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7/27/21
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The Bascom Group LLC has acquired a 93-unit single-family rental community within a broader housing district in Las Vegas. The property, Suncrest Townhomes, consists of zero lot-line paired single family homes in North Las Vegas. Bascom purchased the portfolio for $24.75 mil, or $266k per unit.
Suncrest Townhomes is located in North Las Vegas, an area experiencing revitalization due to the rapidly growing Las Vegas economy. The property’s proximity to the burgeoning Downtown Las Vegas district allows convenient access to retail, entertainment, dining, and major employment centers throughout the Las Vegas metro. Bascom plans to modernize the existing interiors and implement operational efficiencies at Suncrest, while strengthening its portfolio in the Las Vegas market. Las Vegas’ affordable, lower density housing, pro-business environment, no state taxes, and tourist rebound since the pandemic have made the city one of the strongest apartment markets in the country.
Bascom’s Acquisitions Manager, Tom Gilfillan, commented, “Suncrest Townhomes represents a great opportunity for Bascom to continue our expansion into the single-family rental space. Demand for single family home rentals exploded during 2020 as residents sought more space amid a competitive single family home market with historically low for-sale inventory. Suncrest’s expansive floorplans and peaceful neighborhood will provide residents and their families a unique single family community experience in one of the fastest growing markets in the country”.
Rialto Capital Management provided the debt financing for the acquisition, which was arranged by Vincent Punzi, Lowell Takahashi, and Jack Hunsicker with Berkadia. Apartment Management Consultants (AMC) will provide property management services and interior renovations.
The Bascom Group recently acquired a value add, three-property 390-unit multifamily portfolio in Las Vegas for $72 mil. The Bascom Group has been the most active apartment buyer in Las Vegas since its first acquisition in 2013, partnering with institutional and private capital. Following the 15-property portfolio acquisition from Camden Property Trust in 2016, The Bascom Group became the largest apartment owner in Las Vegas with 29 properties representing 8,915 units and $1.2 bil in total capitalization. Prior to the pandemic, The Bascom Group sold 19 properties totaling 5,798 units and over $1.0 bil in sales price. Over the past year, The Bascom Group has completed over $778.9 mil in multifamily transactions across its national portfolio.
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