Source: The Bascom Group / #Apartments #Multifamily
LAS VEGAS, NV - The Bascom Group, LLC and funds managed by Carlyle Realty VII, L.P. have acquired a two property portfolio totaling 584 units in Las Vegas, Nevada. The purchase price was $39.9 million. The Venture assumed $27.1 million of existing conduit debt financing provided by Wells Fargo Commercial Securities, Inc. The two properties are Summerhill Villas located at 2150 North Tenaya Way and Bayshore Club located at 4975 South Duneville Street. The sale closed on September 30, 2014. Doug Schuster and Curt Allsop of Newmark Grubb Knight Frank represented the seller on the transaction. This is the sixth Las Vegas multifamily acquisition in the past year for Bascom.
Summerhill Villas and Bayshore Club were constructed in 1990 and 1989 respectively, and are located in the highly desirable Western Las Vegas Metro. Summerhill Villas is directly adjacent to the master planned community of Summerlin while Bayshore Club is situated in the dynamic Southwest Las Vegas Valley just off of West Tropicana Ave. Numerous retail centers surround both properties, including anchors such as Whole Foods Market and Wal-Mart Super Center. The properties are also a short distance from major employment centers, including several major hospitals and the Las Vegas Strip. As a portfolio, Summerhill Villas and Bayshore Club's unit mix consists of 23% one bedrooms, 58% two bedrooms, and 19% three bedrooms. 77% of the unit mix consists of two and three bedrooms, which is ideal for families currently living in or looking to move to Western Las Vegas Metro.
"We are excited to be acquiring two very well located properties in the Las Vegas metro. Las Vegas was hit hard during the recession and has some of the largest peak to trough rent discounts in the country," states Scott McClave, Principal Transactions for Bascom. Tim Whiting, Portfolio Manager for Bascom, adds, "We plan to implement upgrades at each property to improve each property's competitive position. The planned upgrades include Las Vegas style pool areas, interior upgrades, and other amenity enhancements."
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. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management.