Las Vegas

The Las Vegas market has seen more than $5 billion in new construction and development activity, and a new city is emerging as a result.

The 23 Class A properties are located in the Atlanta, Austin, Charlotte, Dallas, Denver, Houston, Las Vegas, Nashville, Orlando, Phoenix, Raleigh, San Antonio and Tampa markets.

The largest broker-owned firm in the country is growing in select US markets and has plans for expansion in Canada and Mexico.

The four-story 139,431-square-foot building, estimated to cost approximately $56.3 million to complete, will be built on the southwest corner of Clark Avenue and 1st Street on a one-acre parcel.

The portfolio includes 23 properties in Missouri, 10 in California, six in Arkansas and two in Nevada, all of which represents nearly the entirety of the company's operational real estate.

The deal marks the third multifamily acquisition between Tower 16 Capital and the US subsidiary of UK-based investment firm Henley that has amassed a portfolio of nearly 1,300 units in Las Vegas so far this year.

Officials with the firm say the company is currently poised to enter the Las Vegas market and is considering three locations along the 215 Beltway and/or in the southwestern Las Vegas valley to develop luxury rental apartment communities.

Goldman Sachs Private Real Estate is filling the void for creative office supply in Glendale with plans to overhaul the 320,000-square-foot 505 N. Brand.