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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