CONAM Buys Vegas-Area Property for $58M
The price is a significant discount compared with the property's last sale 4 years ago.
The CONAM Group has acquired Alicante Apartment Homes, a 232-unit multifamily community in Spring Valley, Nev. for $58 million, according to Yardi Matrix information. The seller was Sares Regis Group, which paid $86.8 million, in 2022.
CONAM acquired the property through CONAM Strategic Investments Fund IV LP, its fourth discretionary investment fund.
Built in 2001, Alicante offers one-, two-, and three-bedroom floor plans averaging 1,092 square feet on more than 11.2 acres. All units feature vinyl plank flooring, quartz countertops, stainless steel appliances and full-size in-unit washers and dryers.
Alicante is currently 96.6 percent occupied, Yardi Matrix reports. Average rents at the property have contracted from an average of $1,864 a month in 2022 to $1,661 a month this year, according to the same source.
READ ALSO: National Multifamily Report – June 2026
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.
Spring Valley is an unincorporated community in Clark County, about two miles west of the Las Vegas Strip.
Vegas Market Softens
The Las Vegas multifamily market has seen some softening lately, with rents down 1.3 percent year-over-year, considerably below the 0.1 percent national uptick over the same period, according to Yardi Matrix. The occupancy rate in stabilized properties fell 70 basis points compared with a year ago, to 92.8 percent in February.
Multifamily deliveries in Sin City were modest at the beginning of 2026, with 458 units completed in the first quarter. But that total was preceded by more than 12,000 units completed during the previous two years combined. In March, 6,493 units were underway.
In April, the Bascom Group purchased The Ellison, a 294-unit community in Las Vegas, for $103 million. Lyon Living sold the property.
In February, Hamilton Zanze sponsored the acquisition of Fairways on Green Valley, a 320-unit multifamily community in Henderson, Nev., a submarket of Las Vegas. Chicago-based investor Waterton was the seller.
