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TruAmerica Multifamily Makes Las Vegas History with $152M MF Buy
TruAmerica, in joint venture with an institutional capital partner, acquired Allanza at the Lakes, an 896-unit multifamily community in Las Vegas for $152 million. The transaction is the largest single multifamily asset deal in Nevada history.
TruAmerica’s Robert E. Hart says, “We continue to fine-tune our portfolio building scale, where we have a significant presence like Las Vegas as well as expanding our national footprint into new markets such as Atlanta.”
With 896 units, Allanza is the fourth largest apartment building in Nevada and the largest acquisition by unit-size in the six-year history of the Los Angeles-based real estate investment firm. TruAmerica now owns roughly 4,000 units in Nevada, making it one of the largest multifamily landlords in the state.
TruAmerica has started 2019 with almost $900 million in transaction activity, including the acquisition of roughly 3,700 units in Florida, Georgia, Nevada and Colorado.
NorthMarq’s Phillip Weigand and Thomas Olivetti handled the deal on behalf of the seller.
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