Las Vegas—The San Diego-based ConAm Group announced the expansion of its Las Vegas and Phoenix portfolios with the acquisition of two multifamily properties, Silver Shadow and The Greens. Together, both communities will add 524 units to the group’s holdings.
The Silver Shadow, located at 8301 W. Charleston Blvd., was purchased for $22.6 million and is a 200-unit property. The seller, Bridge Investment Group Partners, were represented by Glenn Dulaine at Realty Executives of Nevada.
ConAm plans to work on a series of interior and exterior upgrades to the property, including desirable common area amenities.
“This property, located in the southwestern Las Vegas submarket adjacent to the Summerlin master planned community, strongly aligns with our strategy to acquire well-located assets in the Las Vegas market,” according to George Lloyd, ConAm’s executive vice president of acquisitions. “The property offers immediate access to fine dining, retail and entertainment in the Summerlin community, as well as direct frontage on Charleston Boulevard, providing residents convenient access to the entire Las Vegas area.”
The Greens is a 324-unit apartment community and was 98.7 percent occupied at the time of purchase. The group’s plan is to immediately improve the overall aesthetics of the property, complete the balance of an interior renovation and upgrade the common area amenities enabling them to attract new residents and increase current resident retention.
“This property has exclusive frontage on the San Marcos Golf Resort with golf course views from most of the units and is within walking distance of historic downtown Chandler,” says Lloyd. “Located near Interstate 10, Loop 101 and Loop 202, the asset provides easy access to employment centers in both the City of Chandler and Greater Phoenix.”
“Both acquisitions expand ConAm’s portfolio in markets where we have a long term presence,” said Rob Singh ConAm’s president and CIO. “We currently operate 7,100 units in the Las Vegas market and 4,300 units in the Phoenix market,” says Singh, adding that, “By year end 2015, ConAm will have acquired eight properties totaling 1,886 units as part of our value-add investment strategy.”