TruAmerica Multifamily, a Los Angeles-based real estate investment firm, recently broke its own record for a purchase by paying $152 million for the 896-unit Allanza at the Lakes apartment community in Las Vegas. TruAmerica is a joint venture between Robert Hart and The Guardian Life Insurance Company of America. Senior vice president Phillip Weigand and vice president Thomas Olivetti in Northmarq’s Las Vegas office marketed the property for sale on behalf of the anonymous seller.
It’s been a busy year for TruAmerica, which has invested almost $900 million in the acquisition of approximately 3,700 units in Colorado, Florida, Georgia, and Nevada. “We continue to fine-tune our portfolio building scale where we have a significant presence like Las Vegas and expanding our national footprint into new markets such as Atlanta,” said Hart, TruAmerica's founder and CEO.
Allanza is the fourth largest apartment community in Nevada, and the acquisition makes TruAmerica one of the largest multifamily landlords in the state now, owning approximately 4,000 units. Las Vegas is holding its position as a real estate hot spot—partially because of its affordability. “Las Vegas maintains itself as one the lowest income-to-rent ratio MSAs in the country, making renting a very attractive proposition for Las Vegas residents,” said Zach Rivas, TruAmerica director of acquisitions. “While rent growth in other markets may be slowing, Las Vegas remains strong.”
Built in 1986, Allanza features a mix of one-, two-, and three-bedroom homes in 56 two-story buildings on a 40-acre site. Las Vegas continues to attract inbound migration, with the population within a five-mile radius of Allanza expected to grow by 9% over the next four years, according to CoStar.
TruAmerica intends to exercise its value-add muscle by upgrading the interiors of all the homes as leases expire. There are also plans on the books for targeted improvements to the buildings’ exteriors and community areas, which include five swimming pools, two fitness centers, a pet spa, picnic areas, and a playground.
