DENVER, CO - Continental Realty Advisors (CRA), a Denver-based owner of multifamily communities nationwide, announced the sale of the 400-unit Tesoro Ranch Apartments in Henderson, Nevada. CRA improved the property with practical upgrades to common areas and amenities, as well as a light renovation to most of the units.
“We are very pleased with the results of our investment in Tesoro Ranch Apartments. In just a few years, we were able to greatly improve the community through common area, exterior, and unit interior upgrade programs, which were well received by residents. We accomplished our goal of positioning the property to take advantage of an exceptional submarket with very strong growth potential,” said David Snyder, Chairman of CRA. “The successful disposition of Tesoro Ranch is a reflection of advanced market research and execution of a strategic business plan by our asset-management team.”
Constructed in 2007, Tesoro Ranch Apartments is strategically located adjacent to the $1.4 billion Union Village Integrated Health Village development along Boulder Highway in Henderson. Union Village is expected to create several thousand new healthcare-related jobs by 2025, further fueling the demand for rental homes in the area. Tesoro Ranch Apartments was originally acquired by CRA in partnership with The Roxborough Group in November 2015. The property underwent renovations to the clubhouse/leasing center, fitness center, and pool area. CRA also implemented a unit renovation program that consisted of upgraded flooring, appliances, lighting fixtures, and plumbing fixtures. Sale of the property closed in December 2018. Since 2016, CRA has transacted more than 1,650 units in the Las Vegas market.
“CRA remains an active investor in multifamily properties nationwide, with an emphasis on Western markets including Las Vegas,” said Robert Ireland, director of acquisitions for CRA. “We believe strongly in the Las Vegas market and will continue to be an aggressive buyer, as represented by CRA’s $14 million purchase of The Onyx in March 2019.”
Since December 2018, CRA has sold four multifamily properties totaling in excess of 1,400 units located within four markets across the country. The total sale price of these four assets exceeded $200 million, which represents a substantial gain to CRA investors over the average hold period of three-and-a-half years.