Vintage Pointe represents TruAmerica’s 12th investment overall in the Las Vegas metro and acquired in a two-property, multimarket portfolio. The property is a part of the Northwest submarket of Las Vegas and located directly across the street from one of our existing assets, Calypso. Vintage Pointe is a direct rent comparable to two of our existing assets, Calypso and St. Lucia.
Northwest Las Vegas is one of Las Vegas’ strongest submarkets as it is forecasted to achieve a rent growth of 4.68% over the next five years. There are approximately 82 employers on the northwest side of the Las Vegas Valley with 250 or more employees and 25 of those employers have over 1,000 employees.
Vintage Pointe represents a proven value-add opportunity as the seller has lightly upgraded approximately 30% of the apartment homes. TruAmerica plans to bring all of the apartment homes to a fully renovated status by applying the same renovation scope as Calypso. This scope will include new faux stainless-steel appliances, vinyl plank flooring in the common areas, carpet in the bedrooms, tile backsplash, door hardware, light and plumbing fixtures, spraying the kitchen and bathroom countertops, and repainting the cabinets. TruAmerica will also complete minor exterior and deferred maintenance repairs including exterior paint, landscaping, signage, and modest enhancements to the pools, fitness center, and leasing office to enhance and improve the overall image and curb appeal of the property.
Vintage Pointe is a 368-unit multifamily community built in 1994. The property features an attractive unit mix comprised of one-bedroom apartments (46%) and two-bedroom apartments (54%) with floorplans at an average unit size of 978 square feet. All of the homes feature nine-foot ceilings, washer/dryer, patio/balcony, fireplace, and central heat and air conditioning.
The property also features a broad array of community amenities that includes two swimming pools and spas, fitness center, racquetball/volleyball court, clubhouse, picnic areas with barbecue grills, dog park, corn hole court, and a fire pit. Vintage Pointe has been well maintained by prior ownerships and needs minimal deferred maintenance and exterior repairs, allowing the majority of capital to be spent on accretive improvements to the apartment interiors.
Vintage Pointe is less than three miles from Summerlin, the most prestigious master-planned community in Las Vegas. The Summerlin community consists of 22,500-acres and has more than 150 parks, 9 golf courses, more than two dozen public and private schools, and three resort hotels. Vintage Pointe residents enjoy immediate access to Las Vegas’ major freeways, the US-95 Beltway and Interstate 15, providing easy access to the Las Vegas strip, 10 million square feet of office in downtown Las Vegas, and the McCarran International Airport.