Dealmaker: Bascom Group Acquires Nevada Apartment Community For $31M

The Bascom Group LLC, Irvine, Calif., acquired Sierra Point Apartments in the Reno, Nev., metro for $31 million.

Sierra Point Apartments

Bascom purchased the 147-unit garden-style community in an off-market transaction. The property, which delivered in two phases in 1996 and 1998, has mostly two-bedroom floorplans.

LoanCore Capital LLC, Greenwich, Conn., supplied the financing, which was arranged by JLL Capital Markets Senior Managing Director Charles Halladay, Director Jamie Kline and Managing Director Annie Rice.

Reno is the third-largest city in Nevada, with 25-plus percent population growth since 2011. Google recently invested $600 million in Reno-area data centers and Tesla’s Gigafactory increased its employment projections from 6,500 people to 10,000.

Bascom Senior Vice President and Principal of Acquisitions Jim Singleton noted Sierra Point is adjacent to the $200 million Hug High School Development scheduled to open next August.

Jason Hanna, Senior Principal of Operations with Bascom, said the firm will perform a comprehensive renovation plan including updating unit interiors, new fixtures and lighting and a new two-tone paint scheme. “In addition, Bascom will be adding a dog park, tot lot, and outdoor barbeque and recreational area,” he said.

Bascom is active in the Nevada market. Just before the pandemic, it sold 19 multifamily properties totaling 5,888 units in Las Vegas and it recently acquired the ReNew at Decatur, a 216-unit Las Vegas apartment community for $49.6 million.