TruAmerica’s Western Campaign Hits Las Vegas
- Jun 16, 2015
As part of its campaign to expand in improving western markets, TruAmerica Multifamily just completed its inaugural purchase in Las Vegas. The company also recently debuted in the Portland and Salt Lake City markets.
In partnership with Investcorp, TruAmerica acquired the Solis at Flamingo residential community in a $50.5 million off-market deal. The 27-year-old asset is located in Paradise Valley East, an area near McCarran International Airport and the Las Vegas Strip. The submarket posted the third-best rental rate growth in the Las Vegas metro, according to data provided by Yardi Matrix. During the 12 months ending in February, average rents in Paradise Valley East rose 9.6 percent, trailing only Summerlin and Henderson West.
Solis at Flamingo is part of TruAmerica’s broader strategy to identify assets that can be improved and then directed towards the growing workforce in major western markets. Las Vegas has grown in recent years in terms of population and employment, although it has yet to reach pre-recession peaks for some economic indicators, such as wages.
However, the increasing number of construction and leisure and hospitality jobs is driving growth in the lower tiers of the city’s multi-family market. To that point, TruAmerica is planning to invest $5.5 million in capital improvements at the 524-unit community. The asset’s amenity package currently features three pools and spas, a clubhouse, fitness center, business center and sports areas.