Aviata represents TruAmerica’s eighth investment in the Las Vegas MSA and sixth investment in 2018. The property was purchased from the original developer who has done an excellent job caring for the exterior and common areas of the property. With that said, Aviata stands to benefit from a “refresh” of exterior and common area amenities, as well as substantial interior unit renovations.
Aviata represents a true value-add opportunity as nearly half of the units are in their original state and have not been renovated. The remainder of the units have undergone partial renovations by the seller. TruAmerica plans to renovate the classic and partially renovated units to a consistent, high-quality spec that is appropriate for the submarket and target renter pool.
Aviata consists of 456 units and was built in 1998. The property features an attractive unit mix comprised 26% of one-bedroom units and 74% of two-bedroom units with well-planned layouts at an average unit size of 989 square feet. All of the units have full-size washers/dryers, central heat/air conditioning, and walk-in closets, gas fire-places, 9-foot ceilings and private balconies or patios. The Property also features two resort-style swimming pools, two spas, an outsized 24-hour fitness center, barbecue areas and optional detached garages. Perhaps the most attractive feature at the property is it’s lush landscaping, which offers residents a unique atmosphere not typically seen in Las Vegas.
The Property is conveniently located on the heavily trafficked Warm Springs Road, just 1 mile east of the I-215 which provides easy access to job centers across the Las Vegas Valley. Aviata is directly adjacent to a retail center anchored by a Walmart Neighborhood Market, and directly across the street from an Albertsons anchored retail center.
Three major employment centers which are easily accessible from the property are the Las Vegas Strip, McCarran International Airport, and the University of Nevada Las Vegas. Additionally, the property is walking distance to Sunset Park. This 350-acre park includes picnic areas, softball fields, Little League fields, basketball courts, playgrounds, several miles of walk paths, a fitness course, a splash pad, a disc golf course, a dog park, a pond, sand volleyball courts, tennis courts & restrooms.