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7/09/21
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The Bascom Group LLC closed on the purchase of a 390-unit, three-property portfolio in Las Vegas for $72 mil, or $184.8k per unit. The acquisition included Spectra at 4000, Spectra East, and Spectrum at Katie.
Spectrum at Katie, Las Vegas |
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Spectra at 4000 and Spectra East are located in eastern Las Vegas Valley, which is experiencing a renaissance driven by the diversifying regional economy. The properties’ proximity to revitalized Downtown Las Vegas allows easy access to retail, entertainment, dining, and major employment centers. Spectrum at Katie is located near UNLV and the renowned Las Vegas Strip. The attractive basis and discount to sales comparables, coupled with favorable financing and value-add opportunity made the acquisition particularly desirable for Bascom and its investors.
Curt Allsop and Angela Bates with Newmark oversaw the sale. Debt financing was provided by Bridge Investment Group and arranged by Charles Halladay, Jamie Kline, and Annie Rice with JLL Capital Markets. Cushman Wakefield was tapped for property management services and construction management will be provided by Renu Multifamily Services.
Bascom’s Senior Principal of Operations, Paul Diamond, noted, “The Las Vegas market has continued to see significant improvement as rents and occupancies strengthen. We feel the portfolio is well positioned to provide the mid-market resident with a freshly upgraded living environment at a reasonable price point.”
Bascom has been one of the most active apartment buyers in Las Vegas since its first acquisition in 2013. Following the 15-property portfolio acquisition from Camden Property Trust in 2016, Bascom became the largest apartment owner in the metro with 29 total properties representing 8,915 units and $1.2 bil in total capitalization. As of today, Bascom has sold 19 properties representing 5,798 units and over $1 bil in total sales price. Over the past year, Bascom has completed over $705.9 mil in multifamily transactions across its national portfolio.
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