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

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

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

Allanza at The Lakes

Investment Highlights

The acquisition of Allanza at The Lakes brings TruAmerica Multifamily’s Las Vegas portfolio total to approximately 4,200 units. The Property represents TruAmerica’s thirteenth investment in Las Vegas and ninth investment in 2019. TruAmerica will undertake a capital improvement program that includes comprehensive interior renovations which will bring all 896 homes to a consistent, high-quality spec. Additionally, TruAmerica plans to make targeted, accretive improvements to exteriors and amenity spaces to enhance the curb appeal of Allanza at The Lakes. Most notable of the amenity upgrades will be the exterior painting of the buildings, and improvements to the clubhouse, fitness center, and playgrounds. The exterior renovation program will also include landscaping, upgraded signage, and other renovations that will help the property compete more aggressively with its competitors.

Property Highlights

Allanza at The Lakes consists of 896 apartment homes and was built in 1986. The property features an attractive apartment mix comprised of one-bedroom (32%), two-bedroom (55%), and three-bedroom (13%) apartment homes with floorplans at an average unit size of 875 square feet. All of the apartments feature central heat and air, a private patio or balcony, washer and dryer, and a pantry. The Property also features a broad array of community amenities that includes five swimming pools, three spas, a playground, picnic areas with barbeques, two fitness centers, and a pet spa.

Allanza at the Lakes is very functional and conveniently located near the I-215, providing easy access to major employment centers such as the Las Vegas Strip, UNLV, 10 million square feet of office in downtown Las Vegas, and the McCarran International Airport. Allanza at the Lakes is a four minute drive from a Smiths, Vons, and Starbucks, is less than five miles from a Costco, Lowes, and Trader Joes, and is located about ten minutes from a high-end mall in downtown Summerlin which houses sought after retailers like Macys, Dillards, West Elm, Crate & Barrel, Apple, and Ulta giving residents easy access to all types retail and services. Additionally, the Property is located across the street from Lake Sahara, which boasts some of the most luxurious and expensive homes in Las Vegas. Finally, there is very little new multifamily development in the submarket; only 488 apartment units are being built within three miles of the property.

Apartment Amenities

*In select apartments

Community Amenities

Citron

Investment Highlights

TruAmerica Multifamily expands its portfolio in Las Vegas to 4,695 units with the acquisition of Citron. The acquisition of this property represents TruAmerica’s sixth acquisition of 2020 and its fourteenth property in the Las Vegas MSA. Citron represents an immediate value-add opportunity. All apartment interiors are in their original condition, which poses an opportunity for dramatic improvements through modern renovation. TruAmerica also plans to make targeted, accretive improvements to exteriors and amenity spaces. Potential amenity enhancements and upgrades include painting the exterior of The Property, renovating the clubhouse/fitness center, and esthetic upgrades to the pool areas and landscaping. These upgrades will help enhance the overall image and curb appeal of The Property.

Property Highlights

Citron is a 168-unit institutional quality multifamily community built in 2005. The Property features an attractive unit mix comprised of one-bedroom apartments (43%) and two-bedroom apartments (57%) with floorplans at an average unit size of 793 square feet. All the homes feature in-unit washers and dryers, private patios or balconies, walk-in closets, and 9-foot ceilings. Citron also features a broad array of community amenities including a 24-hour fitness center, pool, indoor hot tub, clubhouse, and a leasing office. The
Property also includes detached garages that are available to rent.

Citron is situated right along the Interstate 515, providing excellent connectivity to the broader Las Vegas Metro. The property is located less than 20 minutes from the Las Vegas Strip, and McCarran International Airport is a quick 10 minutes to the west via Russell Road – a major arterial street. Citron is assigned to Clark County School District. The District enrolls over 300,000 students and employs over 15,000 teachers and 3,000 staff. Green Valley High School, which Citron is assigned to, is ranked 9/10 on GreatSchools.org.

Although the property is in Las Vegas, it borders Henderson. As such, the property enjoys all the benefits of being in Henderson: outdoors activities (more than 80 miles of trails), safety, schools, and an abundance of retail. In addition, the property is less than 10 minutes away from Galleria at Sunset, a 1.3 million SF mall, which is anchored by Macy’s, Dillard’s, and JC Penney. There is an additional 2.5 million SF of retail surrounding the mall with shops including Home Depot, Costco, Target, and Best Buy.

Community Amenities

• Clubhouse
• Fitness Center
• Resort Style Outdoor Pool
• Indoor Spa

Apartment Amenities

• Gas Oven
• Attached Microwave
• Breakfast Bar
• 9ft and Vaulted Ceilings
• Ceiling Fans
• Washer/Dryer
• Large Walk-In Closets
• Private Patio/Balcony

Vida

Investment Highlights

TruAmerica Multifamily further expands its portfolio in Las Vegas to 3,503 units with the acquisition of Vida. This property’s acquisition represents TruAmerica’s twelfth acquisition of 2021 and its seventeenth property in the Las Vegas MSA. Vida represents a strong value-add opportunity as 92% of the apartment homes remain unrenovated or lightly renovated. TruAmerica will renovate the remaining units to a premium and consistent finish, which will enhance the quality of living for future residents. TruAmerica also plans to make targeted, accretive improvements to exteriors and amenity spaces. Potential amenity enhancements and upgrades include clubhouse improvements, landscaping, dog park renovation, pool furnishings, new BBQ pads, exterior paint, a new signage package, and fitness center improvements. These renovations will improve the current resident lifestyle and foster a more attractive image to prospective renters.

Property Highlights

Vida, built in 1999, is an institutional-quality asset in Las Vegas, NV. The 252-unit garden-style community features an attractive unit mix comprised of one-bedroom (29%) and two-bedroom (71%) apartment homes with open-concept floorplans and an average unit size of 848 square feet. All the homes feature fully equipped kitchens, full-size washers and dryers, spacious walk-in closets, and private patios or balconies. The community amenities are highlighted by a swimming pool with a spa, cabana seating, barbecue grilling area, fitness center, dog park, and gated access to the property.

Vida is centrally located in Las Vegas’ Southwest submarket, a high growth area experiencing strong demand for multifamily housing due to a number of recent corporate announcements and major healthcare expansions. Located directly west of the Las Vegas Strip, the Southwest submarket is one of Las Vegas’ preferred residential areas with numerous high-end master planned communities, including Spanish Trails, Summerlin, Rhodes Ranch, and Mountain’s Edge. The Southwest submarket has added nearly 60,000 residents since 2010.

Vida is less than two miles west of the Las Vegas Strip (+400,000 jobs) and Allegiant Stadium, a $2 billion 65,000-seat domed stadium that is the home of the NFL’s Las Vegas Raiders. Additionally, Vida offers residents proximity to multiple major healthcare employers, including the Spring Valley Hospital Medical Center (+2,500 jobs), the Southern Hills Hospital & Medical Center (+2,300 jobs), and the St. Rose Dominican – San Martin Hospital (+1,200 jobs).

Community Amenities

• Fitness Center
• Gated Community
• Dog Park
• BBQ Area
• Swimming Pool
• Spa
• On-site Maintenance

Apartment Amenities

• Stainless Steel Appliance Package*
• Extra Storage
• Balcony/Patio
• Vinyl Plank Flooring*
• Walk-in Closet*
• Quartz Countertops*
• Refrigerator
• Breakfast bar*
• Washer/Dryer
• Dishwasher
• Built-in Microwave*
• Tile Backsplashes
• Stove/ Oven
• Ceiling Fan
• Air Conditioning/Heating

*Select Units

Terra Cotta Villas

Investment Highlights

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. 

Property Highlights

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. 

Unit Amenities

*In select units 

Community Amenities