The Bascom Group LLC has acquired Las Vegas-based Spectrum Apartments, a 252-unit luxury apartment community. The price of the acquisition was $38.35 million.
IRVINE, Calif., Jan. 3, 2017 /PRNewswire/ — The Bascom Group, LLC (“Bascom”) has acquired Spectrum Apartments (“Spectrum”), a late-vintage 252-unit luxury apartment community located at 9242 West Russell Road, Las Vegas, NV 89148. The $38.35 million sale closed on December 22, 2016. 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 million loan with Lincoln Benefit Life Company. Since 2013, Bascom and its affiliates have acquired 29 multifamily properties in the Las Vegas market, totaling 9,167 units.
Scott McClave, Senior Principal of Bascom, comments: “We were initially drawn to Spectrum’s rare combination of institutional quality and excellent location. The property is proximate to the affluent neighborhoods Spring Valley, Summerlin, and Rhodes Ranch, and has easy access to the I 215 beltway. As the Las Vegas economy continues to strengthen, Spectrum is well positioned to benefit from new ownership and positive forward fundamentals.”
Jim Singleton, Director of Acquisitions, adds: “Spectrum is a unique property in that it 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.”
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.
About Bascom: The Bascom Group, LLC (http://www.bascomgroup.com) is a private equity firm specializing in value-added multifamily, commercial, non-performing loans, and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, increasing revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Jerry Fink, David Kim, and Derek Chen, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Bascom has completed over $12 billion in multifamily and commercial value-added transactions since 1996 including more than 304 multifamily properties containing over 80,000 units. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom’s subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, Bascom Portfolio Advisors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, MHF RM Holdings, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, and the Realm Group. Bascom’s subsidiaries also include Premier Business Centers, the largest privately held executive suite company in the U.S. For additional information, please visit www.bascomgroup.com.