Ely at Fort Apache has sold in Las Vegas, roughly three years after its redevelopment following a major fire. The property was heavily damaged in a construction-site fire that caused an estimated $35 million in losses.
After Nearly Three Years of Rebuilding, Ely at Fort Apache Sells
Ely at Fort Apache has been sold for $57.5 million in an off-market deal closed on May 15. The property is a 206-unit upscale Las Vegas rental complex. The sale reflects the strong southwest Las Vegas submarket demand.
The complex is located at 5055 S. Fort Apache Road. It features a resort-style pool, outdoor kitchen, and concierge services. At the time of sale, the complex was approximately 92% occupied.
The Calida Group owned the property until a buyer closed the deal last month. The buyer was represented by The Mogharebi Group.
Catastrophe to Rebuilding, Reopening, and Selling
On January 18, 2021, a fire started at the then-under-construction complex. It took nearly 100 firefighters to put out the fire, which was intentionally set by arson. It caused approximately $35 million in losses across three buildings and a clubhouse.
The Calida Group then rebuilt the entire complex from the ground up. A ribbon-cutting ceremony was held at the reopening in August 2022. Now, the project has completed a full cycle of rebuilding, reopening, and selling the complex.
About The Calida Group
The Calida Group is a Las Vegas-based multifamily real estate developer, investor, and operator. It operates the Elysian Living brand, which is a portfolio of luxury apartment communities. The recent sale shows the company’s ability to manage a project through its entire lifecycle.
The transaction underscores the resilience of the Las Vegas multifamily market.
