November 29, 2018— Sunroad Enterprises, a San Diego-based real estate investment and development firm, recently acquired the 240-unit Horizon Ridge multifamily property located in Henderson, Nevada for an undisclosed price. Sunroad Enterprises is currently underway on completing contemporary, value add renovations for the property units, clubhouse and gym.
“The Horizon Ridge community has tremendous potential,” says Dan Feldman, President of Sunroad Asset Management. “We are excited to build upon our extensive expertise in the Las Vegas area and expand our local portfolio by acquiring a unique multi-family community that provides an attainable option for renters in the growing Las Vegas market.”
Along with the neighboring Cyan project recently purchased by Sunroad Enterpises, Horizon Ridge is one of four acquisitions for the firm in Las Vegas in the past two years. Financing for the acquisition and renovation of Horizon Ridge was provided through US Bank.
“The market in Las Vegas continues to gain rapid momentum and Sunroad Enterprises looks forward to expanding our footprint in the market,” said Michael Dow, Executive Vice President of Sunroad Enterprises’ Multifamily Division. “Our firm is currently seeking new acquisition opportunities and nearing completion of new deals that will increase our total unit count in the market to more than 1,200 units.”
The acquisition of Horizon Ridge increases Sunroad Enterprises’ rapidly growing Multifamily Division, which is now more than 4,000 units in various stages of new vertical construction or active value add renovation. Sunroad’s multifamily growth has been primarily focused in California, Arizona, Washington and Nevada.