Collage is a beautiful asset that was acquired on an off-market basis as part of a larger 3-property portfolio in the Northern Las Vegas submarket. Collage has been undergoing a small renovation program (about 10% of the units have been upgraded), which TruAmerica intends to continue and expand. The capital program will include classic interior renovations including new carpet and flooring, as well as big-ticket exterior improvements to the pool area and fitness center. These renovations coupled with improved property management are expected to yield rent premiums as well as tremendous value accretion to the property.
Built in 1994, Collage has 234 two-bedroom units that have average floor plans larger than 1,150 square feet. Located within a short drive to both the famous “Strip” as well as the Las Vegas Technology Center, this is a well situated asset. Las Vegas’ apartment fundamentals rank among the nation’s best, with indicators such as employment growth, rent growth, population growth, and a limited supply pipeline, which portray a very bright future for the multifamily market.