Completed in 1999, the class B+ property encompasses 213,624 sf. The complex consists of units that range in size from 621 sf to 1,104 sf. Located at 5060 W. Hacienda, the gated community stands on an 8.56-acre parcel. It features a range of amenities, including a 24-hour fitness center, a pool, a spa and a 24-hour emergency maintenance service. The Conejo Villas Apartments complex was 90% occupied at the time of sale.

The buyer, TIC Development, has paid nearly $15.6 million for the Las Vegas property. The San Francisco-based investment group was secured by Alexander Garcia and Jason Phillips of the Ontario office of Marcus & Millichap Real Estate Investment Brokerage Co. Both brokers are members of Marcus & Millichap's National Multi Housing Group, a division of the company that focuses exclusively on the brokering of apartment investment properties.