Marq Multifamily Record-Breaking $152,000,000 Sale of Allanza at the Lakes Apartments

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The 896-unit Allanza at the Lakes apartments, located at 8600 Starboard Drive in Las Vegas, Nevada, sold on June 6, 2019 for $152,000,000 ($169,643 per unit). This is the highest sale price for a single multifamily asset in Nevada history.

Thomas Olivetti of Marq Multifamily in Las Vegas represented the seller and the buyer in the transaction.

TruAmerica Multifamily, in joint venture with an institutional capital partner was the buyer. TruAmerica Multifamily is a vertically integrated, value-add multifamily investment firm based in Los Angeles. Founded in July 2013 as a joint venture between Robert Hart and The Guardian Life Insurance Company of America, TruAmerica has been one of the country’s most active multifamily investors and manages an $8.7 billion portfolio of approximately 40,000 units across prime locations including around 4,000 units in Nevada, making it one of the largest apartment landlords in the state.

“Multifamily fundamentals remain strong in the Las Vegas marketplace and Allanza offers significant value-add upside through interior upgrades and exterior and common area improvements,” says Olivetti, “Allanza is located in the highly-desirable The Lakes community less than four miles east of Downtown Summerlin.”

The apartment community, built in 1985 and 1986, comprises 896-units situated on almost 40 acres. It is a blend of 32 percent 1-bedroom units, 55 percent 2-bedroom units and 13 percent 3-bedroom units.

The seller was undisclosed.

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