LAS VEGAS, NV - The Bascom Group has acquired Trellis Park Crossroads Apartments, a 2009 construction 312-unit luxury apartment community located at 3825 Craig Crossing Drive, North Las Vegas, NV 89032. The $35.35 million sale closed on September 21, 2016.
Since 2013, Bascom and its affiliates have acquired 27 multifamily properties in the Las Vegas market, totaling 8,563 units. Spence Ballif with CBRE was the broker for the sale. Brian Eisendrath and Annie Rice with CBRE arranged the $31.5 million loan with Resource Real Estate Funding, Inc.
Scott McClave, Senior Principal of Bascom, states "Crossroads is an institutionally built asset in a rapidly improving Las Vegas submarket. The property is nearby the 95 and 215 freeways, and less than 10 miles from The Strip, giving residents access to major thoroughfares and job centers. As the Las Vegas economy continues to strengthen, residents will look for high quality, well amenitized living environments like Crossroads."
Jason Hanna, Senior Vice President of Bascom, comments "We continue to see improvements in the Las Vegas market as rents and occupancies strengthen. We are excited about North Las Vegas because it showed some of the strongest growth of all Las Vegas submarkets in the last year. As a top-tier apartment community in North Las Vegas, Crossroads is well-poised to benefit from new ownership and positive fundamentals."
Crossroads was built in 2009 and consists of 14 three-story buildings situated on 15.6 acres. Rental offerings include a range of one-bedroom through three-bedroom floorplans, with one-bedrooms accounting for 42% of the total units, two-bedroom and three-bedroom units accounting for 50% and 8% of the total units, respectively.
The community offers tenants a robust amenity package including three pool/spa areas, two fitness centers, a clubhouse with business center, and a playground with splash park. The unit interiors are designed with open floorplans and modern finishes. Bascom plans to implement a modest renovation program to further enhance the high-level interior finishes and build on the existing amenity package.