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CONAM acquires 232-unit Alicante apartment complex for $58 million
The purchase price marked a nearly $29 million discount versus what the prior owner paid in 2022.
ConnectCRE reports that the Sares Regis Group sold the 232-unit Alicante apartment complex in Spring Valley, a Clark County, Nevada, community about two miles west of the Las Vegas Strip, for $58 million.
According to ConnectCRE, the sale price was nearly $29 million lower than what Sare Regis paid for the development in 2022, and CONAM acquired the property through its CONAM Strategic Investments Fund IV.
The complex, built in 2001, offers one-, two-, and three-bedroom units averaging 1,092 square feet, and it is currently 96.6% occupied. Rents average $1,661, down nearly $200 per month from the level when Sare Regis bought the development four years earlier.
ConnectCRE also notes amenities including a swimming pool and spa, fitness center with yoga and spin studios, a clubhouse and billiards room, plus a dog park, playground, package lockers, and gated access.