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NORTH LAS VEGAS — Alliance Residential Co. has acquired The Reserve at Arrow Canyon, a 426-unit apartment community located at 5005 Losee Road in North Las Vegas. Terms of the short-sale transaction were not disclosed. Initially developed as condominiums, the multifamily complex has been operated as a rental community since completion in 2009, offering one-, two- and three-bedroom units that average 1,076 square feet. To be re-branded under Alliance’s Broadstone community name, The Reserve at Arrow Canyon is also slated for repositioning and improvements. The purchase opportunity was sourced through an existing relationship with the property seller’s lender.