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183-Unit Seniors Complex is Bascom Group’s Eighth Las Vegas Valley Purchase over the Past 20 Months

5/22/15

The Bascom Group LLC acquired Boulder Palms Senior Apartments, a 183-unit residential complex in Las Vegas. The property, located at 4350 Boulder Hwy, traded for $10.35 mil, or $56.5k/unit.

Completed in 1997, Boulder Palms is a two-story senior apartment building situated on over over four acres. It feaures such amenities as a pool with spa, fitness center, community game room, laundry facilities and central courtyard. All the units at Boulder Palms have efficient floor plans, high-speed interest access, carpeted and wood-like vinyl flooring, ample cabinet and counter space.

Debt financing was provided by One West Bank and arranged by Brian Eisendrath and Brandon Smith of CBRE Capital Markets. Doug Schuster and Vittal Ram of Newmark Grubb Knight Frank represented the seller on the transaction. The deal marks Bascom’s eighth acquisition in the Las Vegas Valley in the past 20 months.

Scott McClave, Senior Principal for Bascom, comments, “We are on the front end of over seventy-six million Baby Boomers moving into retirement. Las Vegas is a natural destination for them with the low cost of living and a large spectrum of choices for entertainment, leisure, and health care. The purchase of Boulder Palms Senior Apartments puts us in a strong position to serve this growth market.”

Boulder Palms is also located in proximity to numerous entertainment, dining and medical resources, including Boulder Station, Sunrise Hospital and Medical Center, Desert Springs Hospital, and Union Village, a $1.2 bil integrated healthcare village development located just south of the property along Boulder Hwy.





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