CRA, Roxborough Group Sell Las Vegas Portfolio for $138M
The three apartment communities have a total of 1,194 units and were owned by the joint venture for almost three years.
Nearly three years after acquiring a 1,194-unit, three-property multifamily portfolio in the Las Vegas area, Continental Realty Advisors and an affiliate of The Roxborough Group have sold the assets for $137.5 million.
CRA and an affiliate of Roxborough Fund I LP, had acquired the three Las Vegas communities—Stonegate Apartments, Loma Vista Apartments and Viridian Palms, in November 2016 from The Related Cos.
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Stonegate Apartments, located at 5075 Spyglass Hill Drive, was built between 1990 and 1991 and has 440 units. The 352-unit Viridian Palms, formerly known as Stonegate West, at 2675 S. Nellis Blvd., was constructed in 1990 and the 402-unit Loma Vista Apartments at 1200 W. Cheyenne Ave., was built in 1998.
Executives for CRA and Roxborough said they spent more than $5 million in renovations in the communities, including repairs and upgrades made to the common areas and amenities.
David Snyder, CRA chairman & CEO, said the business plan of stabilizing and improving underperforming properties was executed by the asset, renovation and property managers.
Matt McCormick, Roxborough managing director, noted the portfolio validated one of Roxborough’s primary investment strategies—focusing on workforce housing and the imbalances between low-cost housing and supply in areas where there is high job and net migration. He said the partnership studied the Las Vegas market and was able to get in and make two major purchases before the recent surge of capital inflows.
The disposition of the three-property portfolio follows the sale of Tesoro Ranch, a 400-unit community in the Henderson East submarket, to TruAmerica Multifamily for $61.7 million in January. The partners had purchased that property, previously known as Turtle Creek Apartments, in November 2015. After upgrades, the property at 6655 Boulder Highway was rebranded as Tesoro Ranch.