Texas company acquires North Las Vegas condo complex

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Texas-based Alliance Residential said it has acquired an unfinished 152-unit condominium complex in North Las Vegas.

The company announced it plans to complete the remaining buildings of the community on Adabella Avenue called The Pueblos, near Lamb Boulevard and Craig Road. It will be renamed Broadstone Ravello.

Construction stopped in 2008 with the collapse of the condominium market when five buildings and 40 units had been completed.

The Federal Deposit Insurance Corp. seized the lending institution that made the loan on the project, which was ultimately foreclosed upon.

Alliance said when it completes the 112 unfinished units by 2012, it plans to rent them out as apartments.

This marks Alliance’s second multifamily acquisition in the last six months. The firm owns more than 3,500 units in the valley.

The complex will have 19 two-story buildings with attached garages. The apartment homes will average 1,240 square feet.

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