How to Successfully Rebrand a Foreclosure
- Mar 04, 2015
Greenwich, Conn.—Multifamily real estate investment firm Shamrock Communities LLC has reopened its two rebranded Las Vegas properties after a $2.5 million capital improvement project at Liberty Village and Village Square.
The two adjacent properties, with a combined total of 1,129 residential units, have received upgrades that include painting, lighting and new signage, updates to the leasing offices and new security cameras. In addition, Shamrock Communities is continuing a process of individual unit interior renovations.
Liberty Village and Village Square stand directly across from Nellis Air Force Base in the northeast suburbs of Las Vegas.
“The property, which was in foreclosure, was acquired with plans for a renovation and rebranding,” Greenwich, Conn.-based Shamrock Communities CEO Ellen Weinstein told MHN. “[That is] because Shamrock believes the Las Vegas real estate market is recovering and there is strong housing demand in the area, specifically being driven by new commercial development.”
The 409-unit Village Square is situated on an eight-acre parcel and offers studio apartments with full kitchens. Among its resident amenities are newly upgraded and enhanced pools, barbecue area, athletic facilities and activity room.
The 720-unit, garden style Liberty Village features one-, two- and three-bedroom apartments and sprawls across 45 acres of land. Its five pools and spas, athletic facility and clubhouse have all undergone restoration.
“The redeveloped communities provide Las Vegas renters with a reasonably priced housing option and quality amenities,” Weinstein observes. “We have seen an increase in rental activity since the completion of the improvements.”
Shamrock has set a priority of attracting military personnel in search of housing.
“Before our acquisition, the properties were removed from the recommended Nellis Air Force Base housing list, due to declining conditions,” Weinstein said.
“After discussions and a visit post-improvements with the Nellis housing director, we are pleased both properties have been re-established on the housing referral list.”
Both properties have been revitalized and their overall appearance changed, according to Weinstein. “Residents will experience higher quality unit interior finishes, such as upgraded appliances, flooring and fixtures, a more hands-on management approach as well as new community based programs, which will be implemented,” she adds.
Las Vegas-based multifamily management company Stout Management Company will serve as property manager for both communities.