LAS VEGAS, NV - Sunroad Enterprises, a San Diego-based real estate investment and development firm, recently acquired the 234-unit Adobe Ranch Apartments located in Henderson, Nevada for an undisclosed price. The firm has already begun significant interior and exterior property renovations and part of repositioning and rebranding the property as Cyan.
“With Henderson’s continuous job growth, demand for housing, and strong demographics, repositioning Cyan provides needed, modernized housing units in the area,” said Dan Feldman, President of Sunroad Asset Management. “Cyan provides Sunroad Enterprises the ability to continue our multi-family repositioning and property management expertise in the Las Vegas market.”
The two-story property was built in 2003 and offers one- and two-bedroom units with certain units including direct access garages. Cyan’s shared amenities include a clubhouse, large swimming pool with a grill area, fitness center, business center, and pet park.
“Sunroad Enterprises plans contemporary renovations for the each of the property’s units as well as the creation of a modernized clubhouse and pool area that are tailored for today’s tenants,” Michael Dow, Executive Vice President of Sunroad’s Multifamily Division. “Our renovation plans for Cyan’s units include the installation of upgraded cabinets, quartz countertops, stainless steel appliances, resurfaced tubs, hardwood floors, and new light fixtures and doors.”
The acquisition of Cyan increases Sunroad Enterprises’ rapidly growing Multifamily Division, which is now more than 4,000 units in various stages of new vertical construction or active value add renovation. Sunroad’s multifamily growth has been primarily focused in California, Arizona, Washington and Nevada.
Source: Sunroad Enterprises / #Apartments #Multifamily