HENDERSON, NV - The Bascom Group has acquired Timberlake, a 308-unit apartment community located at 80 South Gibson Road, Henderson, Nevada in the Las Vegas Metro area. The sale closed on November 18, 2015. Comerica Bank provided financing to acquire the property. The debt financing was sourced by Brian Eisendrath and Annie Rice of CBRE Capital Markets. Spencer Ballif of CBRE represented the seller on the transaction.
Built in 1997, Timberlake is located in Henderson, Nevada, one of most desirable locations in the Las Vegas Valley. The property is short distance from several employment centers including Union Village, a 155-acre site that is billed as the first integrated health village in the world. Union Village will offer a world-class hospital complex and health center, a residential, entertainment and specialty retail space, a vibrant senior retirement community, and a civic and cultural arts center integrated into a master-planned community. Other nearby retail and entertainment destinations include the 1.3 million square foot Galleria Mall and the District at Green Valley Ranch, a 29-acre luxury shopping center. Nearby employers include Zappos, St. Rose Dominican Hospital, City of Henderson, Green Valley Corporate Center, and the Las Vegas Strip.
Timberlake consists of 45% 1-bedroom, 49% 2-bedroom and 6% 3-bedroom units. Current unit interiors include full size washers and dryers, walk-in closets, and nine foot or vaulted ceilings. Common area amenities include two resort style pools, sun decks, state-of-the-art fitness center, sauna, clubhouse and a movie theater. Timberlake also offers 72 detached garages.
Lee Nguyen, Senior Vice President, adds, "We are continuing to see substantial rent growth across our portfolio here as the Las Vegas metro benefits from a strong economic recovery. We plan to further enhance the community with amenity and unit interior upgrades."
Scott McClave, Senior Principal for Bascom explains, "Timberlake's key location at the nexus of the I-95 and the 215 beltway provides residents with excellent access to all of Las Vegas Valley while enjoying one of the premier neighborhoods in Henderson. This marks our 4th acquisition in the Henderson submarket and our 10th acquisition in Southern Nevada bringing our portfolio here to over 2,800 units."