LAS VEGAS, NV - San Francisco-based real estate investment firm Hamilton Zanze announced the sale of Alicante Apartments in the desirable Las Vegas-Paradise submarket of Las Vegas, Nevada. The firm purchased the Class B+ community in February 2017 and the sale closed on July 19, 2022.
During their ownership, Hamilton Zanze completed many successful renovations focused on making the property run more efficiently. These projects include exterior lighting advancements, new furniture implementations, landscaping improvements, plumbing upgrades, an Amazon package locker installation, and gate replacements.
"Alicante was right down the fairway for Hamilton Zanze," said Anthony Ly, senior director of dispositions at Hamilton Zanze. "When acquiring the property, the value-add potential was very clear. We were able to capture higher rents through unit upgrades and enhancements to amenities throughout the property."
Alicante Apartments was built in 2001 and is located at 4370 S Grand Canyon Drive. The property comprises 232 one-, two-, and three-bedroom units averaging 1,092 square feet. Unit amenities include walk-in closets, outdoor storage, kitchens with microwaves, dishwashers, and private patios/balconies. Community amenities feature a resort-style pool and spa, playground, fitness center, barbecue, and covered picnic area, and business center with high-speed internet.
Alicante is located in Las Vegas, NV, just off Interstate 215 and W Flamingo Road, providing residents with easy access to Downtown Las Vegas, Downtown Summerlin, and major retail and employment centers. Alicante is located near several of Las Vegas's largest economic drivers, such as Southern Hills Hospital, Downtown Summerlin, Spring Valley Hospital, and McCarran International Airport. Las Vegas is one of the world's most-visited tourist destinations, the metro attracted 32.3 million visitors in 2022. The strength within the tourism industry has fueled job growth and strong apartment fundamentals.