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3/26/15
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Villa Serena, a 288-unit apartment property in Henderson, NV, was acquired by a $300 mil venture between The Bascom Group LLC and funds managed by Oaktree Capital Management L.P. The property, located at 325 North Gibson Rd, west of I-515 and south of Warm Springs Rd, represents the seventh acquisition for the venture.
Villa Serena, built in 1996, is located near several retail amenities and employers, including Union Village, a 155-acre site that is classified 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 amenities 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.
Villa Serena consists of 45% one-bedroom, 50% two-bedroom and 5% three-bedroom units. Current unit interiors include full size washers and dryers, walk-in closets, nine foot or vaulted ceilings, and a private patio or balcony.
Los Angeles-based Mesa West Capital provided financing to acquire the property. The debt financing was sourced by Brian Eisendrath and Brandon Smith of CBRE Capital Markets. Spencer Ballif and Jeffrey Swinger of CBRE represented the seller on the transaction.
The Bascom/Oaktree venture was launched in March 2014 with its first acquisition of The Springs Apartments, a 320-unit garden style community in Corona, CA. Since then, the venture has acquired six properties in states across the U.S., including Arizona, Florida, Georgia, Nevada and Texas.
Tim Whiting, Senior Vice President of Operations for Bascom explains, “Villa Serena is located in one of the best submarkets in Las Vegas. We plan to make upgrades to the common areas and interiors to make it comparable to higher quality rental properties in its submarket.” The venture is looking to make additional acquisitions in the Las Vegas market this year.
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