LAS VEGAS, NV – TruAmerica Multifamily, in partnership with MSD Capital, has made its largest investment in Southern Nevada with the acquisition of three Las Vegas garden-style multifamily communities in an off-market transaction.  

Since entering the market in May of 2015, TruAmerica has invested approximately $200 million in building a Las Vegas multifamily portfolio that now totals 1,746 units. 

“Las Vegas is showing impressive signs of post-recession recovery,” said Greg Campbell, Managing Director of Acquisitions for TruAmerica.   “But, the recovery is still in its infancy compared to the majority of major Western markets, which have surpassed their pre-recession highs.  We believe there is a lot of runway left and will continue to look for opportunities to expand our presence in Southern Nevada.”

The three properties, Oasis Gateway, Oasis Palms and Oasis Vinings, are located within 2.5 miles of one another in the heart of Northwestern Las Vegas.   Built between 1989 and 1997, all are low-density, gated communities featuring outsized common area amenities that are highly desirable in Las Vegas, such as resort style pools, fitness centers, clubhouses and BBQ areas.  Collectively, the portfolio totals 802 one, and two-bedroom units ranging in size from 700 to 1,200 square feet. 

TruAmerica will immediately start implementing a capital improvement program across all three properties.  Interior unit upgrades will include new appliance packages, updated cabinetry and faux-wood floors.  Exterior renovations will bring a fresh new look to the clubhouses, fitness centers, pools and landscaping at each property.

“MSD Capital continues to see attractive opportunities in repositioning older multi-family assets,” observed Barry Sholem, head of MSD Capital’s real estate group.  “This transaction represents our third such venture with TruAmerica in the past four months.”

“By acquiring and improving well-located, Class B properties, we can deliver high quality product at rental rates that are still affordable to the vast majority of renters: middle income families and individuals entering the work force,” said Campbell.

TruAmerica Multifamily is a vertically integrated value-add multifamily investment firm based in Los Angeles. Founded in July 2013 as a joint venture between Robert Hart and The Guardian Life Insurance Company of America, TruAmerica has been one of the country’s most active multifamily investors and manages a $6.3 billion portfolio of approximately 30,000 units across prime locations throughout Northern and Southern California, Washington, Oregon, Colorado, Arizona, Nevada, Utah and Maryland.

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MARINA, CA – The University Corporation at Monterey Bay, an auxiliary Corporation of California State University Monterey Bay, has bought a 579-bed student housing development adjacent to its campus from AMCAL Equities LLC, a leading multi-family rental housing developer, and AMCAL’s partner Coleraine Capital Group, Inc. The team completed the project in time for student occupancy in the 2015-2016 academic year. Called The Promontory, the project at 400 8th Street sold for $68.5 million.

Cal State Monterey Bay has more than 7,000 undergraduate and graduate students, 50 percent who live on campus. It is one of the most residential campuses in the California State University system.

“AMCAL designed and built this project from start to end specifically to expand our student housing inventory. Students like it because it is completely state-of-the-art, the latest technology and safety systems as well as extensive recreational and community spaces,” said Kevin Saunders, VP Administration and Finance, CFO and Executive Director, University Corporation at Monterey Bay. “It was fully occupied on Day 1 and we believe it will be a valuable asset for years to come.”

The Promontory was AMCAL’s first student housing development. Set on eight acres, it consists of three four-tale buildings each surrounding a courtyard. It was built to LEED certification.

“The university had a 20-year master lease with an option to buy after the first 12 months that it chose to exercise,” said Percival Vaz, CEO of AMCAL.

“Over four decades we have learned that our insistence on excellent design, sustainability, technology and quality construction results in projects that improve the community and make lives better for our tenants,” Vaz noted. “We cross pollinated all we have learned into The Promontory, our first student housing project, and it’s gratifying to see it so well received.”

The Promontory is contiguous to campus, allowing its residents to walk or bike to school, eliminating the need for additional parking on campus. Its fire-life safety technology is integrated with the University’s emergency management plot and notification system. Facilities especially designed for the students include an Internet café, a basketball half-court, community clubroom, 24-hour study places, bicycle storage, fitness center, outdoor grills and seating areas.

California State University, Monterey Bay (CSUMB) is a public university in the 23-campus California State University system, located in Marina and Seaside, in Monterey County, California.

AMCAL is a leading developer of multi-family rental housing, primarily affordable and market-rate apartments that frequently are honored with awards for excellence. Since 1978, it has concentrated in California, building in over 33 cities. It is known for delivering projects on time and on budget and for outstanding efficiency and quality, building with its own in-house construction company. The company entered the student housing field in California in 2013 and now has seven developments under construction or in entitlement stages.

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