Bascom Group Acquires The Ellison in Summerlin Las Vegas
The Bascom Group has acquired The Ellison, a 294-unit apartment community at 9235 West Russell Road in the Summerlin/Spring Valley submarket of Las Vegas. The purchase price was $103,000,000, or $350,340 per unit. Newmark team members Lee Redmond, Nicholas Schroeder, Vincent Punzi, and Lowell Takahashi arranged debt financing for the acquisition, and AXA Investment Managers US Inc. provided the acquisition loan. The Newmark Investment Sales team led by Jonathan Merhaut, Doug Schuster, and Curt Allsop represented the seller. Cushman & Wakefield has been engaged as property manager.
Completed in 2024, The Ellison is a Class A, five-story community offering studios, one-bedroom, and two-bedroom floor plans that average 901 square feet. The building features wrap construction with eight levels of direct-access structured parking and a prominent rooftop that includes a heated resort-style pool and spa with a jumbotron screen, a clubhouse lounge, spin room, Pilates studio, and an indoor-outdoor fitness center.
Tom Gilfillan, Vice President at Bascom, stated, “Opportunities like The Ellison do not come around often. This is a brand-new, institutional-quality asset acquired at a basis significantly below what it would cost to build today, in a submarket with one of the strongest long-term growth stories in Las Vegas. We are excited to get to work.”
The property is located along the I-215 Freeway in “The Curve,” providing direct access to Summerlin, the Las Vegas Strip, and Harry Reid International Airport. The surrounding area includes several major developments underway, such as the Athletics’ new MLB stadium, Intermountain Healthcare’s Children’s Hospital, and expansions tied to the Roseman Nursing School and the UNLV Harry Reid Research & Technology Park.
Bascom plans to complete lease-up of the property and implement institutional-grade management through Cushman & Wakefield to optimize operations and enhance the resident experience. Jason Hanna, Senior Principal of Operations at Bascom, added, “The Ellison sets a new standard for apartment living in this submarket, and we are excited to build on that foundation. There is no comparison in the area to the Ellison’s incredible rooftop with the heated resort-style pool, jumbotron screen, clubhouse lounge, spin room, Pilates studio, and indoor-outdoor fitness center – all with amazing views of the Las Vegas strip.”
Since 2013 Bascom has been an active buyer in Las Vegas, acquiring 37 properties totaling 9,959 units across the metro representing more than $1.4 billion in acquisition cost. The firm currently owns nine communities in the market and has previously owned two properties within half a mile of The Ellison, including Spectrum Apartments directly across the street.
This transaction reinforces investor interest in institutional-quality product in submarkets with strong access and ongoing local development, and highlights a continued emphasis on operational execution and resident-focused amenities within multifamily investing.