The acquisition of Terra Cotta Villas brings TruAmerica Multifamily’s Nevada portfolio total to more than 5,000 units with assets in Las Vegas and Henderson. The Property represents TruAmerica’s fourth investment in Las Vegas. TruAmerica will undertake a capital improvement program that will consist of renovating unit interiors, bringing the units to a high-quality spec, and will upgrade the exterior and common area amenities. These targeted amenity upgrades will help transform Terra Cotta into a “boutique” community within its competitive set.
Terra Cotta Villas consists of 136 units and was built in 1988. The Property features an attractive unit mix comprising 41% of one-bedroom units, 35% of two-bedroom units, and 24% of three-bedroom units with an average unit size of 859 square feet. Terra Cotta Villas offers four superb floorplans that feature home-like quality amenities and spacious interiors. Residents benefit from an abundance of surrounding retail and Strip amenities, many of which are within walking distance of the Property.
With the Property’s proximity to the Strip, McCarran International Airport, and the new Allegiant Football Stadium, each of these large employment centers are a short bus ride, or less than a 10-minute drive from the Property. The New Resorts World, which is approximately 2 miles from the Property, hired over 6,500 employees prior to its grand opening in August, and will continue to be a growing source of employment options.
*In select units