Dune Real Estate Partners Plans To Individually Sell Each Unit Of The Ogden
The high-rise apartments located in downtown Las Vegas will soon be sold as individual condominiums. The real estate investment group anticipates making a substantial profit of these sales.
Las Vegas, NV, October 22, 2014 (Newswire.com) - Dune Real Estate Partners, located in New York and Las Vegas, purchased the Ogden condominium complex just last December. In addition to the Ogden, they purchased One Las Vegas, Loft 5 and the Spanish Palms Condominiums. Together they cost $237 million.
It was the investor group’s intention to sell the units one by one, but this doesn’t seem likely anymore. Currently, the Ogden has 275, only 10 percent of which are individually owned. The owners has stopped renewing leases for current tenants in the hopes to sell the unit.
The units range in size from 815 to more than 2,000 square feet. The pricing starts at $200,000 and exceeds well over $600,000. Back in 2008 when the building was known as Streamline Tower the most expensive unit was listed at $1.2 million.
The investor group is currently only focusing on sales for the Ogden, the most high-profile of all the buildings. Downtown Las Vegas has received much excitement the last few years so it seemed like the best bet.
Once the tenants start moving out, they plan to spruce up the building with over $1 million in upgrades. They anticipate that all the units will be sold within the next five years.
The partner of the investor group explained that there are no future plans for new high rise condos to be built in downtown Las Vegas. It would cost them nearly $400 per square foot to start the project. The Ogden units will be selling for roughly $200 per square foot.
For more information about new developments in Las Vegas real estate, contact John Stevenson Real Estate at 702.274.4606. Visit the website at www.johnstevensonrealestate.com or in person at 8363 W. Sunset Road, Suite 100, Las Vegas, NV 89113.
