{"id":1004121282,"date":"2015-06-16T13:37:34","date_gmt":"2015-06-16T21:37:34","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=352795"},"modified":"2022-03-03T03:44:16","modified_gmt":"2022-03-03T11:44:16","slug":"truamericas-western-campaign-hits-las-vegas","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/truamericas-western-campaign-hits-las-vegas\/","title":{"rendered":"TruAmerica\u2019s Western Campaign Hits Las Vegas"},"content":{"rendered":"

By Alex Girda, Associate Editor<\/em><\/p>\n

As part of its campaign to expand in improving western markets, TruAmerica Multifamily just completed its inaugural purchase in Las Vegas. The company also recently debuted in the Portland and Salt Lake City markets.<\/p>\n

In partnership with Investcorp, TruAmerica acquired the Solis at Flamingo\"Solis<\/a> residential community in a $50.5 million off-market deal. The 27-year-old asset is located in Paradise Valley East, an area near McCarran International Airport and the Las Vegas Strip. The submarket posted the third-best rental rate growth in the Las Vegas metro, according to data provided by Yardi Matrix<\/em><\/a>. During the 12 months ending in February, average rents in Paradise Valley East rose 9.6 percent, trailing only Summerlin and Henderson West.<\/p>\n

Solis at Flamingo is part of TruAmerica\u2019s broader strategy to identify assets that can be improved and then directed towards the growing workforce in major western markets. Las Vegas has grown in recent years in terms of population and employment, although it has yet to reach pre-recession peaks for some economic indicators, such as wages.<\/p>\n

However, the increasing number of construction and leisure and hospitality jobs is driving growth in the lower tiers of the city\u2019s multi-family market. To that point, TruAmerica is planning to invest $5.5 million in capital improvements at the 524-unit community. The asset\u2019s amenity package currently features three pools and spas, a clubhouse, fitness center, business center and sports areas.<\/p>\n","protected":false},"excerpt":{"rendered":"

Currently finding itself in the midst of an expansion campaign throughout improving markets in the Western U.S., TruAmerica Multifamily just completed an acquisition in the Las Vegas market. This is the L.A.-based value-add multifamily investment firm’s inaugural purchase in the state of Nevada. The company also marked its debut in the Portland and Salt Lake City markets during recent weeks.<\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1593,21742],"tags":[],"class_list":["post-1004121282","post","type-post","status-publish","format-standard","hentry","category-las-vegas","category-latest"],"acf":[],"yoast_head":"\nTruAmerica\u2019s Western Campaign Hits Las Vegas - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/truamericas-western-campaign-hits-las-vegas\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TruAmerica\u2019s Western Campaign Hits Las Vegas\" \/>\n<meta property=\"og:description\" content=\"Currently finding itself in the midst of an expansion campaign throughout improving markets in the Western U.S., TruAmerica Multifamily just completed an acquisition in the Las Vegas market. This is the L.A.-based value-add multifamily investment firm’s inaugural purchase in the state of Nevada. The company also marked its debut in the Portland and Salt Lake City markets during recent weeks.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/truamericas-western-campaign-hits-las-vegas\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-06-16T21:37:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-03T11:44:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/06\/Solis-at-Flamingo.jpg\" \/>\n<meta name=\"author\" content=\"Alex Girda\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/truamericas-western-campaign-hits-las-vegas\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/truamericas-western-campaign-hits-las-vegas\\\/\"},\"author\":{\"name\":\"Alex Girda\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/540f0253de89dedaae7684239611b81c\"},\"headline\":\"TruAmerica\u2019s Western Campaign Hits Las Vegas\",\"datePublished\":\"2015-06-16T21:37:34+00:00\",\"dateModified\":\"2022-03-03T11:44:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/truamericas-western-campaign-hits-las-vegas\\\/\"},\"wordCount\":239,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/truamericas-western-campaign-hits-las-vegas\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/06\\\/Solis-at-Flamingo.jpg\",\"articleSection\":[\"Las Vegas\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/truamericas-western-campaign-hits-las-vegas\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/truamericas-western-campaign-hits-las-vegas\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/truamericas-western-campaign-hits-las-vegas\\\/\",\"name\":\"TruAmerica\u2019s Western Campaign Hits Las Vegas - 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