Mesa West Capital has provided The ConAm Group with $40.875 million in short-term, first mortgage debt for the acquisition and repositioning of South Valley Ranch Apartments in the Las Vegas submarket of Henderson, NV.
South Valley Ranch features 292 apartment homes in a mix of one-, two- and three-bedroom floorplans housed in 37, two-story buildings on a 17-acre site. Common area amenities include an outdoor swimming pool, fitness center and dog run. ConAm, one of the largest multifamily owner-operators in the U.S. with more than 53,000 fee-managed and company-owned units under management, has budgeted a multi-million dollar renovation program targeting common areas, amenities and apartment interiors as units roll.”
“Henderson’s population has increased more than 15 percent between 2010 and 2018 making it the second-largest city in Nevada with more than 310,000 residents,” said Mesa West Principal Steve Fried. “The submarket is home to a number of employment nodes with manufacturing and logistics centers claiming a footprint in the submarket, which contributes to its robust apartment demand.”