Calypso is a quality asset built in 1997 located in the strong Northern Las Vegas submarket. The property was acquired on an off-market basis as part of a larger portfolio at a steep discount to replacement cost. This opportunity represents a true and proven value-add opportunity. The primary business plan for Calypso is to renovate the property’s unit interiors and make strategic, valuable common-area amenity upgrades. The modest interior rehab scope will include upgraded faux-wood floors and new appliance packages, while exterior improvements will range from renovations to the clubhouse/fitness center, to adding poolside Wi-Fi. This renovation scope will yield rent premiums with an attractive return on cost.
A 360-unit property positioned in the coveted northern submarket of Las Vegas, Calypso covers a total of 10 Acres, making it in an attractive low density community (20 units per acre) with great community amenities. Boasting large average unit sizes at over 1,150 square feet, coupled with an upgraded interior package, Calypso will be in a prime position to capture higher rents. The properties location is also just two miles north of the Mountain View Hopsital, which has just announced a $90M expansion project that is currently underway which will create many new jobs in the area.