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Market Overview

# 1

Projected Rent • Very limited new multifamily inventory has been delivered within a 5-mile radius
Growth in the U.S. of the Project, resulting in aging housing stock largely comprised of apartments,
condominiums, and townhomes on a small stand-alone scale built more than 40
years ago

• According to John Burns Real Estate Consulting, Las Vegas is projected to have the
#1 rent growth in the U.S. with an average effective rental growth forecast of 3.4%
between 2018-2021
+
490K

Population • Build-to-rent communities represent a well-insulated asset type in a post-COVID
economy as demand continues to shift with the need for increased space and privacy
(5-Mile Radius)
• While competitive single-family built-to-rent product is virtually nonexistent in the

market, the most directly comparable townhome-style rental communities are
achieving near full occupancy levels above 96% with waiting lists and continued
inbound leasing activity despite COVID

8.2 • Signaling the strength of Las Vegas’ growing economy, billions of dollars in capital
%
investment has been pouring into the region with high-profile developments including
the $2 billion Raiders Stadium and $4.3 billion Resorts World
Population Growth
(5-Year Forecast) • Institutional groups are increasingly investing in the growing built-to-rent space as

portfolio sales increase, with recent equity investments from Carlyle Group, Artemis,
RN Falcon, Certe Group, and Inland Real Estate Group

10 | NOLA Sky
10 | NOLA S ky