June 11, 2015
TruAmerica Multifamily, a Los Angeles-based firm that specializes in value-add multifamily properties, just made a big buy in the Sin City. The company purchased an infill-urban apartment property in Las Vegas for $50.5 million.
TruAmerica’s financial partner in the deal was Investcorp. The 524-unit Solis at Flamingo is within five miles of the Las Vegas Strip, the University of Nevada Las Vegas and the McCarran International Airport.
The facility, built in 1988, and acquired from Alliance Residential, has both one- and two-bedroom units. TruAmerica plans to put $5.5 million into the asset to upgrade interior areas, Solis’ exteriors, common areas and make other improvements.