HENDERSON, NV - The $250 million venture by Bascom and funds managed by Oaktree Capital Management, L.P. has acquired The Edge at Traverse Point, a 296-unit Class 'A' apartment community located at 1131 Wigwam Parkway, Henderson, Nevada. The sale closed on July 25, 2014. Nationwide Life Insurance provided financing to acquire the property. The debt financing was sourced by Charles Halladay of HFF. Angela Powers and Carl Sims of Hendricks-Berkadia represented the seller on the transaction.
This is the second multifamily acquisition in the past month for the Venture. The Venture was launched with its first acquisition of The Springs Apartments, a 320-unit garden style community in Corona, California, acquired in March 2014.
The Edge is a newly constructed Class 'A' apartment community in the highly desirable City of Henderson, which is located in the Southern Las Vegas metro. The property was built in 2013 and offers one of the best-in-class finishes in the immediate submarket. The interiors include granite countertops, in-unit washer and dryers, stainless steel appliances, modern wood cabinetry and flat-screen TVs. Exterior finishes and amenities include a luxurious clubhouse, resort-style pool with cabanas, café, business center and 24-hour fitness center with towel and water service. The unit-mix consists of 35 percent one-bedroom, 54 percent two-bedroom and 11 percent three-bedroom units.
The property is immediately adjacent to expanding development with new commercial offices across the street. Major employers within 15 miles include Zappos, St. Rose Dominican Hospital, Ocean Spray, WinCo Foods and the Las Vegas Strip. The Edge offers an exceptional opportunity to invest in a new Class 'A' property in a rapidly recovering market where rents are still significantly below their 2007 peak.
Tim Whiting, Senior Vice President of Operations for Bascom explains, "The Edge is a high quality community located in one the best submarkets in Las Vegas. We plan to make upgrades to the common areas and interiors to make it best-in-class in its submarket." Scott McClave adds, "This marks the fourth Bascom affiliated acquisition in the past year in Las Vegas. The market has begun a strong recovery and we expect to close a number of other acquisitions this year."
Source: The Bascom Group / #Apartments #Multifamily