom homebuilder Touchstone Living, Regus office suites and HDI (Health Data Insights), a medical and financial services company. HDI currently has some employees on-site, and hiring is under way. Regus and Touchstone are building out their spaces.

The Gramercy is intended to be a chain-free dining destination with hip concepts, such as DW Bistro’s market and kitchen, which is under construction. So is Cuppa Coffee House and Alex Stratta’s Italian Steakhouse. All should open in the spring.

Krigsman says a fitness operator must also gel with the Starbucks- and Subway-free dining offerings. “We don’t want them only using four walls. … You see it all the time at apartment complexes: a couple of treadmills, an elliptical [machine] and a plasma screen,” he says. “We want to see exercise groups, yoga, stretching in the central park area. This place should always have energy.”

That central park area is positioned between the Gramercy’s two residential buildings and will be home to a pool, fire pits and the largest outdoor projection screen in the Valley.

Krigsman says the first residents should be moving into the New York-style apartments by January, with monthly rents ranging from the $900s for studios to more than $4,000 for penthouses. And it appears that demand is outpacing supply by about a 5-to-1 ratio, with more than 1,000 names inquiring about the 245 units.

“I’m hoping by late spring we’ll have evenings in the plaza, movies under the stars, farmers markets,” Krigsman says. “By next summer, we should be humming.”

From Aerialist to Coffee Queen


Then:  Holly Steeley was an aerialist for Le Rêve, Phantom-The Las Vegas Spectacular and Storm from 1999-2013.
Now:  Owner of Holley’s Cuppa coffee shop in the Mountain’s Edge community.

Since bringing home her first paycheck at age 16, Steeley had always socked away a good portion of her earnings for a rainy day. So after being turned down over and over for a small business loan—Would you loan money to an aerialist with little off-stage experience and no business degree?—Steeley decided it was time to make her own rain. She pulled out her savings and racked up credit-card debt to open the specialty coffee shop she had long wanted to launch. “I probably did everything you’re not supposed to do, but I had to,” Steeley says. “Whatever I did for a second career, it had to be something I was passionate about. Entertainers are lucky, because we get paid to do something we truly love. I couldn’t face giving that up.”

Sinking her money into a risky business venture was a surprisingly easy decision. Steeley says she had spent five years researching the industry at coffee conventions and traveling to South American farms to learn how coffee beans were harvested. Further proof of her dedication: She tested roasting techniques and even got a part-time job as a barista while still performing until midnight at Le Rêve. “I was tired all the time, but I had to know that I’d love this business before I took that final leap off-stage.”

She loves it so much that she’s developing a second Cuppa location at the Gramercy off Russell Road and Interstate 215. “I still don’t have a finance degree, but now I’ve got a lot of success under my belt. I’m pretty sure loan officers look at me more seriously now.” Indeed, they do: Just last week Steeley secured a Small Business Administration loan. “I’m still giggling,” she says. “This is a big deal!”