CONAM Acquires Las Vegas Community
The community is located in one of the city's fastest-growing submarkets.
CONAM Strategic Investments Fund IV LP, a discretionary fund sponsored by The CONAM Group, has acquired REVERB at Spring Valley, a 180-unit apartment community located in Las Vegas, Nev. The purchase expands the Las Vegas-area portfolio of CONAM. A purchase price was not disclosed.
Featuring two-story garden-style buildings, REVERB at Spring Valley was completed in 2000. The community has a mix of one- and two-bedroom layouts, with the majority falling into the latter category. Features and finishes of the units include in-unit washer-dryers, stainless steel appliances, quartz countertops and private balconies or patios.
Among the common-area amenities of the property are a clubhouse with coffee bar, game room, fire pits, fitness center and pool deck with outdoor games.
Dynamic market
Located in the fast-growing Summerlin-Spring Valley market, Reverb at Spring Valley is situated along the Las Vegas Beltway. The location allows residents ready access to prime employers, both in Southwest Las Vegas and on the Las Vegas Strip. Also in easy reach are retail outlets like Albertson’s and Target, the Las Vegas Athletic Club, a wide array of restaurant choices and lifestyle amenities in Summerlin and the Curve.
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From Reverb at Spring Valley, residents can reach four different colleges and universities, among them UNLV, within a 23-minute drive. Five different stops on the Las Vegas Monorail system can be accessed within the same vicinity.
A Las Vegas multifamily report from Yardi Matrix last month found that asking rents once again were rising in the city’s metropolitan area. At the end of the first quarter, rents increased by 0.2 on a trailing three-month basis through March following seven straight months of declines.
