Multi-Family Executive: Roxborough and CRA Acquire 1,194 Las Vegas Units
Investors see high rent-growth potential in the region’s recent employment growth and pent-up housing demand.
The Roxborough Fund I, an affiliate of The Roxborough Group, and investment partner Continental Realty Advisors (CRA) have acquired 1,194 units across three properties: Loma Vista Apartments, a 402-unit community in north Las Vegas, and Stonegate Apartments and Stonegate West Apartments, 440-unit and 352-unit properties, respectively, in east Las Vegas.
CRA will serve as both an investor and owner–operator for Loma Vista and the Stonegate properties, and Roxborough, a private real estate investment firm focused on value-add and transitional assets, will provide additional investment capital.
“We are excited for the opportunity to acquire a portfolio with scale at a significant discount to replacement cost,” said Roxborough Group senior vice president Matt McCormick in a release. “The Las Vegas market is experiencing a significant recovery in employment [and] 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.”
This portfolio is the second Las Vegas–area acquisition for the Roxborough–CRA partnership, which acquired 400 units in Henderson, Nev., in November 2015. The Turtle Creek Apartments, now rebranded as “Tesoro Ranch” under the partnership, has finished its common-area upgrades and since experienced “significant” rent growth.
Value-add plans for Loma Vista and the Stonegate properties include light apartment renovations and full common-area upgrades. Roxborough and CRA intend to bring these assets into line with the local competition.
“We intend to grow our Southwest portfolio and welcome the opportunity to offer quality, renovated apartment lifestyles to the region,” David Snyder, CRA chairman, said in the Roxborough release. “We want to embrace the Las Vegas community and hope it will appreciate a conscientious owner that values its residents and their living needs. We are excited to be part of their lives.”