Press Release: LOCAL DEVELOPERS BREAK GROUND ON $50M 360-UNIT APARTMENT PROJECT IN SOUTH LAS VEGAS
PRESS RELEASE (1/22/2014) – Las Vegas, NV, December 16, 2013 – Local Real Estate Developers, DG Development Corporation and Fore Property Company, break ground on a 20 acre, 360-unit class A apartment project located at the northwest corner of Dean Martin and Irvin Avenue in the southern portion of the Las Vegas Valley, adjacent to the Southern Highlands community and just steps from Interstate 15 (I-15). The project, valued at nearly $50 million, is one of the largest multi-family efforts to be financed since the economic downturn.
“I’ve never doubted the unique resilience of this exciting town,” says Grimm. “Future growth is now, and I’m proud to be building a product of the highest quality to accommodate it.”
DG Development Corporation acquired the site in August 2011, and successfully secured a zoning change allowing for multifamily residential and approval for the 360 units to be built within 18 buildings consisting of a combination of 2 and 3-stories, many with direct access garages. Grimm’s design vision and commitment to producing a product that “lives well” is being realized through the proven success of Humphreys & Partners Architects’ “Big House” concept and through the award-winning interior designs of HPA Design Group. The end design, currently named Somerset Hills, promises an easily accessible modern residential community, complete with open space and top of the line amenities.
DG Development Corporation has partnered with Fore Property Company (FORE) to construct Somerset Hills. With the successful development of over 77 communities comprising more than 18,000 units, FORE brings more than thirty years of proven expertise in the multifamily market to the team.
“Jonathan Fore and his team at FORE understand this market and are authorities on apartment construction,” says Grimm. “I’m excited to be partnered with such proven talent.”
“FORE is looking forward to providing Las Vegas with an unmatched, luxury Class-A development.” said Jonathan Fore. “We have a longstanding history of building apartment communities throughout the Valley and we continue to see great development opportunity in the Las Vegas market.”
The nearly $50 million Somerset Hills is being financed by Wells Fargo. “The Real Estate team at Wells Fargo deserves a great deal of credit for clearly seeing the value in the Somerset Hills project and for championing its success,” says Grimm.
The Somerset Hills project expects to begin leasing in late 2014.
DG Development Corporation was established in early 2011 in order to capitalize on unprecedented real estate opportunities. As President and CEO, Daniel Grimm brings more than 20 years of diverse, hands-on experience in commercial real estate to Las Vegas. For more information, visit www.dgdevcorp.com.
Fore Property Company (FORE) is a full service, national real estate company with over 35 years of experience in developing, constructing and managing communities. FORE has built 19,000 apartment units in 78 communities in over 35 states. For additional information about Fore Property Company and all of their communities, please visit www.foreproperty.com.
Contact: Amber Ammons, 702-769-8108