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11/23/15
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The Bascom Group has acquired Timberlake, a 308-unit apartment community in Henderson, NV. Built in 1997, Timberlake is located at 80 South Gibson Rd, just off I-215, east of the Las Vegas Strip.
Timberlake consists of a mix of one-bedroom, two-bedroom and three-bedroom units. Current unit interiors include full size washers and dryers, walk-in closets, and nine foot or vaulted ceilings. Common area amenities include two resort-style pools, sun decks, state-of-the-art fitness center, sauna, clubhouse and a movie theater. Timberlake also offers 72 detached garages.
The property is short distance from several employment centers including Union Village, a 155-acre site that is billed as the first integrated health village in the world. Union Village will offer a world-class hospital complex and health center, a residential, entertainment and specialty retail space, a vibrant senior retirement community, and a civic and cultural arts center integrated into a master-planned community.
Other nearby retail and entertainment destinations include the 1.3 msf Galleria Mall and the District at Green Valley Ranch, a 29-acre luxury shopping center. Nearby employers include Zappos, St. Rose Dominican Hospital, City of Henderson, Green Valley Corporate Center, and the Las Vegas Strip.
Spencer Ballif of CBRE represented the seller in the transaction. Brian Eisendrath and Annie Rice of CBRE Capital Markets arranged debt financing.
Lee Nguyen, Bascom Senior Vice President, noted, “We are continuing to see substantial rent growth across our portfolio here as the Las Vegas metro benefits from a strong economic recovery. We plan to further enhance the community with amenity and unit interior upgrades.”
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