CONAM Acquires 232-Unit Alicante Apartment Homes in Las Vegas

CONAM Strategic Investments Fund IV LP has acquired Alicante Apartment Homes, a 232-unit multifamily community in the Spring Valley submarket of Las Vegas, Nevada. The acquisition expands CONAM's presence in the Las Vegas market and represents the latest investment for Fund IV, according to the company.

Built in 2001, Alicante consists of 232 units across two-story, garden-style buildings on 11.29 acres. The community offers one-, two-, and three-bedroom floor plans averaging 1,092 square feet. All 232 units feature luxury vinyl plank flooring, quartz countertops, stainless steel appliances, and a full-size in-unit washer and dryer.

Community amenities include a swimming pool and spa, fitness center with yoga and spin studios, clubhouse, billiards room, dog park, playground, package lockers, and gated access.

The property is located less than 1 mile from Summerlin and offers access to major employment centers including Southern Hills Hospital, St. Rose Dominican Hospital - San Martin Campus, the UnCommons mixed-use development, and the UNLV Tech Park. Average household incomes within 1 mile of the property exceed $112,000, according to the announcement.

"Alicante fits squarely within our investment strategy, well-built suburban communities in markets with durable demand drivers, strong demographics, and attractive relative value," said Zach Markell, Acquisitions Director at CONAM. "CONAM has been an owner and operator in Southern Nevada for decades, and this investment is a great addition to our existing portfolio in the Las Vegas market."

CONAM Strategic Investments Fund IV LP is a discretionary investment fund sponsored by The CONAM Group.