Terra Cotta Villas is a 136 units Multifamily project that offers spacious one, two and three bedroom apartment homes, fully equipped with electric appliances, air conditioning, private patios, vaulted ceilings and upgraded flooring. Residents enjoy pool, covered parking, indoor sauna and spa.
With today’s active lifestyle in mind, Terra Cotta is located less than 1 mile away from the Las Vegas “Strip” and provides residents with access to major freeways, multiple shopping centers, the University of Nevada, Las Vegas (UNLV), public transit routes, the Las Vegas Monorail, the Union Pacific Railroads and McCarran International Airport. The acquisition ($14,250,000) and renovation of the property provides higher-than-market projected returns.
The Las Vegas multifamily market is one of only a few markets in the country where the significant economic recovery is just beginning. Nevada outpaced the national average in job growth rate, ranking 7th in the country in 2016 with year-over-year growth of 3.4%. Looking forward, Nevada has a projected job growth rate of 2.9% for 2017, while the national average is projected to be 1.7%, according to CBRE Economic Advisors. Unemployment rate in Las Vegas stands at 5.1% as of January 2017.