Multi-Housing News: Roxborough, CRA Expand Vegas Portfolio by 1,194 Units
The transaction included Loma Vista Apartments, Stonegate West and Stonegate Apartments.
Las Vegas—San Francisco-based real estate investment firm The Roxborough Group LLC, through affiliate Roxborough Fund I, teamed up with Denver-based Continental Realty Advisors Ltd., a multifamily investment and management company, to acquire three apartment communities in Las Vegas. The portfolio adds up to 1,194 units located in the northern and eastern suburbs of Sin City. Financial details of the transaction remain undisclosed.
“We are excited for the opportunity to acquire a portfolio with scale at a significant discount to replacement cost. 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,” Matt McCormick, senior vice president with The Roxborough Group, said in prepared remarks.
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, two pools and 603 parking stalls. 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, a business center and 450 parking stalls. The third property in the portfolio, Stonegate Apartments, includes 440 units with three pools, two spas, tennis court, fitness center and 800 parking stalls.
“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 deal marks the second portfolio acquisition for the partnership in Las Vegas, following the purchase of Turtle Creek Apartments back in November 2015. According to Yardi Matrix, the three properties last traded back in 2014, when they were acquired by Related Cos. in a portfolio transaction.