Investment Highlights
St. Lucia represents TruAmerica’s seventh acquisition in the Las Vegas market and eighth acquisition in 2017. The property is an institutional-quality asset located in one of the most desirable submarkets of Las Vegas. St. Lucia represents a proven value-add opportunity as the units renovated by the seller are achieving a significant premium over the non-renovated units.
TruAmerica plans to renovate all of the remaining non-renovated units with new appliances, cabinet faces, kitchen and bathroom countertops, vinyl flooring in the common areas, backsplash in the kitchen, hardware, and lighting and plumbing fixtures. Furthermore, TruAmerica plans to improve the community amenities and exteriors by upgrading the pools, clubhouse, dog park, signage, landscaping, asphalt, and carports.
Property Highlights
St. Lucia is a 440-unit property built in 1990. The property features an attractive unit mix comprised of one, two, and three-bedroom units. All of the units have washer/dryer, kitchen appliances, private balconies/patios, air conditioning, and ceiling fans. St. Lucia features a wide array of community amenities that include two pools, spa, clubhouse, fitness center, playground, bocce ball, dog park, and barbeque areas.
St. Lucia enjoys an outstanding location as the property is conveniently located just east of Highway 95 and directly adjacent to a Whole Foods Market-anchored retail center. A Sprouts Farmers Market-anchored retail center is also within walking distance and there are a plethora of other national retailers nearby. In total, there are over seven million square feet of retail within three miles of the property. In addition, there are approximately 82 companies with at least 250 employees within five miles of the property.
St. Lucia is located less than a mile from Summerlin, a master-planned community that occupies 22,500-acres and includes more than 230 parks, 9 golf courses, 3 resort hotels, and 150 miles of trails.
TruAmerica is well acquainted with the Las Vegas market as it owns and operates six properties totaling 2,355 units prior to acquiring St. Lucia. Three of those properties (802 units) are located within three miles of St. Lucia. Through TruAmerica’s existing presence in this market, there is the opportunity to achieve synergy through economies of scale and leveraging existing operational experience.
Amenities
