Dealmaker: Bascom Group Acquires Two Las Vegas Properties for $47M

January 3, 2017

The Bascom Group LLC, Irvine, Calif., acquired two Las Vegas multifamily properties for $47.4 million.

Bascom purchased Spectrum Apartments, a 252-unit Class A community on West Russell Road, for $38.35 million. The deal closed on December 22.

NAI Vegas Managing Partner Patrick Sauter and Senior Partner Art Carll-Tangora brokered the sale and Lincoln Benefit Life Co., Lincoln, Neb., supplied the $27.3 million loan.

“As the Las Vegas economy continues to strengthen, Spectrum is well positioned to benefit from new ownership and positive forward fundamentals,” said Bascom Senior Principal Scott McClave. He noted that the firm has acquired 29 multifamily properties totaling 9,167 units in the Las Vegas market since 2013.

Bascom Acquisitions Director Jim Singleton noted that Spectrum was designed as a for-sale condominium development. Built in 2010, Spectrum includes 14 three-story buildings on 9.7 acres.

Singleton said Bascom plans to implement a “modest” renovation program to enhance interior finishes and build on the existing amenity package.

Bascom also acquired Pebble Cove Apartments, a 90-unit garden-style community on O’Bannon Drive, for $9.1 million. Sauter and Carll-Tangora also brokered the sale. Talonvest Relationship Manager Erich Pryor and Principal Tom Sherlock arranged an $8.46 million mortgage with TCF Bank, Sioux Falls, S.D.

McClave said the property sits close to several demand drivers including the new University of Nevada-Las Vegas medical school, downtown Las Vegas and the Las Vegas Strip. Built in 1989, Pebble Cove has seven two-story buildings with one-, two- and three-bedroom floorplans on 4.1 acres.