Dealmaker: Bascom Group Closes $74M in Las Vegas Transactions

The Bascom Group LLC, Irvine, Calif., acquired a 216-unit multifamily community and a 93-unit single-family rental portfolio in Las Vegas for $74.3 million.

The private equity firm acquired apartment property ReNew at Decatur for $49.6 million, or $229,630 per unit in an off-market transaction. JLL Capital Markets Director Jamie Kline and Managing Director Annie Rice sourced the loan from Bridge Investment Group, Salt Lake City, Utah.

Bascom Senior Principal of Acquisitions Scott McClave said Las Vegas’ recent population growth has created demand for well-amenitized mid-market housing at an affordable price. “We believe Las Vegas will continue to attract and retain new residents drawn to its low taxes, affordability, business-friendly environment and quality of life,” he said.

Constructed in 1988, Renew at Decatur is located near employment centers including the Las Vegas Strip, the rapidly growing Las Vegas Medical District and the newly built Allegiant Stadium.

In July Bascom acquired 93-unit single-family rental community Suncrest Townhomes for $24.7 million.

Rialto Capital Management provided the debt financing for the acquisition and was arranged by Berkadia Senior Director Vincent Punzi, Vice President Lowell Takahashi and Associate Director Jack Hunsicker.

Bascom Acquisitions Manager Tom Gilfillan noted 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.

Bascom said it plans to modernize the existing interiors and implement operational efficiencies at Suncrest. The firm has been the most active apartment buyer in Las Vegas since its first acquisition in the area in 2013.