Avery Park – Sunroad Enterprises Acquires Second Multifamily Property In Las Vegas
Sunroad Enterprises is pleased to announce that it has acquired Avery Park Apartments 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.”