The acquisition of The Retreat brings TruAmerica Multifamily’s Nevada portfolio total to more than 3,200 units with assets in Las Vegas and Henderson. The Property represents TruAmerica’s sixth investment in Las Vegas and ninth investment in 2018. 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 The Retreat into a “boutique” community within its competitive set.
The Retreat consists of 120 units and was built in 1996. The Property features an attractive unit mix comprised 30% of one-bedroom units, 60% of two-bedroom units, and 10% of three-bedroom units with an average unit size of 984 square feet. The floor plans are spacious and include designer amenities such as 9-foot ceilings, full-size washers/dryers, central heat/air conditioning, walk-in closets, and private balconies/patios. The two- and three-bedroom units also enjoy gas fireplaces. The Property features a swimming pool, a hot tub, a fitness center, internet lounge, a playground, and picnic/barbecue areas.
The Retreat is located in Southeast Las Vegas, adjacent to the top-performing Henderson submarket. The Property is 1 block from Desert Springs medical center and located near the Strip and the University of Nevada (major employment centers). The Property’s prime location along the US-95 freeway provides residents convenient access to job centers across the Las Vegas Valley. Additionally, there are 12 supermarkets, 17 drug stores and 11.5 million SF of retail within 3 miles of The Property.
*In select units