Las Vegas Review Journal: Out-of-state investors buy Turtle Creek Apartments
Roxborough Fund I, an affiliate of San Francisco-based real estate investment firm The Roxborough Group, partnered with multifamily investment and management firm Continental Realty Advisors of Denver to acquire Turtle Creek Apartments in the Las Vegas Valley.
Terms of the acquisition were undisclosed.
Matt McCormick, Roxborough Group senior vice president, said the 400-unit apartment complex at 6655 Boulder Highway on the border of Henderson was a desirable market for the firm.
“We’ve been honing in on the Western U.S. and we think there’s potential for rent growth,” McCormick said. “There’s an opportunity to buy existing projects in Las Vegas and because this particular project is located adjacent to Union Village construction site it was very compelling.”
Union Village is a $1.2 billion, 170-acre master-planned community scheduled to debut in October 2016. It will include a hospital and health care center, residential, entertainment and specialty retail space, and a senior retirement community and civic and cultural arts center.
“The themes we look for when acquiring multifamily assets are that they are either near public transportation for easy access to employment or adjacent to employment centers,” McCormick said.
Union Village is expected to create 17,000 direct and indirect jobs.
Turtle Creek’s nearby amenities include Galleria at Sunset, Sunmark Plaza shopping centers and the adjacent 96-acre Silver Bowl public park. The property also offers regional access through the nearby Interstate 15 on-ramp and Boulder Highway.
According to McCormick, the firm plans to upgrade and improve common and public areas as well as implement an interior renovation program and improve access to the property.
“We’re thinking this is a midtier property and because we think properties will be developed around that area, we want to maintain occupancy,” he said. “Though it’s premature to say the rent price point, we will be a cheaper alternative to newer construction without a doubt and cheaper than comparable products in the area.”
Though Turtle Creek is the first acquisition for Roxborough Fund I, McCormick said he anticipates more Las Vegas Valley investments by the company.
“I think retail is an interesting opportunity as well as industrial, residential development and multifamily assets,” he said. “There are a lot of attractive opportunities we can find in Las Vegas that we won’t see in other Western metropolitan areas.”
— RJRealEstate.Vegas reporter Ann Friedman contributed to this story. To contact her, call 702-380-4588 or email email@example.com