IRVINE, Calif., July 23, 2021 /PRNewswire/ — The Bascom Group, LLC ("Bascom") has acquired a 93-unit Single-Family Rental community within a broader housing district in Las Vegas, Nevada. The property, Suncrest Townhomes, consists of zero lot-line paired single family homes in North Las Vegas. Bascom purchased the 93-unit single-family portfolio for $24,750,000 or $266,129 per unit. Rialto Capital Management provided the debt financing for the acquisition and was arranged by Vincent Punzi, Lowell Takahashi, and Jack Hunsicker with Berkadia. Apartment Management Consultants (AMC) will provide property management services and interior renovations.
Bascom’s Acquisitions Manager, Tom Gilfillan, stated "Suncrest Townhomes represents a great opportunity for Bascom to continue our expansion into the single-family rental space. 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. Suncrest’s expansive floorplans and peaceful neighborhood will provide residents and their families a unique single family community experience in one of the fastest growing markets in the country".
Suncrest Townhomes is located in North Las Vegas, an area experiencing revitalization due to the rapidly growing Las Vegas economy. The property’s proximity to the burgeoning Downtown Las Vegas district allows convenient access to retail, entertainment, dining, and major employment centers throughout the Las Vegas metro. Bascom plans to modernize the existing interiors and implement operational efficiencies at Suncrest, while strengthening its portfolio in the Las Vegas market. Las Vegas’ affordable, lower density housing, pro-business environment, no state taxes, and tourist rebound since the pandemic have made the city one of the strongest apartment markets in the country.
Bascom’s Senior Principal of Operations, Paul Zakhary, added, "The tremendous value-add potential, exceptionally large floorplans, and quiet cul-de-sac neighborhood separates Suncrest from other rental properties in the area. 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 Bascom Group 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, The Bascom Group became the largest apartment owner in Las Vegas with 29 properties representing 8,915 units and $1.2 billion in total capitalization. Prior to the pandemic, The Bascom Group sold 19 properties totaling 5,798 units and over $1.0 billion in sales price. Over the past year, The Bascom Group has completed over $778.9 million in multifamily transactions across its national portfolio.
About Bascom: Bascom is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Jerry Fink, David Kim, and Derek Chen, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Since 1996, Bascom has completed over $18.9 billion in multifamily value-added transactions encompassing 337 multifamily properties and over 87,000 units. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom’s subsidiaries and joint ventures include the Bascom Value Added Apartment Investors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Partners Ventures, Bascom Milestone Ventures, and the Realm Group. Bascom’s subsidiaries also include Premier Workspaces, one of the largest privately held executive suite, coworking and shared workspace companies in the U.S. For additional information, please visit www.bascomgroup.com.
Contact: Scott McClave and Tom Gilfillan
Tel: 949-955-0888 ext. 112 and 124
SOURCE The Bascom Group