TruAmerica Expands Las Vegas Portfolio With $62M Buy
- Jan 23, 2019
TruAmerica Multifamily has acquired a 400-unit community in Las Vegas’ Henderson East submarket. Tesoro Ranch traded for $61.7 million. Continental Realty Advisors was the seller after a holding period of three years. The sale was subject to a $42.1 million Freddie Mac loan, originated by CBRE Capital Markets.
Tesoro Ranch, completed in 2007, is located at 6655 Boulder Highway. The community comprises 128 one-bedroom, 208 two-bedroom and 64 three-bedroom units, ranging in size from 778 to 1,200 square feet. Continental Realty Advisors bought the property in 2015 for $49.8 million, according to Yardi Matrix. The company made capital improvements to interior and exterior features of the property, including a new coffee lounge, upgraded clubhouse and leasing office. Tesoro Ranch also includes a total of 640 parking spaces. According to Yardi Matrix, the property was 92 percent occupied as of December 2018 and rents average $1,121.
The community is situated near central Henderson, with immediate access to Interstate 515. Several shopping, dining and entertainment venues are located along Boulder Highway, which also offers access to Las Vegas’ growing job market. Downtown Henderson is situated 4 miles away, McCarran International Airport is just under 7 miles from Tesoro Ranch, while the University of Nevada, Las Vegas is about 8 miles from the property.
TruAmerica Multifamily specializes in repositioning Class B assets and its portfolio spans across nine states. The company recently completed the $42.3 million sale of Mountain Summit Condominiums, in a deal arranged by Berkadia.
Image via Google Street View