The Calida Group has picked up the two original apartment buildings at The Gramercy in southwest Las Vegas for roughly $48.45 million, adding 160 units to the developer’s growing local footprint. The deal covers two four-story buildings with underground parking and lands as the mixed-use site keeps filling in after years of stop-and-start activity. For neighbors along the 215 Beltway, the purchase is another signal that investors are still willing to pay up for stabilized rentals in the area.
Sale Details And Where The Numbers Landed
As reported by the Las Vegas Review-Journal, property records show Lyon Living sold the two original apartment buildings at The Gramercy in April for about $48.45 million. That pencils out to roughly $302,800 per unit, and the outlet reports the buildings were about 84 percent occupied at the time of the trade. The two four-story structures together make up about 160 units of garden-style housing inside the larger Gramercy complex.
Buyer Reaction
Doug Eisner, co-founder of The Calida Group, told the Las Vegas Review-Journal the deal felt like finally landing a property the firm had long admired, saying, “this is the girl that got away, and we always wanted her back.” Eisner added that the buyer plans to shift quickly into operational mode now that the acquisition has closed.
Nearby New Builds Are Setting Higher Benchmarks
Just up the road, newer product is trading at a premium. The Ellison, a 294-unit property completed in 2024, sold in April for about $103 million – roughly $350,340 per unit – according to coverage by Multifamily Dive. The sale showcases how brand-new, amenity-heavy projects in the Summerlin and Spring Valley corridor continue to command higher pricing than older garden-style stock.
How The Gramercy Price Stacks Up
By comparison, Colliers’ Las Vegas multifamily data show average sales pricing across Southern Nevada at about $246,305 per unit in Q3 2025, which puts The Gramercy’s per-unit basis between older comparable properties and freshly built product. The Colliers Q1 2026 multifamily report provides the broader market benchmarks that brokers and appraisers lean on when sizing up deals across the valley. Colliers…