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4/18/16
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The Bascom Group LLC has acquired Lyric Apartments, a newly constructed 376-unit luxury apartment community in Las Vegas, for $65.35 mil ($174k/unit). Located at 304 E. Silverado Ranch Blvd, Lyric represents Bascom’s eleventh apartment acquisition in Nevada.
Built in 2015, Lyric consists of 31 two-story buildings situated on 18.11 acres. Rental offerings include a range of one-bedroom through three-bedroom floorplans, with one-bedrooms accounting for 32% of the total units, two-bedroom and three-bedroom units accounting for 59% and 9% of the total units respectively.
The community offers tenants a robust amenity package including two pools, clubhouse, theater room, and a playground wth splash park. The unit interiors are designed with open floorplans and modern finishes. Bascom plans to implement a modest renovation program to further enhance the high-level interior finishes.
Doug Schuster, Curt Allsop, and Vittal Ram with ARA Newmark were the brokers for the sale. Charles Halladay and Jamie Kline with HFF arranged the $44 mil loan with Ares Management.
Chad Sanderson, Senior Principal of Bascom, notes, “Lyric is a very well located property with great access to many of the job centers in Las Vegas. The area immediately surrounding the property continues to grow with several new retail projects and an influx of young professionals and families relocating to the South Las Vegas Valley.”
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