Multi-unit Development: Esprit at Stonegate

With land costs skyrocketing and entry-level housing in the $150,000 range, several companies have been buying up some of the Las Vegas Valley's exclusive apartment complexes and converting them to condominiums.

Conversion properties typically are in built-up areas where shopping centers, banks and gas stations are established.

Esprit at Stonegate is one such conversion.

Great American Capital, a Los Angeles-based firm that invests mainly in commercial properties, saw the conversion potential with the 208-apartment complex in the southeastern valley. The apartments have been converted and work is under way to gate the entries.

Sales started about three months ago, and 112 of the units are either in the contract or reservation stage, according to sales agent Nick Trost.

"Most of our buyers are older, retired people from Las Vegas who are downsizing or out-of-staters who are coming (to Las Vegas) to retire," said Trost, pointing out that a lot of people will visit the complex, look around and leave. "When they come back to buy, they'll say, `I can't find a deal like this anywhere else.'"

Three floor plans are available, each with covered parking.

The two-bedroom, two-bath Spirit model measures 960 square feet and is priced from $98,900. The two-bedroom, two-bath Aurora design is sized at 970 square feet and priced from $100,900. The three-bedroom, two-bath Eclipse plan measures 1,200 square feet and is priced from $118,900.

Features include enclosed balconies or patios adjacent to utility rooms with water heaters and washer-dryer hookups; rounded windows; and arched, divided-light windows. Select plans offer greenhouse windows in the kitchen. All dining rooms have fans with lights.

Second-story homes provide wood-burning fireplaces and skylights in the master suite.

Several financing packages are available, including $0-down and Veterans Affairs' $1-down plans.

Trost said that the property's mature landscaping, which includes 20- to 30-foot tall trees, complements the amenities.

"The trees and shrubs give the neighborhood a more homey atmosphere, and our buyers appreciate amenities such as the two swimming pools and spas, two playgrounds for the kids and two barbecue areas, all surrounded by green trees and grass," he said. "Plus, residents have the use of two clubhouses for parties and a workout room."

To visit, take U.S. Highway 95 to the Boulder Highway exit, go southeast to Lamb Boulevard and turn north. Proceed to Vegas Valley Drive and head east, past Nellis Boulevard. Turn north at Juniper Hills Boulevard and follow the signs. The sales office is open daily from 10 a.m. to 5 p.m.

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