Tru Development has secured $246 million in construction financing to build two apartment projects in Nevada totaling 716 units. The capital stack includes construction debt, Co-GP equity and LP equity. The funds will be used to build KaktusLife@theCurve, a 356-unit multifamily development in Las Vegas, and theApex@Vista, a 360-unit multifamily development in Sparks/Reno.

Tru Development secured $78.4 million in non-recourse construction debt and $56.6 million in Co-GP and LP Equity for the construction of KaktusLife@theCurve, and $66.5 Million in non-recourse construction debt and $44.3 Million in Co-GP and LP Equity to build theApex@Vista. Lucent Capital advised Tru on the deal.

Las Vegas has already been pegged as one of the top multifamily markets for 2022. Along with Orlando, Las Vegas will be one of top apartment markets for 2022, according to Marcus & Millichap's 2022 Multifamily National Investment Forecast released this week. Nation-leading rates of job creation and household formation placed Orlando and Las Vegas at the top of the U.S. National Multifamily Index. Robust in-migration also positions other major Southwest and Florida metros near the top of the rankings.