A local developer looking to capitalize on the stream of Southern Californians moving to Las Vegas thinks he has the right formula.
It’s based on targeting young professionals in their 20s and 30s who want resort-style living with a convenient location. And it’s called Kaktus Life, a 210-unit apartment complex with more than 21,000 square feet of commercial space at Cactus Avenue and Interstate 15.
“This is a growing market, and more than 30 percent of the people moving to Las Vegas are from Southern California,” said Tim Deters, president and CEO of Tru Development Co. “We have such a population growth here, and I’m trying to meet our tenants’ needs when they come to town.”
In 2016, the most recent year U.S. Census data was available, more than 16,500 people moved to the Las Vegas area from around Los Angeles.
The four-story development of one- and two-bedroom apartments is set to open next month.
Apartments will have high ceilings, oversize showers and smart appliances and lighting. The complex will feature units with balconies overlooking a pool and common patio with outdoor TVs and a fireplace. There will also be a clubhouse, fitness center and rooftop lounge.
“It will be a really active atmosphere,” Deters said. “The whole idea is to connect residents to places like the clubhouse and the retail areas.”
Deters said he’s negotiating with three restaurants for the commercial space.
“We think this is what people want,” he said. “If you live in an apartment here in town, you’re probably not seeing the things that we’re going to provide here.”
The complex will also meet the U.S. Green Building Council’s LEED Silver certification, something Deters said is important to the target audience.
“They’re more progressive in Southern California than we are here with energy conservation, and they expect certain things,” he said. “There’s a big focus for us on energy conservation, sustainability and water conservation.”
More than 140 people were on a waiting list for Kaktus Life as of Thursday, even though there has been minimal marketing for the project, Deters said.
The average monthly rent for a one-bedroom unit will be about $1,800, and about $2,400 for a two-bedroom apartment, he said.
With an expanding job market, no state income tax and major league sports — NHL hockey and WNBA basketball are already here and NFL football is coming — Las Vegas is likely to continue growing, said Spencer Ballif, a rental market expert with CBRE Group in Las Vegas.
“Historically, Las Vegas has been a little behind the curve when it comes to (apartment) amenities, but that’s changing because our rents are getting higher,” Ballif said. “Because the market can support it now, I think we’re going to see more development with some of the latest amenities.”
Tru Development is also building a Kaktus Life-branded mixed-use complex near Buffalo Drive and the 215 Beltway. That project will have more than 600 apartments.