TruAmerica Sells Las Vegas Community for $72M
- Jul 05, 2018
ConAm has acquired Solis at Flamingo, a 524-unit multifamily community in East Las Vegas. According to Yardi Matrix data, the firm purchased the property for $72 million from TruAmerica Multifamily, which bought the asset for $50.5 million in 2015. At the time of the transaction, the community was 94.1 percent occupied.
Built in two phases in 1988 and 1992, Solis at Flamingo has one- and two-bedroom units ranging from 600 to 1,050 square feet. The previous owner invested significant capital into the 34-building property, undergoing renovations that included the pool, fitness center, basketball court, roof repairs, new lighting and signage, as well as the addition of a pet park and outdoor kitchens. Other common-area facilities include controlled access, three swimming pools and spas, a tennis court and covered parking.
Located at 3275 E. Flamingo Road, the asset is close to Interstate 515 and is within 10 miles of downtown Las Vegas. Retail, dining and entertainment venues are within a 10-minute drive.
JLL’s Managing Directors Charles Steele and John Cunningham represented the seller in the transaction. The brokerage team also arranged the $59.3 million sale of Montecito Pointe, a 336-unit luxury apartment community located in Northwest Las Vegas.
Image courtesy of Yardi Matrix