IRVINE, CA – Bascom Group has closed a portfolio of 390 units and three properties in Las Vegas. The portfolio consisting of Spectra at 4000, Spectra East and Spectrum at Katie. The total cost of the portfolio was $ 72,000,000 or $ 184,806 per unit. Curt Allsop and Angela Bates with Newmark oversaw the sale. The debt financing was provided by Bridge Investment Group and arranged by Charles Halladay, Jamie Kline and Annie Rice with JLL Capital Markets. Cushman Wakefield has been hired to manage the property and Renu Multifamily Services will handle construction management.
Scott McClave, Bascom Senior Principal of Acquisitions, stated, “The Spectra portfolio further strengthens Bascom's presence in the Las Vegas market and we are excited about Metro’s continued robust growth. The city continued to experience robust population growth during the pandemic as the metro has become a lifestyle travel destination; and we see its low tax rates, high level of entertainment and business-friendly environment continue to thrive over the next decade. "
Spectra at 4000 and Spectra East are located in the eastern Las Vegas Valley, which is experiencing a renaissance due to the diversifying regional economy. The property's proximity to bustling downtown Las Vegas allows easy access to shops, entertainment, restaurants, and major work centers. Spectrum at Katie is close to UNLV and the famous Las Vegas Strip. The attractive base and the discount compared to comparable sales, coupled with favorable financing and value creation opportunities, made the acquisition particularly attractive for Bascom and its investors.
Bascom's Senior Principal of Operations, Paul Diamond, added: “The Las Vegas market has continued to improve significantly with rising rents and occupancy rates. We believe the portfolio is well positioned to offer the mid-sized resident a freshly upgraded living environment at a reasonable price point. "
Bascom has been one of the most active home buyers in Las Vegas since its first acquisition in 2013. Following the takeover of the 15 property portfolio by Camden Property Trust in 2016, Bascom became the largest home owner in the metropolis with a total of 29 properties with 8,915 units and a total capitalization of $ 1.2 billion. To date, Bascom has sold 19 properties with 5,798 units and a total sale price of over $ 1.0 billion. Last year Bascom completed over $ 705.9 million in multi-family transactions in its national portfolio.
Source: Bascom group