LAS VEGAS, NV – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Woodlake Villas Apartments, a 218-unit multifamily community in Las Vegas, Nevada. 29SC plans to implement a $1.9 million capital improvement program to renovate unit interiors, enhance the property’s exterior and curb appeal and improve the amenity package. 29SC will also implement energy-efficient upgrades through the Freddie Mac Green financing program.
The Las Vegas market has experienced significant economic improvements in recent years. In 2016 alone, the Las Vegas market ranked third in rent growth (Axiometrics), added 24,800 jobs and had a positive net migration of 40,000. Additionally, the Las Vegas MSA reported millennial population growth of 3.0% in 2016, which ranked the highest in the U.S.
“We are very pleased with the addition of Woodlake Villas to the 29SC portfolio and our expansion into the ever-improving Las Vegas market,” said Dusty Eddy, 29SC’s Vice President of Acquisitions for Phoenix, Las Vegas and San Diego. “We’re excited to start our renovation program that will ultimately lead to a more desirable community.”
Woodlake Villas is situated approximately three miles west of the Las Vegas Strip. The community is located near many daily conveniences, including Trader Joe’s and Smith’s, and provides its tenants with easy accessibility to I-15. Major retail centers Fashion Show Mall and The Boulevard are also each located less than five miles from the property.
“The property is located within a well-developed neighborhood that has above-average proximity to the Las Vegas Strip as well as several other local employment opportunities,” Eddy added. “The combination of the property’s location and the planned renovations will provide current and future residents with a convenient and substantially-improved community.”
The transaction closed April 26. The sale price was not disclosed.
29th Street Capital acquired 15 multifamily assets over the past 12 months and continues to actively pursue additional opportunities throughout the U.S. The firm will continue to target strategic value-add deals that are below the institutional radar, with the intention of offering its investors above-market returns.