CONAM Pays Discounted Price for LV Apartments
The Sares Regis Group sold a Las Vegas-area apartment complex for $58 million, nearly $29 million less than they paid for it in 2022. Multihousing News reports that CONAM acquired the 232-unit Alicante through CONAM Strategic Investments Fund IV.
Built in 2001, Alicante offers one-, two-, and three-bedroom floor plans averaging 1,092 square feet on more than 11.2 acres.
Alicante is currently 96.6 percent occupied with rents averaging out at $1,661, down nearly $200 a month from when Sare Regis bought the development 4 years ago.
Common-area amenities include a swimming pool and spa, fitness center with yoga and spin studios, a clubhouse and billiards room. There is a dog park, playground, package lockers, and gated access.
The apartments are in Spring Valley, an unincorporated community in Clark County, about two miles west of the Las Vegas Strip.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout