LAS VEGAS — A joint venture between TruAmerica Multifamily and Investcorp have acquired Solis at Flamingo, a 524-unit urban infill apartment community in Las Vegas, for $50.5 million. The community is located at 3275 East Flamingo Road.
Solis at Flamingo is situated just five miles from the Las Vegas Strip, the University of Nevada, Las Vegas, and McCarran International Airport. It was built in1988.
The community offers one- and two-bedroom units. Common-area amenities include three resort-style pools and spas, a clubhouse, fitness center, business center, and basketball and tennis courts.
TruAmerica will invest an additional $5.5 million in capital improvements that will include full interior renovations and exterior and common-area upgrades. The property will also receive new landscaping, upgraded pool furniture, outdoor kitchens and a pet park.
This is TruAmerica’s first acquisition in Nevada. It also recently entered Salt Lake City and Portland, Ore.
The seller was Alliance Residential.