San Diego-based Sunroad Enterprises has recently gone on an acquisition spree in Nevada and Arizona. The firm has acquired Adobe Ranch Apartments, a 234-unit apartment complex located in Henderson, Nevada; Marina Village Apartments in Sparks, Nevada; San Portella, a 308-unit apartment complex located in Tempe, Arizona; and Horizon Ridge, a 296-unit apartment complex located in Henderson, Nevada. These acquisitions are a follow-up to several multifamily acquisitions throughout the West Coast in the last several years.
“Over the past few years, we have successfully brought the Ariva and Vive apartment communities in San Diego’s Kearny Mesa area to market and acquired several multifamily communities in Nevada and Arizona,” Dan Feldman, VP of Sunroad Enterprises, tells GlobeSt.com. “To build upon this momentum, capitalize on current renter demand in these markets and continue growing our Multifamily Division, we have acquired several properties with tremendous potential in the past few months in Arizona, Nevada and Washington.”
While the firm purchases assets throughout the West Coast, it has shown a recent focus on Nevada and Arizona markets, thanks to recent economic growth and improving fundamentals. “Both the Las Vegas and Phoenix markets are rapidly growing, making each attractive to us for multifamily investments as businesses in these areas expand and new businesses open, young families and professionals begin to look for housing in the region, creating strong renter demand,” says Feldman. “These markets create ideal opportunities to modernize older apartment properties into contemporary units that help meet renter demand and support growing regional employment centers.”
Specifically, Sunroad is focused on properties in secondary markets that attract young professionals, young families and baby boomers. “As families, young professionals and even empty nesters move in these markets, they are looking for contemporary housing at an attainable rate. We look to invest in properties that were built within the last 20 years that are in their original condition,” says Feldman. “This creates the opportunity to modernize units with current-style features and finishes, which could include new flooring or kitchens among other upgrades. We also look to improve amenities like enhancing pool and recreation centers with new gathering areas that include craft beer taps and entertainment options that appeal to renters. Ultimately, we have delivered and will continue to deliver modernized housing that helps meet the demand and future growth of cities in the Pacific Northwest and Southwest.”
This is Sunroad’s unwavering strategy through the next year, and it will execute this strategy to grow its multifamily division in markets like Phoenix and Las Vegas as well as Seattle and San Diego. “These markets offer great opportunities for continued investment in multifamily properties to help meet demand for housing,” says Feldman. “In addition to our multifamily division focus, we are continuing to build on our 40-year history of developing office, industrial, resort and marina properties in San Diego and surrounding markets in the Southwest. Most recently, we broke ground with Majestic Realty Co. on the Majestic Sunroad Center, a 227,000 square foot, three-building industrial project in San Diego’s Otay Mesa. The project is currently preleasing and slated for completion next year.”