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12/27/21
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The Bascom Group LLC has acquired Sun Chase, a a 200-unit multifamily property in Las Vegas, for $40.5 mil, or $202.5k per unit, in an off-market transaction.
The garden-style property, built in 1984/1985, offers residents a low-density apartment community with efficiently designed floorplans that include private patios or balconies. The property consists of 52% one- and 48% two-bedroom floorplans and features a fitness center, resident clubhouse, pool and BBQ area, and a putting green.
Bascom will modernize the fitness center, clubhouse, and pool areas while repurposing the putting green into a central park that’s activated with a shaded play structure, BBQ station, seating areas, and landscaping.
Sun Chase is centrally located with convenient access throughout the Las Vegas valley including major employment centers like the world-famous Las Vegas Strip, the rapidly growing Las Vegas Medical District, the Hughes Center, and the newly built Allegiant Stadium. The surrounding neighborhood has abundant retail, recreation, and entertainment offerings catering to families and individuals alike.
Annie Rice and Jamie Kline with JLL Capital Markets sourced the loan from ACRE Credit. Apartment Management Consultants will provide property management services and SD CAP will provide construction management. The acquisition was overseen for Bascom by Scott McClave and Tom Gilfillan.
Bascom’s Senior Principal of Operations, Paul Zakhary, added, “Sun Chase represents a compelling acquisition in a high growth market. With the implementation of institutional property management and a comprehensive value-add program, Sun Chase will compete for residents with nearby renovated apartment communities.”
Bascom has been the most active apartment buyer in Las Vegas since its first acquisition in 2013 partnering with institutional and private capital alike. Following the 15-property portfolio acquisition from Camden Property Trust in 2016, Bascom and its affiliates have acquired and operated 35 apartment communities in Nevada totaling 9,814 units totaling over $1.4 bil in total capitalization. Prior to the pandemic, Bascom sold 19 properties totaling 5,798 units and over $1 bil in sales in Las Vegas. Over the past year, Bascom has completed over $1.7 bil in multifamily transactions nationwide
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