More than 200 units offered at Boca Raton

Lother condo projects from the bubble years, Boca Raton initially sold homes at a rapid clip. And, like other projects from that time, buyers vanished when the market crashed.

Now a group of investors is trying to unload more than 200 units in a bulk offering. Such sales don’t come around very often, but buyers have stepped up in recent years to take clusters of condos downtown, on the Strip and elsewhere.

Investors have listed 210 units in Boca Raton, located at 2405 W. Serene Ave. near Las Vegas Boulevard, several miles south of the Strip. The luxury complex has two seven-story buildings with 378 total units as well as workout facilities, concierge service and underground parking, said listing broker Garry Cuff of Colliers International.

There is no asking price, Cuff said, adding that Colliers was hired in October for the sale. The units have been available as rentals, and their combined occupancy rate is in the 80-percent range, he said.

In theory, a buyer could keep renting them or start selling them. The offering comes amid higher rents and shrunken vacancies for

Las Vegas apartments, as local home prices climb at one of the fastest rates nationally amid rising demand and plunging inventory.

Broken condos

Utah real estate investor Ron Olthuis, part of the group that’s selling the units, said it’s harder to unload a “broken condo” project than a typical rental property.

High-end condo developers typically spend more on countertops, appliances and other features than apartment developers, according to Olthuis, so the sellers would want a higher price. It’s also easier to sell an entire residential complex than just part of one, he said.

But bulk deals are by no means

SEGALL

Verizon, whose corporate headquarters are in New York, isn’t the only telecommunications company trying to reach 5G first.

Sprint, based in Overland Park, Kansas, will use low-powered nodes to expand its cellular coverage and increase network capacity to give customers better service in more places at more times, spokesman John Votava said.

Declining to give specifics, Votava said a large number of small cells are planned for the Las Vegas market.

The company announced in its last earnings call that capital spending will grow to about $5 billion a year starting with fiscal year 2018.

The new networks will create advances in fields such as health, energy, public safety and transportation, he said.

“The build-out of 5G is the most important U.S. infrastructure investment of the decade,” he said. “It will have massive impacts on the U.S. economy.”

Earlier this year, Dallas-based AT&T announced it has invested more than $200 million in its Las Vegas networks over the past three years.

In July, T-mobile announced that it had partnered with the city of Las Vegas to launch internet-connected sensors to warn residents before floods, monitor light poles and light the city. The company’s American headquarters are in Bellevue, Washington.

To boost wireless service on the Strip, earlier this year Clark County hired a broadband planning company to help regulate anticipated contracts with major wireless carriers.

Contact Wade Tyler Millward at wmillward@reviewjournal. com or 702-383-4602. Follow @ wademillward on Twitter.