Shamrock Communities Acquires Investment Properties in Houston and Las VegasDecember 11, 2014
Greenwich, Conn., September 30, 2014 –Shamrock Communities LLC, a Greenwich, Conn. based multifamily real estate investment firm, announced the purchase of three apartment complexes, located in Houston and Las Vegas, to continue its portfolio expansion. All acquisitions were completed in recent weeks.
Shamrock Communities plans extensive capital improvements for The Balboa Apartments, a 248-unit apartment complex situated on eight acres in the suburbs of Houston and a newly branded two property, 1,129-unit residential communities in Las V egas.
“All three properties were distressed, bank-owned assets,” said Ellen Weinstein, Chief Executive Officer of Shamrock Communities. “The properties will be repositioned and turned into viable communities, in which residents will benefit from substantial upgrades and be able to take pride in their surroundings,” said Weinstein. “Going forward, we see additional investment opportunities in both Texas and Nevada, as these housing markets have recovered later than other markets in the West.”
Redevelopment plans for the Balboa Apartments are still in the process of being formalized. The complex is the fourth Texas investment property for Shamrock Communities.
The Las Vegas properties, located in the northeast suburbs of Las Vegas, are situated directly across from the Nellis Air Force Base. Liberty Village, a 720-unit on a 45-acre parcel of land, and the Village Square, a 409-unit apartment complex on eight acres of land, will undergo an estimated $4 million capital improvement plan. The properties transformation will take approximately 12 to 18 months to complete. “After extensive renovations, management changes and enhanced services for the tenants, we hope to attract military employees looking for housing close to Nellis Air Force Base,” said Weinstein.
Shamrock Communities continues to expand its investment portfolio and has completed seven acquisitions in the mid-West and West since the beginning of the year.
About Shamrock Communities
Shamrock Communities LLC is a Greenwich, Conn. based multifamily real estate investment firm that was founded in 2011. Shamrock Communities currently has approximately 4,500 multifamily units in its portfolio, with an additional 200 units being developed and 700 units under contract.