TruAmerica buys Las Vegas apartments
TruAmerica Multifamily has increased its footprint in some of the strongest multifamily markets in the United States after closing last week on garden-style communities in Las Vegas; Tampa, Florida; and Salt Lake City, Utah, in three separate transactions totaling $209 million.
Combined, the properties, total nearly 1,000 apartment homes and increases the Los Angeles-based value add multifamily investment firm’s portfolio to more than 45,000 units.
Florida, Nevada and Utah, which represent approximately 25 percent of TruAmerica’s portfolio, are among the most fundamentally sound multifamily markets in the U.S. exhibiting solid wage, population and employment growth, according to Co-Chief Investment Officer Matthew Ferrari. “Much of this is due in large part to the migration of corporations and families that follow them to these lower-cost-of-living states.”
The three properties, built between 1985 and 1995 represent an attractive value-add opportunity as each will benefit from TruAmerica’s improvements to the interiors, exteriors and amenity spaces.
Vida is a 252-unit garden style community on 4.64 acres at 560 Hacienda Avenue. Located in one of the city’s preferred residential areas, Vida’s southwest submarket has added nearly 60,000 new residents since 2010, with many residents opting to rent versus buy due to surging home prices.
“Renting remains especially affordable compared to owning a home in Las Vegas,” said TruAmerica Senior Director Zach Rivas, who oversees TruAmerica’s acquisition efforts in the market. “The average rent produces a comparably low average rent-to-income ratio of less than 25 percent resulting in a higher propensity for residents to rent.”
TruAmerica Multifamily is a vertically integrated, value-add multifamily investment firm based in Los Angeles. Since its founding in 2013 by Robert Hart, TruAmerica has been one of the country’s most active multifamily investors and manages a portfolio of approximately 46,000 units across prime locations throughout California, Washington, Oregon, Colorado, Arizona, Nevada, Utah, Maryland, Florida, Georgia, North Carolina, Massachusetts, Tennessee and Texas.
COMPLETED SALES TRANSACTIONS
• A sale to TCD UNLV LLC. The 8,064-square-foot retail property is in University Gardens, the former Rebelbooks at 4650 S Maryland Parkway. The transaction amount was $1,895,000. Chris Clifford; Steve Neiger, CCIM; and Brett Rather of Colliers International represented the seller, AHA NBC LLC.
• A sale to Swadeep Nigam. The 1.7- acre, highly coveted land parcel is at the northwest corner of Sunset and Lindell roads. The site provides 240 feet of frontage along Sunset Road. The transaction amount was $1,200,000. Steven D. Haynes of Colliers International represented the seller, Wittig 2016 Trust.
• The sale of an industrial building comprised of 5,587 square feet is at 6420 Windy Road. The total value of the transaction was $1,199,000. Lisa Hauger and Timothy Erickson of Sun Commercial Real Estate Inc. represented the buyer, EcoTint Inc.
• A sale to Republic Recycling Services of Nevada Inc. The 17,424-square-foot land parcel is at 2654 Bledsoe Lane. The transaction amount was $166,000. Brian Fike of Colliers International represented the seller, Estate of Curtis Little.
COMPLETED LEASE TRANSACTIONS
• A lease to Mead Law Group LLP for a 65-month term. The 2,447-square-foot office property is in City Center West at 7251 W. Lake Mead Blvd., Suite 460. Patti Dillon, SIOR; Taber Thill, SIOR; and Megan McInerney of Colliers International represented the lessor, 7251 W. Lake Mead LLC.
• A lease to an undisclosed health care tenant. The 6,468-square-foot medical office property is in Hartwell Medical Center at 1776 W. Warm Springs Road, Suite 200. Stacy Shapiro, CCIM, of Colliers International represented the lessor, Welltower OM Group LLC.
• A lease to 101 Mobility of Las Vegas for a 55-month term. The 3,254-square-foot medical office property is at 3151 W. Tompkins Ave. Alexia Crowley, CCIM, of Colliers International represented the lessee.
• A lease to Orthopaedic Solutions,LLC for an 89-month term. The 5,183-square-foot medical office property is in Summerlin III at 10105 Banburry Cross Drive, Suite 445. Alexia Crowley, CCIM, of Colliers International represented the lessee.
• A lease to Whiskful Thinking for a 63-month term. The 1,185-square-foot retail property is in Crossroads Food Court at 5035 S. Fort Apache Road, Suite 104. Al Twainy, CCIM, and Jennifer Lehr, CCIM, of Colliers International represented the lessor, Crossroads Food Court LLC.
• A lease to Vidal Garrido for a 36-month term. The 2,354-square-foot industrial property in Donovan Business Park at 4560 N Donovan Way, Suite M/N in North Las Vegas. Gabe Telles, Chase Pavlov and Ryan Hendershot of Colliers International represented the lessor, WBCS DICE, LLC.
• A lease to Asurion LLC for a 37-month term. The 5,891-square-foot industrial property in Walnut Business Park at 3020 N. Walnut Road, Unit 160. Gabe Telles, Chase Pavlov and Ryan Hendershot of Colliers International represented the lessor, CRP III Walnut LV, LLC.
• A lease to Clyde & Co. US LLP for a 65-month term. The 2,382-square-foot office property is in City Center West at 7251 W. Lake Mead Blvd., Suite 430. Patti Dillon, SIOR; Taber Thill, SIOR; and Megan McInerney of Colliers International represented the lessor, 7251 W. Lake Mead LLC.
• A lease to 3rd Rock Management LLC for a 38-month term. The 2,310-square-foot office property is in City Center West at 7201 W. Lake Mead Blvd., Suite 240. Megan McInerney; Patti Dillon, SIOR; and Taber Thill, SIOR, of Colliers International represented the lessor, 7201 W. Lake Mead LLC.
• A lease to Province LLC for a 65-month term. The 2,283-square-foot office property is in Green Valley Corporate Center at 2360 Corporate Circle, Suite 360. Taber Thill, SIOR; Patti Dillon, SIOR; and Megan McInerney of Colliers International represented the lessor, Corporate Center VI Investors LLC.
• A lease to Lumen and Forge LLC for a 36-month term. The 2,999-square-foot office property is in Arena Commerce at 4625 S. Polaris, Suite 101. Gabriel Skerlich of Colliers International represented the lessee.
• Thomas Galloway Corp. leased approximately 5,728 square feet of flex space in Hughes Airport Center at 770 Pilot Road. Jake Higgins of CBRE represented the landlord.
• The lease to Premium Trucking LLC comprised of 33,330 square feet is at 5050 Steptoe St.,
Suite C. The total value of the transaction was $1,235,552.59. Lisa Hauger and Timothy Erickson of Sun Commercial Real Estate Inc. represented the landlord, Steptoe Industrial Park, LLC.
• The lease to ACL Logistics Inc. comprised of 4,000 square feet of office, 2,200 square feet of warehouse, and a 1.2-acre yard at 240 Sun Pac & 2031 Pabco Road in Henderson. The total value of the transaction was $675,037.23. Lisa Hauger and Timothy Erickson of Sun Commercial Real Estate Inc. represented the landlord, JPAX Properties, LLC.
• The lease to Crossrope LLC comprised of 4,800 square feet is at 6171 McLeod Drive. The total value of the transaction was $158,183.00. Lisa Hauger and Timothy Erickson of Sun Commercial Real Estate Inc. represented the tenant.
• The lease to Christian Congregation in the United States comprised of 1,730 square feet is at 427 Max Court in Henderson. The total value of the transaction was $101,677.50. Lisa Hauger and Timothy Erickson of Sun Commercial Real Estate Inc. represented the landlord, RSA Avanti Max LLC.