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7/31/14
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Bascom and Oaktree Capital Management have teamed up in their second large multifamily buy in the past few months, having acquired The Edge at Traverse Point, a 296-unit, Class A apartment community in Henderson, NV. The property is located at 1131 Wigwam Pkwy, just north of I-215.
The purchase was made through a $250 mil venture the two companies set up earlier this year. Although the price was not immediately disclosed, we heard that it probably traded for around $43 mil, or $145k/unit.
The Edge was built in 2013 and offers one of the best-in-class finishes in the immediate submarket. The interiors include granite countertops, in-unit washer and dryers, stainless steel appliances, modern wood cabinetry and flat-screen TVs.
Exterior finishes and amenities include a luxurious clubhouse, resort-style pool with cabanas, café, business center, and 24-hour fitness center with towel and water service. The unit mix consists of 35% one-bedroom, 54% two-bedroom, and 11% three-bedroom units. The property is immediately adjacent to expanding development with new commercial offices across the street. Major employers within 15 miles include Zappos, St. Rose Dominican Hospital, Ocean Spray, WinCo Foods, and the Las Vegas Strip.
The sale closed on July 24, 2014. Nationwide Life Insurance provided financing to acquire the property. The debt financing was sourced by Charles Halladay of HFF. Angela Powers and Carl Sims of Hendricks-Berkadia represented the seller on the transaction.
The Edge offers an exceptional opportunity to invest in a new Class A property in a rapidly recovering market where rents are still significantly below their 2007 peak. The deal marks the fourth Bascom affiliated acquisition in the past year in Las Vegas.
The Bascom/Oaktree venture was launched with its first acquisition of The Springs Apartments, a 320-unit, garden-style community in the Inland Empire city of Corona, which was purchased in March 2014.
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