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3/28/14
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The Bascom Group LLC has acquired Chapel Hill, a 222-unit, garden-style apartment community in Las Vegas, for $22.47 mil ($101.2k/unit). Built in 2001, the property is located at 9620 West Russell Rd, west of Durango Dr in the Spring Valley area.
The Class A complex consists of 18 two-story multifamily buildings with a clubhouse and pool situated over 14.68 acres in the Southwest Las Vegas Submarket. The highly desirable unit mix is comprised of 39% one-bedroom, 53% two-bedroom and 8% three-bedroom units with fully equipped kitchens, balconies or patios, nine-foot ceilings, full-size washers & dryers, and walk-in closets.
The property is ideally located in close proximity to numerous job centers and growth areas, including Southern Hills Hospital, the Shops at Summerlin, and the Central Business District. Chapel Hill also provides convenient access to Hwy 215 Beltway and I-15, while being within a half mile of the master-planned community of Summerlin and several highly rated schools, including Bishop Gorman High School.
The sale was brokered by Chris Bentley and Melissa Salas of ARA. Debt financing was provided by Comerica Bank and arranged by Brian Eisendrath and Troy Tegeler of CBRE Capital Markets.
This is Bascom’s third acquisition in Las Vegas in the last seven months. Bascom views the deal as a great opportunity to purchase a well built, high quality property in a strengthening market. According to Tim Whiting, Portfolio Manager for Bascom, “Las Vegas has suffered the largest decline in net effective rents for any major metro market in the western US since the peak in 2007. We are beginning to see a strong recovery especially in the better submarkets in Las Vegas.”
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