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IN BUSINESS HOUSING APARTMENT OCCUPANCY RATE CONTINUES STEADY UPTICK By Buck Wargo staff writer Las Vegas apartment occupancies rose during the first quarter, helping increase rents, according to numbers released today by a research firm. The average rent charged during the first quarter was $761 per unit, up from $756 per unit in the fourth quarter of 2010, according to Las Vegas-based Applied Analysis. The occupancy rate was 92 percent in the first quarter, up 0.4 percent from 91.6 percent in the fourth quarter. The occupancy rate was 90.6 percent during the first quarter of 2010. It’s the fourth consecutive quarter that the occupancy rate has increased since bottoming out at 90.1 percent at the end of 2009, Applied Analysis reported. Despite the improvement, the firm isn’t predicting a recovery in the apartment market. Jake Joyce, a project manager with Applied Analysis, said the high volume of investors buying homes is competition for the apartment market. Applied Analysis Principal Brian Gordon pointed out that even though average rents rose in the first quarter they are down 2 percent from the first quarter of 2010. He said the market is “several years away from reaching the peak levels that reached an average of $890 per unit.” SALE COULD BE COMPLETE AS EARLY AS THIS SUMMER ARENA, FROM PAGE 11 Union, had returned to Austin in search of another business venture. He was intrigued by the success of the Ryans’ Round Rock Express baseball franchise which, like the 51s, is a member of the Triple-A Pacific Coast League. During the past five years, the Express, named for Nolan Ryan’s legendary fastball, have become one of the most popular draws in minor league ball, playing in a stadium with luxury suites, chairs with seat backs and cup holders, a swimming pool, and LED video board. All are standard fare for the newest major league ballparks but unusual for the minors. Milam has put down an undisclosed deposit to purchase the 51s and is working with Wall Street investment bankers Goldman Sachs and Morgan Stanley to raise money to build his planned $1.95 billion sports complex just south of Mandalay Bay. The 51s sale, which could be completed as early as this summer, would be one of several pieces to the development. It would include a 9,500-seat ballpark for the 51s; a 36,000-seat stadium for professional soccer; and a 17,500-seat arena being positioned as a future home for the National Finals Rodeo and the Professional Bull Riders finals, which are nearing the end of their contracts with the aging Thomas & Mack Center. Sources close to Milam, who did not return phone messages seeking comment, say he is negotiating with 12 banks that own the 63-acre vacant site. The land broker is CB Richard Ellis. “They have agreed upon a price, and money has been put down,” a source said. But the deal could fall apart if adequate financing is not raised. Milam has met with Nevada legislative leaders, who have reportedly heard a supportive pitch of the Milam effort as well as talk of league expansion from the commissioner of Major League Soccer, which is viewed as a smart strategic addition because of this region’s booming Hispanic population. Two years ago, Milam hired the politically connected Las Vegas firm Rogich Communications to build legislative support for the proposal as well as provide introductions to Las Vegas Mayor Oscar Goodman, who is viewed as a key link between a sports developer and the commissioners of major sports leagues. In recent years Las Vegas political leaders and business executives, most noticeably Goodman, have flirted with major sports leagues, hoping to persuade a move by NBA’s Detroit Pistons and Sacramento Kings, which are owned by the Maloof brothers, developers of the Palms. City officials have also attempted to lure NHL and Major League Baseball franchises here. Sources close to Milam say he has been told that no public money is available to build an arena. Researcher Rebecca Clifford-Cruz contributed to this report. | 23 MAY 2011 |