March 1, 2016 - 7:51 pm
A Los Angeles investment firm has nearly doubled its investment in local apartment communities.
TruAmerica Multifamily dropped $51.1 million to buy Montego Bay, a 420-unit, Class B rental community at 1050 Whitney Ranch Drive.
It’s the second purchase in the Las Vegas Valley for TruAmerica, which entered the market in June, when it closed on the 524-unit Solis at Flamingo at 3275 E. Flamingo Road.
TruAmerica focuses on buying and upgrading mid-tier communities. Company officials said they consider the Las Vegas market one of the most attractive for investment.
“Compared to the majority of other major metros in the Western U.S., Las Vegas is still in the early innings of its economic recovery,” said Greg Campbell, senior managing director of acquisitions. “Yet despite its tremendous employment and population growth, there remains a limited supply of new inventory in the pipeline to meet the pent-up demand for quality affordable rental housing.”
Montego Bay in particular appealed to TruAmerica because it’s two blocks from Union Village, a $1.2 billion health-care development that will include hospitals, senior living and shopping.
TruAmerica said it plans to remodel interiors with wood floors, new appliances and resurfaced countertops. It will also remodel the pool area with an outdoor kitchen, and build a second dog park.
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