The acquisition of Allanza at The Lakes brings TruAmerica Multifamily’s Las Vegas portfolio total to approximately 4,200 units. The Property represents TruAmerica’s thirteenth investment in Las Vegas and ninth investment in 2019. TruAmerica will undertake a capital improvement program that includes comprehensive interior renovations which will bring all 896 homes to a consistent, high-quality spec. Additionally, TruAmerica plans to make targeted, accretive improvements to exteriors and amenity spaces to enhance the curb appeal of Allanza at The Lakes. Most notable of the amenity upgrades will be the exterior painting of the buildings, and improvements to the clubhouse, fitness center, and playgrounds. The exterior renovation program will also include landscaping, upgraded signage, and other renovations that will help the property compete more aggressively with its competitors.
Allanza at The Lakes consists of 896 apartment homes and was built in 1986. The property features an attractive apartment mix comprised of one-bedroom (32%), two-bedroom (55%), and three-bedroom (13%) apartment homes with floorplans at an average unit size of 875 square feet. All of the apartments feature central heat and air, a private patio or balcony, washer and dryer, and a pantry. The Property also features a broad array of community amenities that includes five swimming pools, three spas, a playground, picnic areas with barbeques, two fitness centers, and a pet spa.
Allanza at the Lakes is very functional and conveniently located near the I-215, providing easy access to major employment centers such as the Las Vegas Strip, UNLV, 10 million square feet of office in downtown Las Vegas, and the McCarran International Airport. Allanza at the Lakes is a four minute drive from a Smiths, Vons, and Starbucks, is less than five miles from a Costco, Lowes, and Trader Joes, and is located about ten minutes from a high-end mall in downtown Summerlin which houses sought after retailers like Macys, Dillards, West Elm, Crate & Barrel, Apple, and Ulta giving residents easy access to all types retail and services. Additionally, the Property is located across the street from Lake Sahara, which boasts some of the most luxurious and expensive homes in Las Vegas. Finally, there is very little new multifamily development in the submarket; only 488 apartment units are being built within three miles of the property.
*In select apartments