Developers buy original apartment buildings at The Gramercy for $48M

The Calida Group, led by Eric Cohen and Doug Eisner, has completed a full‑circle investment by acquiring The Gramercy’s original two apartment buildings from Lyon Living for $48.45 million, closing in April. The two four‑story Ely at The Gramercy buildings hold 160 units and underground parking on Russell Road, just west of the 215 Beltway. Calida paid about $302,800 per unit, where last year’s Southern Nevada average stood near $246,300, highlighting the value gap. Lyon had recently sold a separate Gramercy building; the complex currently offers eight weeks of free rent in Ely and The Ellison, while occupancy was 84% at closing. The deal signals Calida’s ongoing expansion in a competitive Las Vegas market with strong rental demand.