California firm buys 4th Las Vegas area apartment complex for $52M
A real estate firm that says it is “dedicated to social impact” has acquired another Las Vegas apartment complex.
Turner Impact Capital announced Wednesday it purchased the 350-unit Portola Del Sol in the central valley. It did not disclose the sales price, but property records indicate it bought the complex for $52 million.
Santa Monica, California-based Turner said it aims to lower expenses at its properties rather than rely on “outsized rent growth” stemming from upgrades.
It also said that consistent with its business model, Portola Del Sol, 1915 Simmons St., will offer several free services to residents, including afterschool homework help and neighborhood watch programs.
Turner said the acquisition marks its fourth in the Las Vegas area.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.