The Bascom Group Acquires 72-Unit, 1999 Built Senior Housing Community in the Las Vegas Metro for $3.05MM

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Apr 15, 2024, 08:35 ET

IRVINE, Calif., April 15, 2024 /PRNewswire/ -- The Bascom Group, LLC ("Bascom") has acquired Homestead at Boulder City ("Homestead") for $3,050,000. Homestead is a 1999-built, single-story, 72-unit senior housing property located at 1401 Medical Park Drive, Boulder City, Nevada. Vincent Punzi and Lowell Takahashi of Berkadia arranged the debt financing for the acquisition, with Kairos Investment Management Company as the lender. The Seller was represented by Brad Goodsell, Vince Viverito, Jason Punzel, and Brad Clousing of Senior Living Investment Brokerage ("SLIB"). Apartment Management Consultants ("AMC") will provide property management and SD-CAP will provide construction management.

Despite the significant increase in interest rates and continuation of the tepid transaction volume in the second half of 2023, Homestead marks Bascom's fifth acquisition for 2024 following the recent purchase of: Hearthstone at City Center, a 360-unit garden style multifamily community in Aurora, Colorado; the Overlook, a 344-unit garden style multifamily community in Albuquerque, New Mexico; San Miguel Court, a 97-unit garden-style community in Santa Fe, NM; and Texan26, a 204-bed student housing community in Austin, Texas. Bascom has been one of the most active buyers in the Las Vegas Metro, Homestead is Bascom's 37^th acquisition in Clark County, bringing their total to nearly 10,000 units acquired over the past decade.

Homestead at Boulder City sits on 6.39 acres, has 71 parking spaces, and an average unit size of 467 square feet. The property consists of 47% one bedroom one bath units; 33% large studio units; 15% small studio units; and 4% two-bedroom two-bath units. Community amenities include a private dining room, atrium, library room, community living rooms, walking paths, fireplace parlor, covered patios, outdoor courtyard, multiple green spaces, fitness equipment, and laundry facilities.

Homestead is ideally located in Boulder City, a highly desirable residential enclave in the southeast corner metro Las Vegas, immediately west of Boulder Dam and just thirty minutes to the Las Vegas Strip. The property is the largest multifamily asset in the submarket, benefiting from Boulder City's high barriers to entry, including a 1% annual growth cap on new construction. Directly adjacent to Boulder City Hospital, Homestead is also within walking distance of several retail centers, restaurants, city parks, medical services, and the Boulder City Golf Course. Safewise.com has ranked Boulder City as the "Safest City in Nevada," making it an ideal location for senior housing."

"We are thrilled to have the rare opportunity to acquire a property as large as Homestead in the Boulder City submarket", said Scott McClave, Senior Principal of Bascom. "The property's prime location and newer vintage, coupled with its strong value-add potential, makes it a compelling investment opportunity."

The property offers immediate operational and value-add upside, with ample public spaces allowing for the addition of significant resident amenities. Bascom's renovation program includes upgraded appliances, countertops, lighting, fixtures, and wood plank flooring. Common-area improvements are planned for the leasing office, gym, along with added entertainment lounges. The property will be operated solely as seniors' apartments, with a focus on enhancing resident amenities and implementing institutional property management.

Paul Diamond, Bascom's Senior Principal of Operations states, "We believe that Homestead has the potential to become a premier senior housing community in the Las Vegas metro area. We look forward to leveraging our expertise to unlock the property's full potential."

The Bascom Group continues to focus on investments in the multifamily sector across the United States, with a focus on value-add opportunities that arise as pricing resets occur amid significant global macroeconomic pressures.

About The Bascom Group
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 Derek Chen, Jerry Fink, and David Kim, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Since 1996, Bascom has completed over $22.0 billion in multifamily value-added transactions encompassing 358 multifamily properties and over 105,000 units. Bascom's commercial transaction volume is $6.3 billion in total and amounts to 24 million square feet. 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, and Realm Group. Bascom's subsidiaries also include Premier Workspaces, one of the largest privately held executive suite, coworking and shared workspace companies in the U.S. For additional information, please visit www.bascomgroup.com.

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

SOURCE The Bascom Group