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MULTIFAMILY NEWS
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TruAmerica Boosts Its Vegas Area Portfolio with Purchase of Three Properties Totaling 802 Units

9/06/16

TruAmerica Multifamily, in a venture with MSD Capital L.P., has closed on its third investment in Southern Nevada with the acquisition of three Las Vegas garden-style multifamily communities in an off-market transaction. The three properties, Oasis Gateway, Oasis Palms and Oasis Vinings, total 802 units. They were sold by The Wolff Company, out of Scottsdale, AZ.

Oasis Palms
Oasis Palms
With this latest buy, TruAmerica has invested approximately $200 mil in building a Las Vegas multifamily portfolio that now totals 1,746 units since first entering the market in May of 2015. While the price of this latest deal was not given out, we do know that TruAmerica’s previous two acquisitions, Montego Bay and Solis at Flamingo, totaled $102 mil, before improvements. If we do some basic math and take a guess of maybe another 20%, or $20 mil, for renovations to the first two acquisitions, that might bring those deals to around $120 mil, leaving somewhere in the neighborhood of $80 mil for this latest purchase.

The three properties in this latest buy are located within 2.5 miles of one another in the heart of Northwestern Las Vegas. Built between 1989 and 1997, all are low-density, gated communities featuring outsized common area amenities that are highly desirable in Las Vegas, such as resort style pools, fitness centers, clubhouses and BBQ areas. The portfolio offers one- and two-bedroom units ranging in size from 700 sf to 1.2k sf.

“Las Vegas is showing impressive signs of post-recession recovery,” said Greg Campbell, Managing Director of Acquisitions for TruAmerica. “However, the recovery is still in its infancy compared to the majority of major Western markets, which have surpassed their pre-recession highs. We believe there is a lot of runway left and will continue to look for opportunities to expand our presence in Southern Nevada.”

TruAmerica will immediately begin implementing a capital improvement program across all three properties. Interior unit upgrades will include new appliance packages, updated cabinetry and faux-wood floors. Exterior renovations will bring a fresh new look to the clubhouses, fitness centers, pools and landscaping at each property.

In their previous southern Nevada acquistions, TruAmerica and a partner paid $51.1 mil for Montego Bay, a 420-unit, Class B apartment community in the Las Vegas submarket of Henderson. The property sold for $51.1 mil, or about $122k/unit. That deal closed a few months ago, in March of this year. And in May of 2015, a TruAmerica venture paid $50.5 mil for Solis at Flamingo, a 524-unit urban infill apartment community in Vegas. The asset was acquired from Alliance Residential in an off-market transaction, as reported on RENTV at the time.






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