LAS VEGAS, CA - The Bascom Group, LLC has acquired Chapel Hill, a 222 Class-A garden style apartment community located at 9620 West Russell Road, Las Vegas, Nevada for $22,470,000, or $101,216 per unit.
The sale was brokered by Chris Bentley and Melissa Salas of ARA. Debt financing was provided by Comerica Bank and arranged by Brian Eisendrath and Troy Tegeler of CBRE Capital Markets.
Built in 2001, the Class-A property consists of 18 two-story multifamily buildings with a clubhouse and pool across 14.68 acres in the Southwest Las Vegas Submarket. The highly desirable unit mix is comprised of 39% one-bedroom, 53% two-bedroom and 8% three-bedroom units with fully equipped kitchens, balconies or patios, 9-foot ceilings, full-size washers & dryers, and walk-in closets. The property is ideally located in close proximity to numerous job centers and growth areas, including Southern Hills Hospital, the Shops at Summerlin, and the Central Business District. Chapel Hill also provides convenient access to Highway 215 Beltway and Interstate 15, while being within a half mile of the master planned community of Summerlin and several highly rated schools, including Bishop Gorman High School.
Scott McClave, Principal for Bascom, comments, "We are excited to continue extending our presence into Southern Nevada. This is our third acquisition in Las Vegas in the last seven months. Chapel Hill represents a great opportunity to purchase a well built, high quality property in a strengthening market." Adds Tim Whiting, Vice President of Portfolio Operations for Bascom, "Las Vegas has suffered the largest decline in net effective rents for any major metro market in the western US since the peak in 2007. We are beginning to see a strong recovery especially in the better submarkets in Las Vegas."
The Bascom Group, LLC is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies.