Vegas Senior Living Community Trades for $19M

CBRE provided the buyer, ConAm Group, with acquisition financing for the purchase of the 113-unit, Class B asset located in Henderson.
The Lido

A joint venture between Bascom Group and Oaktree Capital Management has sold The Lido, a 113-unit age-restricted community near Las Vegas, for $19.3 million to ConAm Group, according to Clark County records. CBRE provided the new owner with a Fannie Mae loan to finance the acquisition.

The deal brings ConAm’s Vegas portfolio to 1,895 units across six properties. Last summer, the firm increased its footprint with the purchase of two communities in two separate transactions. The larger of the two assets, the 524-unit Solis at Flamingo, changed hands for $72 million.

The community’s seven two-story buildings are located at 2501 Wigwam Parkway in Henderson, Nev., just north of the Bruce Woodbury Beltway and some 5 miles southeast of McCarran International Airport. The property is a stone’s throw from a medical office park, golf course and Walgreens store.

The Lido comprises one- and two-bedroom units, with floorplans from 688 to 888 square feet. The community’s amenity mix includes a swimming pool, covered parking and a fitness center. In May, the asset was 98.2 percent occupied, according to Yardi Matrix data.