IRVINE, CA - The $300 million venture between The Bascom Group, LLC and funds managed by Oaktree Capital Management, L.P. has acquired Villa Serena, a 288-unit apartment property located at 325 North Gibson Road, Henderson, Nevada. The sale closed on March 24, 2015. Los Angeles-based Mesa West Capital provided financing to acquire the property. The debt financing was sourced by Brian Eisendrath and Brandon Smith of CBRE Capital Markets. Spencer Ballif and Jeffrey Swinger of CBRE represented the seller on the transaction.
This is the seventh multifamily acquisition for the Venture. The Venture was launched in March 2014 with its first acquisition of The Springs Apartments, a 320-unit garden style community in Corona, California. Since then, the Venture has acquired six properties across the U.S., including Arizona, Florida, Georgia, Nevada and Texas.
Villa Serena was built in 1996 in the highly desirable city of Henderson in the Las Vegas metro. The property is located near several retail amenities and employers, including Union Village, a 155-acre site that is classified 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 amenities 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.
Villa Serena consists of 45% 1-bedroom, 50% 2-bedroom and 5% 3-bedroom units. Current unit interiors include full size washers and dryers, walk-in closets, nine foot or vaulted ceilings, and a private patio or balcony.
Tim Whiting, Senior Vice President of Operations for Bascom explains, "Villa Serena is located in one of the best submarkets in Las Vegas. We plan to make upgrades to the common areas and interiors to make it comparable to higher quality rental properties in its submarket." Scott McClave adds, "This marks the seventh Bascom affiliated acquisition in the last two years in Las Vegas. The Las Vegas market has begun a strong recovery and we expect to close a number of other acquisitions this year."
"Villa Serena is a well occupied, high quality multifamily asset with upside in a Las Vegas rental submarket that is gaining momentum," said Mesa West Assistant Vice President Jason Bressler who originated the financing. "Oaktree and Bascom have a successful track record with similar product throughout the country, making this an attractive lending opportunity for Mesa West."