Bascom Group acquires 93-unit single family rental portfolio in Las Vegas
The Bascom Group (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 USD24,750,000 or USD266,129 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, says: “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 neighbourhood 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 revitalisation 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 centres throughout the Las Vegas metro. Bascom plans to modernise 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, adds: “The tremendous value-add potential, exceptionally large floorplans, and quiet cul-de-sac neighbourhood 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 USD72 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 USD1.2 billion in total capitalisation. Prior to the pandemic, The Bascom Group sold 19 properties totalling 5,798 units and over USD1.0 billion in sales price. Over the past year, The Bascom Group has completed over USD778.9 million in multifamily transactions across its national portfolio.