CALCAP Advisors Completes $31 Million Acquisition In Las Vegas
Press Release, September 19, 2019
For Immediate Release:
CALCAP ADVISORS COMPLETES 5TH ACQUISITION IN LAS VEGAS
Pasadena, CA (September 9, 2019) – CALCAP Advisors is announcing that it has purchased Ravello Townhomes, located at 4350 Cappas Street, Las Vegas, NV. The acquisition closed on September 3, 2019 for $31,000,000 ($203,947/unit and $164 per square foot).
Completed in 2012, the community features 152 townhome-style units in seven two-story buildings. The property consists of 114 two-bedroom/two bath units and 38 three-bedroom/two bath units, with an average unit size of 1,239 square feet. Common area amenities include a leasing office, fitness center and a resident business center. The property also offers a resort-inspired pool with large sunning deck, as well as a picnic area with a tot lot playground. The apartment interiors feature expansive 9’ ceilings, direct-access garages, a full-size washer/dryer, modern kitchens, and patios/balconies.
“Las Vegas continues to experience high employment and rent growth. “Ravello Townhomes is a quality asset, and provides a nice strategic fit to our multi-family portfolio”, stated Edward Aloe, President & CEO of CALCAP Advisors. “Although North Las Vegas took a big hit during the recession of 2008-10, we are seeing an influx of commercial and logistics facilities under construction which bodes well for long-term job growth in the area. Major projects like the new Amazon logistics facility, Raiders Stadium and several new resort destinations on The Strip, proves that Las Vegas is a dynamic market experiencing a wave of new development”.
CALCAP Advisors is continuing to source multi-family acquisitions throughout the Southwest. The company has completed thirty acquisitions totaling 3,455 units since 2010.
For more information please contact Susan Rangel at 626.208.8236 or email investorrelations@calcapadvisors.com.
About CALCAP Advisors
California Capital Real Estate Advisors, Inc., and its affiliate entities (CALCAP Asset Management I, CALCAP Properties, CALCAP Lending, and CALCAP Senior Healthcare I, collectively known as “CALCAP”), is a California based investment company founded and 2008 and headquartered in Pasadena, California. The Company sponsors alternative real estate investment opportunities focused on demographically driven housing. CALCAP has been able to consistently provide both individual and institutional investors with outstanding returns over the last 10 years. The Company’s core strategies look to actively create alpha for investors while managing risk. CALCAP currently has over $250mm in Assets Under Management. To learn more visit www.calcapadvisors.com.
Social Mission
CALCAP has created the CALCAP CARES program to encourage employees to find a way to give back to the neighborhoods where we invest. CALCAP has created “GiveTime4Autism” as its initial program which will allow employees the ability to donate unused vacation and sick days for a very worthy cause.
For more information, contact Susan Rangel at 626-208-8237 or e mail investorrelations@calcapadvisors.com.