Multifamily Community Near Union Village Acquired by TruAmerica
Acquisition of Class B apartment community provides growth potential for L.A.-based company.
By Alex Girda, Associate Editor
Las Vegas–TruAmerica Multifamily is expanding its operations in the Las Vegas Valley as the company recently completed the purchase of the Montego Bay apartment community. The acquisition comes roughly eight months after the L.A.-based investor purchased Solis at Flamingo, a large urban infill apartment community that signaled its entrance to the market.
Located at 1050 Whitney Ranch Drive in Henderson, the 420-unit, Class B apartment community was purchased for roughly $51.1 million. Built in 1990, Montego Bay is in the immediate proximity of the ambitious Union Village development project. The $1.2 billion project will provide positive influence to the apartment community as it continues to develop and become the world’s first integrated health village.
The community offers a unit mix consisting of one-, two-, and three-bedrooms, across 46 two-story buildings on a 18.08-acre site. Amenities include three swimming pools, volleyball and basketball courts, a dog park, clubhouse, and fully equipped fitness center. The property will be enhanced with the addition of faux-wood flooring, updated cabinetry, appliance package, upgraded fixtures, resurfaced countertops, and tile backsplashes.
With Las Vegas expected to be third in the nation in terms of job growth this year, and new inventory severely lacking, rents are set to continue rising. According to Yardi Matrix, the average rent at Montego Bay is now $882.
Image courtesy of Yardi Matrix