La Noor Studios:

La Noor Studios is a 51-unit apartment complex located in Mesquite, Nevada – one of the fastest-growing cities in the state. This rapidly expanding market provides a strong backdrop for continued growth.

La Noor Studios represents a significant value-add opportunity in a supply-constrained submarket. Built in two phases (2021 and 2023), the property offers a rare chance to acquire a modern multifamily asset with substantial upside. The business plan focuses on upgrading the 2021 units to match the higher-rent 2023 finishes, creating an immediate path to revenue growth while maintaining a strong competitive position.

Legacy Living initially placed the property under contract in early 2025 at $3.9 million. Following a foreclosure, we negotiated a direct acquisition from the lender at a purchase price of $3.30 million—a 15% discount that materially enhances projected returns.

The capital plan calls for acquisition with bridge financing, followed by a refinance into agency debt in month 12. At that point, we anticipate returning approximately 50% of invested equity, while maintaining long-term ownership under favorable financing. The combination of operational value-add, discounted basis, and above-average rent growth in Mesquite positions La Noor Studios as a compelling risk-adjusted investment.