Case Study : Pebble Cove Apartments

1442 Words Aug 1st, 2016 6 Pages
Pebble Cove
Kenneth H. Adley
Marylhurst University
Real Estate Development
RES 560 A2
Ray Clark
July 31, 2016
Pebble Cove Apartments is a two-story 90-unit Class B garden style complex centrally located in Las Vegas, Nevada. The charming community features numerous amenities including nearby shopping and schools. Historical occupancy is over 95% and the property is currently financed by a $5,076,000 Assumable Loan @ 3.82% Fixed, Due in 2049. The purpose of this paper is be to illustrate and highlights components of Peca’s (2009) six stages of property development. The property selected does not include the Construction or Initial Occupancy Phases.

Study Phase #1
The study phase involves basic research including preliminary marketing, financial, and budgeting analysis. The selection of Las Vegas is based on plans to reside in the area, and contribute to the community by “create[ing] an environment where people can live, work, and play” (Peca, 2009). However, the property selected is 95% occupied will not require a lease-up or construction periods. Any discussion of Las Vegas would be incomplete without mentioning the casino industry. The casinos feed “the primary drivers of the $45B Las Vegas economy that includes tourism, gaming, and conventions” (NAIVegas, 2016). Casino revenues are up while profits down; traffic is up though gaming is down. Visitors are coming to Las Vegas in record numbers and spending record amounts on accommodations and…

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