Sunroad Executes Aggressive Acquisition Strategy

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.”