Montego Bay

Investment Highlights

Montego Bay residents enjoy direct access to major transportation corridors including Interstate-215 and Interstate-515 which are readily accessible from Russell Ave. just north of the Property. Just one exit down the I-215 is the $1.2B Union Village which will be one of the nation’s first integrated health villages. This mixed-use development will be anchored by a 214-bed Valley hospital and senior retirement community. The 228-acre lot is located at I-215 and Galleria Drive and is expected to generate 17,000 jobs. Construction on the project broke ground in October 2014 and is expected to take four to eight years to complete.

The primary business plan for Montego Bay is to renovate the property’s unit interiors and make strategic, accretive common-area amenity upgrades. The interior rehab scope will be moderate while exterior improvements will include renovations to the clubhouse, fitness center, pool areas, exterior fencing and the creation of a secondary dog park.  Additional aesthetic improvements will include a comprehensive exterior repaint, quality landscaping, and an attractive signage package.

Property Highlights

A 420-unit property situated in the coveted Southeast submarket of the Las Vegas MSA.  Montego Bay is a low density, garden-style community (18 units per acre) with an excellent parking ratio (1.90 parking spaces per unit).  Montego Bay residents enjoy direct access to major transportation corridors including I-215 and I-515 which are readily accessible from Russell Avenue, just north of the property.  Just one exit down the I-215 is the $1.2B Union Village which will be one of the nation’s first integrated health villages.  This mixed-use development will be anchored by a 214-bed valley hospital and senior retirement community.  This 228-acre lot is located at I-215 and Galleria Drive and is expected to generate 17,000 jobs.  Construction on the project broke ground in October 2014 and is expected to take four to eight years to complete.  Unit amenities include in-home washer/dryer, vinyl flooring, stylish glass block windows, ceiling fans, private patio/balcony, walk-in closet, mirrored wardrobe doors, and fireplace.

Amenities

Calypso

Investment Highlights

Calypso is a quality asset built in 1997 located in the strong Northern Las Vegas submarket. The property was acquired on an off-market basis as part of a larger portfolio at a steep discount to replacement cost. This opportunity represents a true and proven value-add opportunity. The primary business plan for Calypso is to renovate the property’s unit interiors and make strategic, valuable common-area amenity upgrades. The modest interior rehab scope will include upgraded faux-wood floors and new appliance packages, while exterior improvements will range from renovations to the clubhouse/fitness center, to adding poolside Wi-Fi. This renovation scope will yield rent premiums with an attractive return on cost.

Property Highlights

A 360-unit property positioned in the coveted northern submarket of Las Vegas, Calypso covers a total of 10 Acres, making it in an attractive low density community (20 units per acre) with great community amenities. Boasting large average unit sizes at over 1,150 square feet, coupled with an upgraded interior package, Calypso will be in a prime position to capture higher rents. The properties location is also just two miles north of the Mountain View Hopsital, which has just announced a $90M expansion project that is currently underway which will create many new jobs in the area.

Amenities

Kaleidoscope

Investment Highlights

Kaleidoscope was acquired on an off-market basis as part of a larger portfolio.   The business plan to be implemented at Kaleidoscope will situate it as one of the top assets in the sub market. Through a strategic interior renovation program that includes faux-wood flooring, new black appliances, and repainted kitchen and bathroom cabinet faces, there will a strong opportunity to increase rents and leasing velocity. As part of the exterior renovation package, there will be new gym equipment in the fitness center, improved exterior lighting, as well as renovations to the pool & spa.

Property Highlights

A 208-unit property that sits on a little over 10 Acres, Kaleidoscope is an attractive low density community (20 units per acre) that is in high demand.  It has direct access to major transportation corridors including U.S. Route -95, Summerlin Parkway, and Interstate-215 which are readily accessible from Rainbow Ave. which runs adjacent. Just two exits down the R-95 is the Summerlin Parkway which takes you directly into Las Vegas’s most affluent communities and to some of Las Vegas’s most desirable job markets, such as the Las Vegas Tech Center, Mountain View Hospital and over 5 million square feet of consumer retail. In addition to the properties close proximity to the Northwest’s regional job centers, the Kaleidoscope is located just 15 minutes from the World Famous Las Vegas Strip, where many of its residents work.

Amenities

Collage

Investment Highlights

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.

Property Highlights

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.

Amenities

St. Lucia

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

Aviata

Investment Highlights

Aviata represents TruAmerica’s eighth investment in the Las Vegas MSA and sixth investment in 2018. The property was purchased from the original developer who has done an excellent job caring for the exterior and common areas of the property. With that said, Aviata stands to benefit from a “refresh” of exterior and common area amenities, as well as substantial interior unit renovations.

Aviata represents a true value-add opportunity as nearly half of the units are in their original state and have not been renovated. The remainder of the units have undergone partial renovations by the seller. TruAmerica plans to renovate the classic and partially renovated units to a consistent, high-quality spec that is appropriate for the submarket and target renter pool.

Property Highlights

Aviata consists of 456 units and was built in 1998. The property features an attractive unit mix comprised 26% of one-bedroom units and 74% of two-bedroom units with well-planned layouts at an average unit size of 989 square feet.  All of the units have full-size washers/dryers, central heat/air conditioning, and walk-in closets, gas fire-places, 9-foot ceilings and private balconies or patios.  The Property also features two resort-style swimming pools, two spas, an outsized 24-hour fitness center, barbecue areas and optional detached garages. Perhaps the most attractive feature at the property is it’s lush landscaping, which offers residents a unique atmosphere not typically seen in Las Vegas.

The Property is conveniently located on the heavily trafficked Warm Springs Road, just 1 mile east of the I-215 which provides easy access to job centers across the Las Vegas Valley. Aviata is directly adjacent to a retail center anchored by a Walmart Neighborhood Market, and directly across the street from an Albertsons anchored retail center.

Three major employment centers which are easily accessible from the property are the Las Vegas Strip, McCarran International Airport, and the University of Nevada Las Vegas. Additionally, the property is walking distance to Sunset Park. This 350-acre park includes picnic areas, softball fields, Little League fields, basketball courts, playgrounds, several miles of walk paths, a fitness course, a splash pad, a disc golf course, a dog park, a pond, sand volleyball courts, tennis courts & restrooms.

Amenities

23Twelve

Investment Highlights

The acquisition of 23Twelve brings TruAmerica Multifamily’s Nevada portfolio total to more than 3,100 units with assets in Las Vegas and Henderson. The property is located next to Villas at Green Valley, an existing TruAmerica asset in the highly desirable paradise Valley/Henderson submarket of Last Vegas.  The property represents TruAmerica’s third investment in Henderson and eighth 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 common area amenities that include two pools, the fitness center, and the clubhouse. The exterior renovation program will also include new paint, lighting, landscaping, and upgraded signage to improve the overall curb appeal of the property. These amenity upgrades will help The Crossing at Green Valley compete more aggressively with its competitors.

Property Highlights

23Twelve consists of 384 units and was built in 1986. The Property features an attractive unit mix comprised 50% of one-bedroom units and 50% of two-bedroom units with an average unit size of 868 square feet. The floor plans are spacious and well-designed and include sought after amenities such as washers/dryers, central heat/air conditioning, walk-in closets, private balconies/patios, while select units enjoy fireplaces and vaulted ceilings.  The Property also features 2 swimming pools, 2 spas, a fitness center, barbecue areas, a bark park, and a playground.

The Property is conveniently located on the corner of two heavily trafficked thoroughfares: Warm Springs Road and Green Valley Parkway. Just 2.4 miles east of the I-215, The Crossing at Green Valley provides easy access to job centers across the Las Vegas Valley. The shopping center across the street is currently home to Starbucks and UFC gym, and will eventually be home to a major grocery chain as well. McCaran International Airport and the Las Vegas South Premium Outlets are just 5 miles down the road.

Three major employment centers, Las Vegas Strip, McCarran International Airport, and the University of Nevada Las Vegas, are easily accessible from The Property. Additionally, there are many businesses and suburban office centers located on Warm Springs Road and in the Green Valley submarket.

Unit Amenities

Community Amenities

The Retreat

Investment Highlights

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.

Property Highlights

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.

Unit Amenities

*In select units

Community Amenities

Tesoro Ranch

Investment Highlights

Tesoro Ranch represents TruAmerica’s 11th investment overall in the Las Vegas metro and 15th acquisition in 2018.  The property enjoys an outstanding location as it borders one of Las Vegas’ most desirable submarkets, Henderson.

The Las Vegas apartment market is among the strongest in the nation.  Las Vegas was ranked 5th in the nation for leader in annual rent growth in 2018.  The average asking rent has increased every quarter since Q3 2011, while the average vacancy rate is finished at approximately 3.7%.  Rent growth is projected to remain consistently above 3.0% and vacancy is not expected to get above 4.0% through 2020.  Furthermore, Las Vegas boasted the strongest population gains in the West among metro areas with more than 1 million residents last year.

Tesoro Ranch represents a true and proven value-add opportunity as the seller performed a moderate renovation program.  TruAmerica plans to bring all apartments to a fully renovated status in order to decrease the rental gap between apartments built in the early 2000’s and newly constructed apartments in the East Las Vegas and Henderson submarkets.

TruAmerica is well acquainted with the Las Vegas MSA as it currently owns and operates 9 properties totaling approximately 3,600 apartments.  Three of those properties (Montego Bay/ Villas at Green Valley/Crossing at Green Valley) are all within six miles from Tesoro Ranch.  Through TruAmerica’s existing presence and experience in this market, there is the opportunity to achieve synergy through economies of scale and leveraging existing operational experience.

Property Highlights

Tesoro Ranch is a 400-unit multifamily community built in 2007.  The property features an attractive apartment mix comprised 32% of one-bedroom, 52% of two-bedroom, and 16% of three-bedroom apartments with well-planned layouts at an average size of 1,007 square feet.  All of the apartments feature full-size washer and dryer, 9-foot ceilings, private patio or balcony, central heat and air conditioning, and select apartments enjoy fireplaces.  Tesoro Ranch also features two resort-style pools and spas, a 24-hour fitness center, shaded barbeque and picnic areas, business center, outdoor terrace with a big screen TV, and a fire pit lounge.

Tesoro Ranch enjoys an outstanding location as it is located right off Boulder Highway and less than one mile from Interstate 515, providing quick access to the Las Vegas strip, University of Nevada Las Vegas (UNLV), 10 million square feet of office in downtown Las Vegas, and McCarran International Airport.  Additionally, the property is a mile away from Union Village, a 170-acre community that includes health care, housing, retail, and entertainment.  Henderson Hospital is one of the main attractions of Union Village and was responsible for creating 700 jobs.  As a whole, Union Village is expected to create 17,000 jobs over the next 20 years.

The seller upgraded 194 apartments (49%) with stainless steel appliances, wood-style flooring in the common areas, lighting fixtures, and hardware.  TruAmerica plans to continue and expand on the seller’s renovation program in order to bring all apartment homes to a fully renovated status.

Amenities

Vintage Pointe

Investment Highlights

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.

Property Highlights

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.

Community Amenities