Investment Highlights
TruAmerica Multifamily further expands its portfolio in Las Vegas to 3,503 units with the acquisition of Vida. This property’s acquisition represents TruAmerica’s twelfth acquisition of 2021 and its seventeenth property in the Las Vegas MSA. Vida represents a strong value-add opportunity as 92% of the apartment homes remain unrenovated or lightly renovated. TruAmerica will renovate the remaining units to a premium and consistent finish, which will enhance the quality of living for future residents. TruAmerica also plans to make targeted, accretive improvements to exteriors and amenity spaces. Potential amenity enhancements and upgrades include clubhouse improvements, landscaping, dog park renovation, pool furnishings, new BBQ pads, exterior paint, a new signage package, and fitness center improvements. These renovations will improve the current resident lifestyle and foster a more attractive image to prospective renters.
Property Highlights
Vida, built in 1999, is an institutional-quality asset in Las Vegas, NV. The 252-unit garden-style community features an attractive unit mix comprised of one-bedroom (29%) and two-bedroom (71%) apartment homes with open-concept floorplans and an average unit size of 848 square feet. All the homes feature fully equipped kitchens, full-size washers and dryers, spacious walk-in closets, and private patios or balconies. The community amenities are highlighted by a swimming pool with a spa, cabana seating, barbecue grilling area, fitness center, dog park, and gated access to the property.
Vida is centrally located in Las Vegas’ Southwest submarket, a high growth area experiencing strong demand for multifamily housing due to a number of recent corporate announcements and major healthcare expansions. Located directly west of the Las Vegas Strip, the Southwest submarket is one of Las Vegas’ preferred residential areas with numerous high-end master planned communities, including Spanish Trails, Summerlin, Rhodes Ranch, and Mountain’s Edge. The Southwest submarket has added nearly 60,000 residents since 2010.
Vida is less than two miles west of the Las Vegas Strip (+400,000 jobs) and Allegiant Stadium, a $2 billion 65,000-seat domed stadium that is the home of the NFL’s Las Vegas Raiders. Additionally, Vida offers residents proximity to multiple major healthcare employers, including the Spring Valley Hospital Medical Center (+2,500 jobs), the Southern Hills Hospital & Medical Center (+2,300 jobs), and the St. Rose Dominican – San Martin Hospital (+1,200 jobs).
Community Amenities
• Fitness Center
• Gated Community
• Dog Park
• BBQ Area
• Swimming Pool
• Spa
• On-site Maintenance
Apartment Amenities
• Stainless Steel Appliance Package*
• Extra Storage
• Balcony/Patio
• Vinyl Plank Flooring*
• Walk-in Closet*
• Quartz Countertops*
• Refrigerator
• Breakfast bar*
• Washer/Dryer
• Dishwasher
• Built-in Microwave*
• Tile Backsplashes
• Stove/ Oven
• Ceiling Fan
• Air Conditioning/Heating
*Select Units
