LAS VEGAS, NV – The Bascom Group has acquired a 93-unit single-family condominium in a major residential neighborhood in Las Vegas, Nevada. The property, Suncrest Townhomes, consists of paired single-family homes with no land in North Las Vegas. Bascom bought the single family portfolio of 93 units for $ 24.75 million or $ 266,129 per unit. Rialto Capital Management provided the debt financing for the acquisition and was arranged with Berkadia by Vincent Punzi, Lowell Takahashi and Jack Hunsicker. Apartment Management Consultants (AMC) will provide property management services and interior renovations.
Bascom's Acquisitions Manager, Tom Gilfillan, said, "Suncrest Townhomes represents a great opportunity for Bascom to continue our expansion into the single family home space. Demand for single family home rentals exploded in 2020 as residents sought more space in a highly competitive single family home market with historically low sales volumes . The expansive floor plans and peaceful neighborhood of Suncrest will provide residents and their families with a unique single-family community experience in one of the fastest growing markets in the country. "
Suncrest Townhomes is located in the north of Las Vegas, an area that is experiencing revitalization due to the fast growing Las Vegas economy. The property's proximity to the up-and-coming Downtown Las Vegas neighborhood provides easy access to shops, entertainment, restaurants, and major work centers throughout the Las Vegas subway. Bascom plans to modernize the existing interiors and implement operational efficiencies at Suncrest while strengthening its portfolio in the Las Vegas market. Las Vegas & # 39; Affordable, lower-density housing, a business-friendly environment, no state taxes, and tourist recovery since the pandemic have made the city one of the strongest housing markets in the country.
Bascom's Senior Principal of Operations, Paul Zakhary, added, “The tremendous value potential, exceptionally large floor plans, and quiet cul-de-sac, set Suncrest apart from other rental properties in the area. We see this purchase as a great opportunity to offer first class improvements to the property while offering the residents an attractive and affordable living space. "
Bascom Group recently acquired a value-adding, multi-family portfolio of three properties and 390 units in Las Vegas for $ 72 million. The Bascom Group has been the most active home buyer in Las Vegas since its first acquisition in 2013, working with institutional and private capital. After Camden Property Trust acquired its 15 property portfolio in 2016, Bascom Group became the largest homeowner in Las Vegas with 29 properties with 8,915 units and a total capitalization of $ 1.2 billion. Before the pandemic, Bascom Group sold 19 properties for a total of 5,798 units and priced over $ 1.0 billion. Last year, Bascom Group completed multi-family transactions for over $ 778.9 million in its national portfolio.
Source: Bascom group
