What do you think about this property?

[Leo Rodriguez]

Looking through loopnet in Las Vegas, I saw this multifamily property to be built by 2021. It's basically an 8-story luxury building, 343 units with 7,935 sf of ground floor retail, restaurants. Offered at 6.8 million. 425,926 sf building space. Rents will range from $1350-3800. The location may not be the best for this type of property but it's located in a high traffic location with plenty of retail around and close to downtown. Numbers are a bit unrealistic for me but if true I think is a great investment. I will be glad to hear opinions from large multi investors. Thank you

Here is the link to loopnet

https://www.loopnet.com/Listing/923-E-Charleston-Blvd-Las-Vegas-NV/16786115/

[Cassandra Sampson]

I agree with @Bjorn Ahlblad. I would be more surprised if it was actually built and finished. Construction is a tough game at the moment, with lots of competition, especially in Vegas. 

For your first step into multifamily, I would really recommend sticking with an already established apartment complex. That it going to be much easier to get financing for. Getting long term financing on an acquisition of an apartment building that shows an operating history and a good NOI over the last few years is much much easier than financing for a nearly built complex in a market like Vegas.