LAS VEGAS, NV - The Bascom Group acquired Pebble Cove Apartments, a 90-unit garden-style apartment community located in Las Vegas, for $9.1 million on December 22, 2016. Since 2013, Bascom and its affiliates have acquired twenty-nine multifamily properties in the Las Vegas market, totaling 9,167 units.
Patrick Sauter and Art Carll with NAI Vegas were the brokers for the sale. Erich Pryor and Tom Sherlock with Talonvest arranged the $8.46 million loan with TCF Bank.
Scott McClave, Senior Principal of Bascom, states: "Pebble Cove's strategic infill location, close proximity to the new UNLV Medical School, Downtown Las Vegas, and the Las Vegas Strip were extremely attractive to us."
Jason Hanna, Senior Vice President of Bascom, adds: "Pebble Cove has enormous untapped potential. We plan to enhance the property's ample community spaces, modernize its interiors, and install institutional property management, all aimed at providing real value to current and future residents. We believe in the Las Vegas market and are excited to add Pebble Cove to our growing portfolio there."
Pebble Cove was built in 1989 and consists of 7 two-story buildings situated on 4.13 acres. Rental offerings include 18% one-bedroom, 55% two-bedroom, and 27% three-bedroom floorplans. The community offers tenants a robust amenity package including a spacious pool and spa area, fitness center with sauna, a basketball court, a courtyard and barbecue area, a children's playground, and a business center and clubhouse. The unit interiors are designed with open floorplans and modern finishes.
Bascom plans to implement an extensive renovation program to further enhance the interior finishes and build on the existing amenity package.