Bascom Group Continues Las Vegas Buying Spree, Acquiring 216-Unit Apartment For $49.6 Million
IRVINE, Calif., Nov. 1, 2021 — The Bascom Group, LLC (“Bascom”) has acquired a 1988 built, 216-unit multifamily property in Las Vegas, Nevada in an off-market transaction.
Bascom acquired ReNew at Decatur (“ReNew”) in an off-market transaction, purchasing the 216-unit garden style property for $49,600,000 or $229,630 per unit. Jamie Kline and Annie Rice with JLL Capital Markets sourced the loan from Bridge Investment Group. Apartment Management Consultants will provide property management services and SD CAP will provide construction management. The acquisition was overseen for Bascom by Scott McClave and Tom Gilfillan.
Bascom’s Senior Principal of Acquisitions, Scott McClave, stated, “ReNew at Decatur adds another well positioned asset to our Las Vegas holdings, and we are excited about the growth potential in this market sector. The influx of new residents has continued unabated creating a growing demand for quality, well-amenitized, mid-market housing at an affordable price. We believe that Las Vegas will continue to attract and retain new residents drawn to its low taxes, affordability, business friendly environment, and quality of life.”
Bascom’s Acquisitions Manager, Thomas Gilfillan, added “Bascom and its investors were attracted to this offering as it has spacious floorplans with a strong mix of two and three bedrooms, a discount to the sale comparables, a desirable value-add opportunity, and an attractive financing environment. We are excited to strengthen our footprint in this fast-growing market that ranks as one of the best in the nation.
Constructed in 1988, Renew at Decatur offers residents a low-density apartment community with expansive and efficiently designed floorplans that include private patios or balconies. The Property consists of 78% two- and three-bedroom floorplans and features a fitness center, resident clubhouse, business center, and pool and BBQ area. ReNew at Decatur is centrally located with convenient access throughout the Las Vegas valley including major employment centers like the world-famous Las Vegas Strip, the rapidly growing Las Vegas Medical District, and the newly built Allegiant Stadium. The surrounding neighborhood is abundant with retail, recreation, and entertainment offerings catered toward families and individuals alike.
Bascom’s Senior Principal of Operations, Paul Diamond, added, “As part of our strategic renovation plan, Bascom intends to improve to unit interiors by upgrading unrenovated units as well as enhancing the property’s exteriors and community amenities. Most of the units remain in classic condition, giving our team plenty of room to implement a desirable and contemporary aesthetic while maintaining an affordable selection for residents. The Las Vegas market has exceeded growth expectations and suggests an optimistic outlook as job expansion, population growth, and housing shortages continue to drive demand.”
Bascom has been the most active apartment buyer in Las Vegas since its first acquisition in 2013 partnering with institutional and private capital. Following the 15-property portfolio acquisition from Camden Property Trust in 2016, Bascom became the largest apartment owner in Las Vegas with 33 total properties representing 9,398 units and $1.3 billion in total capitalization. Prior to the pandemic, Bascom sold 19 properties totaling 5,798 units and over $1.0 Billion in sales. Year to date, Bascom has completed over $1.2 billion in multifamily transactions across nationwide.
SOURCE: Bascom Group