Dealmaker: Bascom Group Acquires 93-Unit Single-Family Rental Portfolio for $25M
The Bascom Group, LLC, Irvine, Calif., acquired a 93-unit single-family rental community in Las Vegas for $24.7 million, or $266,129 per unit.
The private equity firm specializing in value-added properties purchased Suncrest Townhomes, which consists of zero lot-line paired single-family homes in North Las Vegas.
Rialto Capital Management provided the debt financing, arranged by Vincent Punzi, Lowell Takahashi and Jack Hunsicker with Berkadia.
Bascom Acquisitions Manager Tom Gilfillan said demand for single-family home rentals “exploded” during 2020 as residents sought more space amid a competitive single-family home market with historically low for-sale inventory.
“The tremendous value-add potential, exceptionally large floorplans and quiet cul-de-sac neighborhood separates Suncrest from other rental properties in the area,” said Paul Zakhary, Bascom Senior Principal of Operations. “We see this purchase as a great opportunity to provide best-in-class improvements to the property, while still offering residents an attractive and affordable place to live.”
The Bascom Group recently acquired a value-add three-property 390-unit multifamily portfolio in Las Vegas for $72 million. The firm has been the most active apartment buyer in Las Vegas since its first acquisition in 2013, partnering with institutional and private capital.