LAS VEGAS, NV – TruAmerica Multifamily, in partnership with MSD Capital, has made its largest investment in Southern Nevada with the acquisition of three Las Vegas garden-style multifamily communities in an off-market transaction.
Since entering the market in May of 2015, TruAmerica has invested approximately $200 million in building a Las Vegas multifamily portfolio that now totals 1,746 units.
“Las Vegas is showing impressive signs of post-recession recovery,” said Greg Campbell, Managing Director of Acquisitions for TruAmerica. “However, the recovery is still in its infancy compared to the majority of major Western markets, which have surpassed their pre-recession highs. We believe there is a lot of runway left and will continue to look for opportunities to expand our presence in Southern Nevada.”
The three properties, Oasis Gateway, Oasis Palms and Oasis Vinings, are located within 2.5 miles of one another in the heart of Northwestern Las Vegas. Built between 1989 and 1997, all are low-density, gated communities featuring outsized common area amenities that are highly desirable in Las Vegas, such as resort style pools, fitness centers, clubhouses and BBQ areas. Collectively, the portfolio totals 802 one, and two-bedroom units ranging in size from 700 to 1,200 square feet.
TruAmerica will immediately begin implementing a capital improvement program across all three properties. Interior unit upgrades will include new appliance packages, updated cabinetry and faux-wood floors. Exterior renovations will bring a fresh new look to the clubhouses, fitness centers, pools and landscaping at each property.
“MSD Capital continues to see attractive opportunities in repositioning older multi-family assets,” observed Barry Sholem, head of MSD Capital’s real estate group. “This transaction represents our third such venture with TruAmerica in the past four months.”
“By acquiring and improving well-located, Class B properties, we can deliver high quality product at rental rates that are still affordable to the vast majority of renters: middle income families and individuals entering the work force,” said Campbell.
TruAmerica Multifamily is a vertically integrated value-add multifamily investment firm based in Los Angeles. Founded in July 2013 as a joint venture between Robert Hart and The Guardian Life Insurance Company of America, TruAmerica has been one of the country’s most active multifamily investors and manages a $6.3 billion portfolio of approximately 30,000 units across prime locations throughout Northern and Southern California, Washington, Oregon, Colorado, Arizona, Nevada, Utah and Maryland.