RY Properties Details Plans for Lake Las Vegas

127 acres of land recently traded hands within the Lake Las Vegas community as developer RY Properties is the new owner of a large number of partially improved residential lots in the recovering communities. The $12.5 million deal was closed by The Hoffman Company, an entity that has been very active with land deals in 2014, a sign that investors are once again interested in the prospects offered up by the Las Vegas area.

RY Properties is the new owner of 127 acres encompassing a large number of residential lots in Henderson. Arranged by the Hoffman Co., the $12.5 million acquisition is the latest sign of investors’ renewed interest in the Las Vegas residential market.

Aerial view of Lake Las Vegas

Located on the former site of the Falls Golf Course in the Lake Las Vegas community, RY’s new holdings consist of 344 partially improved residential lots. In a statement, the new owner revealed plans to develop three communities with varying residence types, sizes and pricing.

Verona would feature 127 lots, the Serrano is slated for 105 parcels, and Providence would total 112 sites. Most lots offer views of the Las Vegas Strip, Lake Las Vegas and Lake Mead.

The lots are rough-graded, and have approved improvement plans and final maps. All three planned communities have water and sewer lines; Verona and Serrano also have roadways, curbs, gutters and streetlights.

RY plans to convert some sites from split-level lots to single-level estate lots geared to retirees and empty nesters. Paths at the former golf course have been turned into walking trails, which will give residents convenient access to recreational activities. Lake Las Vegas is slated for some 4,000 homes at full buildout; Raintree Group is overseeing development.