IRVINE, CA - The Bascom Group has closed a 390-unit, three-property portfolio in Las Vegas. The portfolio, consisting of Spectra at 4000, Spectra East, and Spectrum at Katie. Total cost for the portfolio was $72,000,000 or $184,806 per unit. Curt Allsop and Angela Bates with Newmark oversaw the sale. Debt financing was provided by Bridge Investment Group and arranged by Charles Halladay, Jamie Kline, and Annie Rice with JLL Capital Markets. Cushman Wakefield was tapped for property management services and construction management will be provided by Renu Multifamily Services.
Bascom's Senior Principal of Acquisitions, Scott McClave, stated, "The Spectra Portfolio further bolsters Bascom's footprint in the Las Vegas market and we are excited about the Metro's continued robust growth. The city continued to see robust population growth throughout the pandemic as the metro had evolved into a lifestyle destination; and we see its low tax, high entertainment, business friendly environment continuing to thrive in the decade ahead."
Spectra at 4000 and Spectra East are located in eastern Las Vegas Valley, which is experiencing a renaissance driven by the diversifying regional economy. The properties' proximity to revitalized Downtown Las Vegas allows easy access to retail, entertainment, dining, and major employment centers. Spectrum at Katie is located near UNLVand the renowned Las Vegas Strip. The attractive basis and discount to sales comparables, coupled with favorable financing and value-add opportunity made the acquisition particularly desirable for Bascom and its investors.
Bascom's Senior Principal of Operations, Paul Diamond, added, "The Las Vegas market has continued to see significant improvement as rents and occupancies strengthen. We feel the portfolio is well positioned to provide the mid-market resident with a freshly upgraded living environment at a reasonable price point."
Bascom has been one of the most active apartment buyers in Las Vegas since its first acquisition in 2013. Following the 15-property portfolio acquisition from Camden Property Trust in 2016, Bascom became the largest apartment owner in the metro with 29 total properties representing 8,915 units and $1.2B in total capitalization. As of today, Bascom has sold 19 properties representing 5,798 units and over $1.0B in total sales price. Over the past year, Bascom has completed over $705.9M in multifamily transactions across its national portfolio.