Tru Development has obtained US$246 million in development finance for two housing complexes totalling 716 units in Nevada. Construction debt, Co-GP equity, and LP equity are all part of the capital stack. KaktusLife@TheCurve, a 356-unit multifamily building in Las Vegas, and ThePeak@Vista, a 360-unit multifamily development in Sparks/Reno, will benefit from the investment.
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According to Yardi Matrix data, KaktusLife@theCurve Phase I, located at 8030 W Maule Ave., will be LEED-certified. Elevators will service the four five-story buildings, and 2,500 square feet of retail space will be offered. A fitness centre, clubhouse, and rental office are among the planned community facilities. The asset will be located around 14 miles southwest of downtown Las Vegas. Southern Hills Hospital is located 2 miles northwest, and a Walmart Supercenter, as well as various other shopping and food alternatives, are located 2 miles west.
The Apex@Vista, located at 6040 Vista Blvd., will include 576 parking spots spread across 14.8 acres. Brycon will offer construction management services as well as preconstruction services such as design and permitting for the development. The neighbourhood will be located 10 miles northeast of downtown Reno and three miles west of Golden Eagle Regional Park.
More details on the Tru Development Nevada housing projects
Tru Development obtained US$78.4 million in non-recourse construction debt and US$56.6 million in Co-GP and LP equity for the building of KaktusLife@theCurve, as well as US$66.5 million in non-recourse construction debt and US$44.3 million in Co-GP and LP equity for the construction of theApex@Vista. Tru was advised by Lucent Capital on the transaction. According to Freddie Mac study, Las Vegas will be one of the best-performing markets this year. Other cities from the American West and Florida were also included on the list. These cities are expected to have yearly gross income growth rates ranging from 6 to 7.6 per cent, with vacancy rates in neighbourhoods ranging from 3.3 per cent (Albuquerque) to 4.6 per cent (Phoenix). The top ten include Atlanta, Sacramento, Riverside, West Palm Beach, and Fort Lauderdale.
