Work on new apartments nears completion

Friday, June 21, 2002 | 11:38 a.m.

Work is nearly complete on the Tuscano apartment community, a complex in the Southwest Las Vegas Valley along Interstate 215 west of Rainbow Boulevard. The multi-family neighborhood is opening as the Las Vegas market struggles with an apartment-community vacancy rate of more than 8 percent -- markedly higher than the 5 percent analysts consider healthy. Analysts attribute the vacancies to low interest rates, which have made homes more affordable to middle-income families, and slowed job growth. About 6,000 apartment units will come online in the Las Vegas market this year, most of them in the third and fourth quarters.

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