CRA Acquires 1,194-Unit Portfolio of Three Apartment Properties for $87.3M – Las Vegas, NV
Las Vegas—Denver-based Continental Realty Advisors Ltd., a multifamily investment and management company, teamed up with San Francisco-based real estate investment firm The Roxborough Group LLC, through affiliate Roxborough Fund I, to acquire three apartment communities in Las Vegas. The portfolio adds up to 1,194 units located in the northern and eastern suburbs of Las Vegas. Financial details of the transaction remain undisclosed.
The portfolio includes the 402-unit Loma Vista Apartments located at 1200 W. Cheyenne Ave., which features one-, two- and three-bedroom units, a fitness center, clubhouse and two pools. Stonegate West comprises 352 one- and two-bedroom units and is located at 2675 S. Nellis Blvd. The community also offers a fitness center, a clubhouse, two pools, two spas and a business center. The third property in the portfolio, Stonegate Apartments, includes 440 units with three pools, two spas, tennis court and fitness center.
“The opportunity to acquire this portfolio and add another 1,200 apartment units to our holdings in Las Vegas is the result of a strategic effort between CRA and Roxborough. We intend to grow our southwest portfolio and welcome the opportunity to offer quality, renovated apartment lifestyles to the region. We want to embrace the Las Vegas community and hope it will appreciate a conscientious owner that values its residents and their living needs,” David Snyder, chairman of Continental Realty Advisors, said in a prepared statement.
The Portfolio is the second acquisition for the partnership in Las Vegas, they closed on Turtle Creek Apartments in the Las Vegas suburb of Henderson in November of 2015. The Property was recently rebranded as “Tesoro Ranch” and has experienced significant rental growth upon completion of its common area upgrades. The business plan for the Portfolio calls for a light renovation of units and a full common area upgrade in order to capitalize on the rent growth in the market and growing demand. The renovation will bring the properties in-line with their competitive set within each submarket.
About Continental Realty Advisors
Continental Realty Advisors (“CRA”), an owner, asset manager, and institutional fund sponsor, was founded in 1981 and has solely focused on investment in the multi-family segment of real estate. The company is an institutional fund investor and expects to acquire over $1 billion in assets over the next several years. CRA is currently acquiring multi-family assets on a nationwide basis. CRA has the ability to close on an all-cash basis within very quick time limitations. For more information on the company’s market focus and acquisition criteria, please visit our website at www.continentalrealtyadvisors.com
About The Roxborough Group
The Roxborough Group is a private real estate investment firm founded in 2013. Headquartered in San Francisco, California, the firm has a broad mandate to invest in all real estate asset classes, both directly and with operating partners. Roxborough focuses on opportunistic, value-add and transitional real estate assets, high-yielding real estate debt, real estate-related operating businesses, as well as high quality, lower risk and longer duration real estate investments. For more information, please visit www.theroxboroughgroup.com.