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TEXAS/SOUTHWEST NEWS
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The Bascom Group Closes $38.5 Mil Res Buy in Las Vegas

12/30/16

The Bascom Group LLC has closed out 2016 with their second end-of-year Las Vegas res buy, this one being Spectrum Apartments, a 252-unit luxury multifamily community that they acquired for $38.5 mil, or $153k/unit. The property is located at 9242 West Russell Rd, between I-215 and Fort Apache Rd in the Spring Valley area.

Spectrum was built in 2010 and consists of 14 three-story buildings situated on 9.78 acres. Rental offerings include a range of one-bedroom, two bedroom, and townhome floorplans, with one-bedrooms accounting for 43%, two-bedrooms accounting for 15%, and two-bedroom townhomes accounting for 42% of the total unit mix.

The community offers tenants a robust amenity package including a resort style pool/spa area, fitness center, a clubhouse with business center, and a picnic area with barbecues. The unit interiors are designed with open floorplans and modern finishes. Bascom plans to implement a modest renovation program to further enhance the interior finishes and build on the existing amenity package.

Patrick Sauter and Art Carll with NAI Vegas were the brokers for the sale. Charles Halladay and Jamie Kline with HFF arranged the $27.3 mil loan with Lincoln Benefit Life Company. Since 2013, Bascom and its affiliates have acquired twenty-nine multifamily properties in the Las Vegas market, totaling 9,167 units.

According to Jim Singleton, Director of Acquisitions, Spectrum was originally designed as a for-sale condominium development. “The large floorplans, premium finishes, and ample community amenities set it apart from its competitors. With Las Vegas projected to experience rapid employment growth over the next several years, we feel that Spectrum will attract a high-quality tenant base looking for a luxury living experience,” Singleton added.

Bascom also just acquired Pebble Cove Apartments, a 90-unit, garden-style apartment community in Las Vegas, for $9.1 mil, or $101k/unit, as reported on RENTV a couple of days earlier. That property is located at 5101 O’Bannon Dr, west of Decatur Blvd and north of Sahara Ave.






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