SAN DIEGO, CA - Sunroad Enterprises is pleased to announce that it has acquired Avery Park Apartments at 2200 N Torrey Pines Drive in Las Vegas, Nevada. Avery Park Apartments is the fourth existing property to be acquired under Sunroad Enterprises’ rapidly growing Multifamily Division, which now has in excess of 2,250 units in various stages of new vertical construction or active value add renovation. Sunroad’s multifamily growth has been primarily focused in California, Arizona and Nevada.
The Avery Park acquisition was completed by Sunroad Enterprises exclusively, who has plans to renovate the common areas and unit interiors over the next two years. “This community has enormous potential, and we’re excited to bring the experience and proven track record of our renovation and rehab team, as well as our management expertise to the Las Vegas market,” says Dan Feldman, President of Sunroad Asset Management.
Financing for the acquisition and renovation was provided by Prime Financial and arranged by Holiday Fenoglio Fowler, L.P. (HFF).
Avery Park Apartments consists of 320, Class B units. The existing property was built in 1988 and sits on 15 acres of land located nine miles northwest of Downtown Las Vegas. Shared amenities include a clubhouse, two swimming pools with a grill area, a fitness center, a business center, and a pet park.
Michael Dow, Principal of Impact Multifamily Advisors, and former President of Sunroad’s Multifamily Division, has been retained to execute the value add and repositioning strategy at Avery Park. Now in his fourth project for Sunroad, Michael Dow adds, “this project offered a unique opportunity in a compelling submarket and we are excited to take it to the level of quality that is now expected in Las Vegas.”
About Sunroad Enterprises: Founded in San Diego in 1977, Sunroad Enterprises is a diversified holding company consisting of two distinct divisions: real estate and automotive. The company has built over 3,000,000 square feet of Class A office space, in addition to the 600 slip Sunroad Resort Marina, 500 multifamily units, and Maderas Golf Club, recently ranked by Golf Digest for the 4th year in a row as a top 100 Golf Course. Sunroad Enterprises has been involved in projects in California, Colorado, and Mexico, and has earned numerous quality commendations from local, regional, and national organizations. On the auto side, Sunroad currently owns and manages 11 car dealerships in Mexico and the US, with annual vehicle sales in excess of 24,000 cars sold, and over 200,000 customers choosing Sunroad for service. Sunroad is proud to have won, amongst others, the Ford Triple Crown Award, Honda Presidents Award, Subaru Stellar Performer, and BMW Center of Excellence Award.