Home / Business and Economy / Tailwind Buys 3 CA & NV Apartments for $59.5M
Tailwind Buys 3 CA & NV Apartments for $59.5M
6 Dec
Summary
- Tailwind Investment Group acquired three properties for $59.5 million.
- The deal included 365 units across California and Nevada.
- The acquisition was an off-market transaction completed on December 3.
Tailwind Investment Group has significantly expanded its presence by acquiring a three-property multifamily portfolio totaling 365 units for $59.5 million. This substantial off-market acquisition, finalized on December 3, marks the company's strategic entry into both the San Francisco and Las Vegas metropolitan areas. The properties were purchased from a long-term family owner.
The acquired assets include Berryhill (96 units) in Grass Valley, California, Morrell Park (160 units) in Henderson, Nevada, and Peachwood (109 units) in Fairfield, California. All three properties are garden-style communities built in the 1980s and were approximately 95% occupied at the time of sale. Tailwind plans to implement business plans to enhance each asset.
This transaction involved assuming an existing HUD loan, which Vice President of Investments Trey Wheeler noted offers strong current cash yield and future income growth potential. Apartment Management Consultants will manage the properties day-to-day, while Tailwind will oversee asset and construction management for an institutional joint venture.
