Bascom Group Strengthens Las Vegas Portfolio, Acquires 390-Unit, Three-Property Portfolio for $72 Million

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Jul 07, 2021, 07:57 ET

IRVINE, Calif., July 7, 2021 /PRNewswire/ -- The Bascom Group, LLC ("Bascom") 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 UNLV and 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.

About Bascom: Bascom 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. Bascom, founded by principals Jerry Fink, David Kim, and Derek Chen, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Since 1996, Bascom has completed over $21.7 billion in multifamily value-added transactions encompassing over 653 multifamily properties and over 173,000 units. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom's subsidiaries and joint ventures include the Bascom Value Added Apartment Investors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Partners Ventures, Bascom Milestone Ventures, and the Realm Group. Bascom's subsidiaries also include Premier Workspaces, one of the largest privately held coworking companies in the U.S. For additional information, please visit www.bascomgroup.com.

Media Contact:
Scott McClave
Tel: 949-955-0888 ext. 112
Email: [email protected]

SOURCE The Bascom Group