|
10/10/14
|
In a Las Vegas apartment buy, a venture between The Bascom Group LLC and funds managed by Carlyle Realty VII L.P. have acquired a two-property portfolio totaling 584 units. The purchase price was $39.9 mil, or about $68.3k/unit. In the deal, the venture assumed $27.1 mil of existing conduit debt financing provided by Wells Fargo Commercial Securities Inc.
The two properties are Summerhill Villas, located at 2150 North Tenaya Way, and Bayshore Club, located at 4975 South Duneville St. Summerhill Villas and Bayshore Club were constructed in 1990 and 1989 respectively, and are located in the highly desirable Western Las Vegas Metro.
Summerhill Villas is directly adjacent to the master-planned community of Summerlin, while Bayshore Club is situated in the dynamic Southwest Las Vegas Valley, just off of West Tropicana Ave. The properties are surrounded by numerous retail centers with anchor tenants such as Whole Foods Market and Wal-Mart Super Center. The properties are also a short distance from major employment centers, including several major hospitals and the Las Vegas Strip.
As a portfolio, Summerhill Villas and Bayshore Club’s unit mix consists of 23% one-bedrooms, 58% two-bedrooms, and 19% three-bedrooms. 77% of the unit mix consists of two- and three-bedroom units, which is ideal for families currently living in or looking to move to Western Las Vegas Metro.
Doug Schuster and Curt Allsop of Newmark Grubb Knight Frank represented the seller on the transaction. The sale closed on September 30, 2014. This is the sixth Las Vegas multifamily acquisition in the past year for Bascom.
Discussing the acquisition, Tim Whiting, Portfolio Manager for Bascom, notes, "We plan to implement upgrades at each property to improve each property's competitive position. The planned upgrades include Las Vegas style pool areas, interior upgrades, and other amenity enhancements."
|
|
Return to the Archive page
|
|
|
|
|