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6/28/24
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TruAmerica Multifamily has purchased Parkway Townhomes, a 234-townhome property in Henderson, NV. The asset, located 2675 Windmill Pkwy, marks TruAmerica's 15th active property in the Las Vegas MSA.
Built in 1995, Parkway Townhomes features unique, spacious two- and three-bedroom units with 9’ ceilings and direct-access garages, a desirable low-density site plan, and resort-style amenities, creating an exclusive living environment that single-family homeownership does not offer. The community features a resort-style pool, state-of-the-art fitness center, an agility dog park and is near the Pittman Wash Walking Trail.
A distinct aspect of the property is its townhome style: there are less than 1,800 total townhome units with direct-access garages in all of Las Vegas. “Parkway Townhomes illustrates TruAmerica’s ability to identify and execute distinctive investment opportunities in strong markets,” explains Wes LaBar, Director of Acquisitions for TruAmerica. “The community’s unique townhome style units are highly sought after by a wide range of renters, especially within the Henderson submarket.”
Parkway Townhomes features stainless steel gas appliances, and full-size washers and dryers in all units. The property underwent $3+ million in renovations under previous ownership. TruAmerica plans to continue the unit interior renovation program, as well as complete additional common area enhancements.
CBRE’s Spence Ballif, Adam Schmitt and Jannie Mongkolsakulkit represented the seller in the deal. The seller and transaction price were not disclosed.
“Henderson, and its close proximity to Las Vegas, is showing no signs of slowing down in terms of growth,” said Matt Ferrari, Head of Acquisitions and co-CIO of Los Angeles-based TruAmerica. “This acquisition fits right into our expansion plans as we continue to strengthen our presence in the West with noteworthy additions to our multifamily portfolio of workforce housing communities.”
Henderson currently has the highest average submarket occupancy in the Las Vegas Valley at 94.1% and it had the second-highest absorption of all Las Vegas submarkets in 2023. The asset is located in the Green Valley area of Henderson where the average household income of $120,000 is roughly 23% higher than the Las Vegas metro average. Parkway Townhomes, minutes from the Las Vegas Strip and McCarran Airport, is adjacent to many shopping centers and is also a short drive to Lake Mead and Lake Las Vegas.
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