Thomas Jurbala is an established Las Vegas entrepreneur who serves the Calida Group as director of senior housing. Thomas Jurbala and his team offer investment opportunities throughout the western states, with investments typically in the $10 million range. His firm has also completed a number of luxury apartment projects, reflecting trends reported by the Las Vegas Review-Journal in 2016.
The article focused on the gated luxury rental development Constellation, which spans 124 units and is situated in the vicinity of Red Rock Resort in Summerlin. A joint venture between the Howard Hughes Corporation and the Calida Group, the development encompasses a 1.6-million-square-foot retail and entertainment complex and includes office space.
The boom in luxury apartments like Constellation reflects shifting realities of the real estate market. Following the recession, numerous homes were foreclosed, and credit requirements for purchasing a home became more stringent. For many, this made renting more accessible and affordable than owning.
In addition, the mid-rise units offer superior accessibility, as they are less than a five-minute walk from the range of dining and shopping experiences that downtown Summerlin provides. A managing director with the Calida Group described another demand driver as being the hassle-free lifestyle residents enjoy, free from the burden of pool and landscape maintenance. The lock-and-leave lifestyle involved in renting is ideal for another reason, as it allows residents to avoid the onerous HOA fees that come with condo ownership.
