Trust Home Builders recently purchased the partially constructed Eastern Avenue Lofts townhome community in Las Vegas and intends to finish the project.
The planned 79-unit townhome community is located on a roughly four-acre site at the intersection of Fremont Street and Charleston Blvd. Trust Home Builders purchased the site for $4.8M. The new ownership is changing the name of the community to Foundry Square Lofts.
Of the 79 units, 15 had begun construction and none had been fully completed. The new owners plan to finish the 15 units by the end of the summer and then move on to the remaining 64.
Each townhome will feature a two-car garage and a backyard. The average sales price will begin below $500K. The project is located near several local businesses and retail centers, and the structural integrity of the buildings is sound, despite needing a cleanup job.
Project History
The original project was proposed by Urban Lofts Townhomes and was later approved in 2018. Urban Lofts handled the initial design work. Construction later commenced in 2022. Bridge Finance then acquired the site via foreclosure in 2023 and later sold it to Tyko Management in early 2024 for $5.2M.
Tyko Management fell behind on its payments, leading to a lawsuit filed by Bridge in the Clark County District Court. Cordes & Co. later became the receiver of the site and then sold it to Trust. (Source)
