Unfinished North Las Vegas condo community acquired by Phoenix-based company

Phoenix-based Alliance Residential has acquired an unfinished condo community in North Las Vegas and plans to finish the project by early 2012, a company executive said Wednesday.

Construction started this month on Broadstone Ravello, formerly known as The Pueblos, a 152-unit condominium community at 4034 Adabella Ave.

Upon completion, the property will consist of 19 two-story, wood-framed buildings with two- and three-bedroom apartments averaging 1,240 square feet. Five buildings with 40 units have already been built.

Apartment amenities include a swimming pool with sun deck, spa and restroom cabana, as well as multiple resident barbecue areas and a large recreation space for children.

In a separate multifamily housing transaction, Patrick Sauter of NAI The Sauter Companies brokered the sale of Newport Cove East, a 240-unit apartment complex at 5272 Tamarus St. in Las Vegas, for $11.3 million, or $46,875 a unit.

According to a statement, the buyer was Omninet Newport and the seller was Newport Cove East. The sale closed in less than 30 days.