South Florida JV Buys Vegas Condos
Outsiders have proved their willingness to buy South Florida condos, and now a South Florida JV is betting that South Floridians (and those outsiders who invest in condos here) will want to pick up a condo in Las Vegas as well. (They just can't resist Barry Manilow.) Pordes Residentials Mark Pordes tells us that some South Floridians frequent Las Vegas around five times yearly for their leisure. Were also seeing South Americans who purchase condos at high-profile, mixed-used resort complexes that are rebounding quickly and where theres evident potential for value and future growth, he says.
Aventura-based Pordes Residential partnered with Ladder Capital for the bulk purchase of 427 residences within Veers Towers at Las Vegas' CityCenter. The partnership has put them for sale--ranging from $230k to more than $1.8M per unit--and plans as part of its marketing effort a Las Vegas-style sales center in Miami that will open later this year.