Privately Held Real Estate Investment Firm and Denver Based Multi-Family Real Estate Owner/Operator Purchase 400-unit, Turtle Creek Apartment Complex
HENDERSON, Nev. (November 16, 2015) – Roxborough Fund I, an affiliate of San Francisco-based real estate investment firm The Roxborough Group, LLC in partnership with Continental Realty Advisors, Ltd. (“CRA”), a Denver-based multi-family investment and management firm, completed the acquisition of Turtle Creek Apartments, located in the Las Vegas suburb of Henderson, Nevada. Deal terms remain undisclosed.
The 400-unit apartment complex is located in Henderson, Nevada, one of the most desirable submarkets of Las Vegas. The property’s immediate location is particularly attractive due to its close proximity to Union Village, a 155 acre health care complex currently under construction on its first phase (Henderson Hospital), which is due to deliver in October 2016. Turtle Creek will benefit from the new hospital, which is anticipated to create over 700 new jobs. Also, Union Village is expected to create 17,000 direct and indirect jobs after full build-out.
The property is located near a strong amenity base including the Sunset Galleria, Sunmark Plaza shopping centers and the adjacent 96-acre Silver Bowl public park. The property also offers convenient regional access through the adjacent Interstate 515 on ramp and Boulder Highway.
“We are excited for the opportunity to acquire an eight year old asset at a significant discount to replacement cost in a unique location on the cusp of a job growth resurgence from the nearby medical village development,” said founder and managing partner of The Roxborough Group, Marc Perrin. “The Las Vegas market is seeing tremendous rent growth and economic signs are indicating a continued post-recession recovery.”
Turtle Creek is the first acquisition for the partners, who plan to renovate the units and common areas to capitalize on the rent growth in the market. CRA is a proven partner in this space and the company’s experience will be critical to the renovation project and execution of the overall business plan at Turtle Creek.
“We are excited to re-enter the Las Vegas market, and believe it is an opportune time to capitalize on significant demand for lifestyle communities in the area,” said David Snyder, chairman of Continental Realty Advisors. “The combination of the Roxborough Group and Continental Realty Advisors brings together two dynamic investment teams that are known for creativity and opportunistic investing.”
CRA and Roxborough’s plans include an interior renovation program, an upgrade of the property’s common areas and amenities, as well as a new entrance off the Boulder Highway for improved access and visibility. The repositioning is designed to take an underperforming asset through a series of targeted improvements and capitalize on the recovering Henderson and Las Vegas economy.
“Turtle Creek Apartments will become a community known for its lifestyle and amenities, while still providing value for its resident clients,” added Snyder. “We look forward to the excitement that will be created with the planned improvements to this community”.
About The Roxborough Group
The Roxborough Group is a private real estate investment firm founded in 2013. Headquartered in San Francisco, Calif., the firm has a broad mandate to invest in all real estate asset classes, both directly and with operating partners. Roxborough focuses on opportunistic, value-add and transitional real estate assets, high-yielding real estate debt, real estate-related operating businesses, as well as high quality, lower risk and longer duration real estate investments. For more information, please visit www.theroxboroughgroup.com.
About Continental Realty Advisors
Continental Realty Advisors (“CRA”), an owner, asset manager, and institutional fund sponsor, was founded in 1981 and has solely focused on investment in the multi-family segment of real estate. The company is an institutional fund investor and expects to acquire over $1 billion in assets over the next several years. CRA is currently acquiring multi-family assets on a nationwide basis. CRA has the ability to close on an all-cash basis within very quick time limitations. For more information on the company’s market focus and acquisition criteria, please visit www.continentalrealtyadvisors.com.