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RMI Development Acquires 409-Unit Vegas Complex for Conversion

LAS VEGAS-Locally based RMI Development pays $38.6 million or $94,500 per unit for Cimarron Crossing, a 34-building garden-style complex in the northern portion of the city that will be sold off as condominiums.

By Brian K. Miller | Updated on May 22, 2005

LAS VEGAS-The 409-unit Cimarron Crossing luxury apartment community has changed hands for $38.6 million en route to becoming Cimarron Crossing Condominium Homes. The new owner is locally based RMI Development LLC and the seller is a private entity related to Aspen Square Management of West Springfield, MA, according to people involved in the transaction.Located at 4730 E. Craig Rd., Cimarron Crossing was built in 2000 with mostly two- and three-bedroom units and Spanish clay tile roofs. Interior amenities include a designer kitchen, vaulted ceilings, large walk-in closets, full-size washers and dryers and ceiling fans. Exterior amenities on the 20-acre site include covered parking, patios, balconies, sand volleyball court and a tot lot. The clubhouse includes a resort-style pool, spa, fitness center and tanning salon.Carl Sims and Brian Anderson of Hendricks & Partners had the disposition assignment. Sims tells GlobeSt.com that depending on the age of the properties, the converter typically tries to buy units at 50% to 70% of what they can be sold for as individual condominium units. In this case, Sims says the new owner should be able to fetch between $140,000 and $160,000 per unit. Sims says there are probably 25 garden-style properties in Vegas that are in the midst of being converted from apartments to condominiums, and another seven properties that are just beginning the process.The Las Vegas area’s population soared from 876,000 people in 1992 to 1.43 million in 2000 and continues to grow, according to the Las Vegas Perspective survey. During the past 10 years, more than 50,000 hotel rooms and 500,000 residents have been added to the city. According to the University of Nevada, Las Vegas, 2.5 jobs are created for every hotel room built.

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