Makeover Awaits Multifamily Asset Near Union Village

Henderson continues to be one of the most high-volume submarkets of the Las Vegas MSA.

Turtle Creek Apartments, a 400-unit residential community in Henderson, was recently acquired by a partnership of Roxborough Fund I and Continental Realty Advisors. The joint venture purchased the property from Epic Development, the property’s developer, owner and manager. No financial details were disclosed. According to real estate data provider Yardi Matrix,  the property is subject to a $42 million loan originated in March 2007, which matures on Jan. 1, 2016.

Located at 6655 Boulder Highway, the 400,000-square-foot asset will undergo an extensive renovation   intended to position it to capitalize on growing demand for upscale properties in in a rapidly developing area. The CRA half of the venture will lead the makeover, which will include interior upgrades, common-area improvements and a more visible entrance from Boulder Highway.

The new ownership is banking on Turtle Creek’s proximity to the sprawling Union Village healthcare project as a major selling point. Phase one of the 155-acre development, Henderson Hospital, is scheduled for completion next fall. With the hospital expected to boost the area’s employment by some 700 jobs during the next few years, and estimated 17,000 new positions projected for the completed Union Village project, Henderson is looking at a solid cycle of multifamily demand.

Other nearby attractions include the Sunset Galleria and Sunmark Plaza retail properties and the 96-acre Silver Bowl public park.  According to Yardi Matrix, rents average $890 per unit and average floor plans are slightly less than 1,000 square feet in size.