Las Vegas Business Press: REAL ESTATE BRIEFS
SPECIAL TO LAS VEGAS BUSINESS PRESS
Roxborough Fund I, an affiliate of San Francisco-based real estate investment firm The Roxborough Group LLC, in partnership with Continental Realty Advisors Ltd., a Denver-based multifamily investment and management firm, have completed the acquisition of three apartment complexes totaling 1,194 units, in north and east Las Vegas. Terms of the deal remain undisclosed.
The portfolio includes the 402-unit Loma Vista Apartments in North Las Vegas, as well as the 440-unit Stonegate Apartments and 352-units Stonegate West Apartments on the east side of Las Vegas.
“We are excited for the opportunity to acquire a portfolio with scale at a significant discount to replacement cost,” said Senior Vice President of The Roxborough Group, Matt McCormick. “The Las Vegas market is experiencing a significant recovery in employment, wage and population growth, yet the growth in new rental housing remains below peak levels and significantly behind most major cities throughout the country. We see significant room for rent increases in this sector.”
The portfolio is the second acquisition for the partnership in Las Vegas, which acquired Turtle Creek Apartments in Henderson in November 2015.
This 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 a subset of the individual units and a full upgrade of common areas to capitalize on the rent growth in the market. The renovation will bring the properties in line with their competition in each submarket.