After a series of renovations, the firm sold the community for more than double what it paid.
Hamilton Zanze has sold Alicante Apartments, a community in Las Vegas. According to Yardi Matrix data, the property was sold to Sares Regis Group for $86.8 million. The firm purchased Alicante Apartments in February 2017 for $35.5 million.
Alicante Apartments was built in 2001 and has since gone through advancements. Upgrades leading up to the sale included exterior lighting changes, furniture, landscaping, plumbing and various installations and replacements. Individual units were also renovated, increasing overall rental pricing for the community.
The property houses 232 apartments with an average size of 1,092 square feet. The one-, two- and three-bedroom units feature outdoor storage and private patios/balconies. Community amenities include a pool, spa and business center.
Located at 4370 S. Grand Canyon Drive, Alicante is in proximity to the Southern Hills Hospital, downtown Summerlin, Spring Valley Hospital and McCarran International Airport. Downtown Las Vegas is accessible through I-215.
At the time of the sale, Alicante Apartments had 95.7 percent of its units leased. The occupancy rate for the total Las Vegas metro area is 95.6 percent. Rates for stabilized properties dropped some 30 basis points over a year ending in February.
Other firm activity
The sale of Alicante marks Hamilton Zanze’s ninth overall in Las Vegas. Other recent sales include the Copper Mill Apartments located in Richmond, Va., and the Niche Apartments in San Antonio. Copper Mill sold for $50 million in May while Niche was acquired by DiNapoli Capital Partners for $20.1 million in April.
The Las Vegas community is just one of Sares Regis’ 2022 acquisitions. Earlier this year the firm purchased a 325-unit asset in Dallas after securing nearly $90 million in financing.
*Story originally appeared on Multi Housing News