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Unfinished Condo Development to Be Completed | Housing

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Unfinished Condo Development to Be Completed
Housing

Alliance Residential Company purchased and will finish a 152-unit condo complex in North Las Vegas by early next year.


Alliance recently acquired The Pueblos, an unfinished 152-unit Class A condominium community in North Las Vegas at 4034 Adabella Avenue.


Construction on the community was stopped in 2008 due to a collapse in the condominium market. At that time, five buildings totaling 40 units had been completed. In 2010, the original lending institution was seized by the FDIC and The Pueblos was foreclosed upon. Alliance then purchased the unfinished property, with plans to complete the 112 unfinished units and reposition the asset as a rental project.



"This is Alliance's second multifamily acquisition in Las Vegas in the last six months," says Dan McCadden, Partner/Managing Director of Development. "Alliance now owns more than 3,500 units in the Las Vegas Valley, and will continue to pursue both land and quality assets that fit our investment strategy."


Alliance will rename the community Broadstone Ravello. At completion, the property will consist of 19 two-story, wood-framed buildings, designed as “Big House” architecture by Humphreys and Partners, with attached garages. Inside, the apartment homes offer large floor plans averaging 1,240 square feet. Total capitalization upon completion will be below $14 million.



"The acquisition represents a phenomenal opportunity to acquire a distressed asset and complete construction at a basis which is significantly below market value and significantly below replacement cost," said V. Jay Hiemenz, Chief Financial Officer.


For more information, visit www.allresco.com.


 



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