December 15, 2015
San Diego-based ConAm has made two multifamily acquisitions in Phoenix and Las Vegas, totaling 524 units.
In Las Vegas, ConAm purchased Silver Shadow for $22.6 million. The apartment complex has 200 units and was 92.5 percent occupied at the time of purchase. ConAm already has a strong presence in Vegas, and Executive Vice President of Acquisitions George Lloyd notes that the area is demonstrating rapid near-term growth.
In the city of Chandler, in the Phoenix area, the firm purchased The Greens, a complex totaling 324 units. Lloyd shared that ConAm’s plan is to “improve the overall aesthetics of the property” which will, in turn, increase rents in the already affluent community. The property was 98.7 percent occupied upon purchase.
The ConAm Group of Companies owns more than 50,000 apartment dwellings in 12 states.