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4/13/26
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The Bascom Group LLC has acquired The Ellison, a 294-unit apartment community in Las Vegas, for $103 mil, or about $350k per unit. The property is located at 9235 West Russell Rd in the city’s Summerlin/Spring Valley submarket.
Completed in 2024, The Ellison is a premier, Class A five-story apartment community offering studio, one-bedroom, and two-bedroom floor plans averaging 901 sf in size. Arguably one of the top apartment communities in the Las Vegas metro, The Ellison stands apart from its competitors with wrap construction that offers eight levels of direct-access structured parking and an expansive rooftop featuring a heated resort-style pool and spa with a jumbotron screen, clubhouse lounge, spin room, Pilates studio, and indoor-outdoor fitness center.
The Ellison is situated along the I-215 Freeway in “The Curve,” a stretch of southwest Las Vegas with direct access to Summerlin, the Las Vegas Strip, and Harry Reid International Airport. The surrounding area is home to several major developments underway, including the Athletics’ new MLB stadium, Intermountain Healthcare’s Children’s Hospital, and expansions of the Roseman Nursing School and the UNLV Harry Reid Research & Technology Park.
Bascom plans to complete lease-up of the property and implement institutional-grade management through Cushman & Wakefield to optimize operations and enhance the resident experience. Jason Hanna, Senior Principal of Operations at Bascom, added, “The Ellison sets a new standard for apartment living in this submarket, and we are excited to build on that foundation. There is no comparison in the area to the Ellison’s incredible rooftop with the heated resort-style pool, jumbotron screen, clubhouse lounge, spin room, Pilates studio, and indoor-outdoor fitness center – all with amazing views of the Las Vegas strip.”
Lee Redmond, Nicholas Schroeder, Vincent Punzi, and Lowell Takahashi of Newmark arranged the debt financing for the acquisition, while AXA Investment Managers US Inc provided the acquisition loan. A Newmark investment sales team led by Jonathan Merhaut, Doug Schuster, and Curt Allsop represented the seller on the transaction. Cushman & Wakefield has been engaged as property manager for the community.
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