San Diego-based ConAm Group of Cos. has acquired apartment properties in Nevada and Arizona totaling 524 units, including a Las Vegas community that it recently purchased for $22.6 million.
A company statement said the 200-unit Silver Shadow property was acquired from Bridge Investment Group Partners of Salt Lake City, Utah. ConAm Group also purchased The Greens, a 324-unit community in Chandler, Ariz., with the seller and purchase price undisclosed.
ConAm Group plans renovations of both properties.
Founded in 1975, ConAm Group of Cos. manages and invests in multifamily housing, currently overseeing a nationwide portfolio of more than 50,000 apartments in 12 states. President and Chief Investment Officer Rob Singh said the company operates 7,100 units in the Las Vegas market and 4,300 in the Phoenix market.
Singh said ConAm Group by year’s end will have acquired eight properties totaling 1,886 units during 2015, as part of its “value-add investment strategy.”