Investment Highlights
TruAmerica Multifamily expands its portfolio in Las Vegas to 4,695 units with the acquisition of Citron. The acquisition of this property represents TruAmerica’s sixth acquisition of 2020 and its fourteenth property in the Las Vegas MSA. Citron represents an immediate value-add opportunity. All apartment interiors are in their original condition, which poses an opportunity for dramatic improvements through modern renovation. TruAmerica also plans to make targeted, accretive improvements to exteriors and amenity spaces. Potential amenity enhancements and upgrades include painting the exterior of The Property, renovating the clubhouse/fitness center, and esthetic upgrades to the pool areas and landscaping. These upgrades will help enhance the overall image and curb appeal of The Property.
Property Highlights
Citron is a 168-unit institutional quality multifamily community built in 2005. The Property features an attractive unit mix comprised of one-bedroom apartments (43%) and two-bedroom apartments (57%) with floorplans at an average unit size of 793 square feet. All the homes feature in-unit washers and dryers, private patios or balconies, walk-in closets, and 9-foot ceilings. Citron also features a broad array of community amenities including a 24-hour fitness center, pool, indoor hot tub, clubhouse, and a leasing office. The
Property also includes detached garages that are available to rent.
Citron is situated right along the Interstate 515, providing excellent connectivity to the broader Las Vegas Metro. The property is located less than 20 minutes from the Las Vegas Strip, and McCarran International Airport is a quick 10 minutes to the west via Russell Road – a major arterial street. Citron is assigned to Clark County School District. The District enrolls over 300,000 students and employs over 15,000 teachers and 3,000 staff. Green Valley High School, which Citron is assigned to, is ranked 9/10 on GreatSchools.org.
Although the property is in Las Vegas, it borders Henderson. As such, the property enjoys all the benefits of being in Henderson: outdoors activities (more than 80 miles of trails), safety, schools, and an abundance of retail. In addition, the property is less than 10 minutes away from Galleria at Sunset, a 1.3 million SF mall, which is anchored by Macy’s, Dillard’s, and JC Penney. There is an additional 2.5 million SF of retail surrounding the mall with shops including Home Depot, Costco, Target, and Best Buy.
Community Amenities
• Clubhouse
• Fitness Center
• Resort Style Outdoor Pool
• Indoor Spa
Apartment Amenities
• Gas Oven
• Attached Microwave
• Breakfast Bar
• 9ft and Vaulted Ceilings
• Ceiling Fans
• Washer/Dryer
• Large Walk-In Closets
• Private Patio/Balcony
