The Bascom Group has bought the 147-unit Sierra Point in Sun Valley, Nev., for $31 million, in an off-market transaction. JLL Capital Markets arranged the financing, which was provided by LoanCore. The new owner plans to renovate the interiors and add amenities. AMC Management Services will manage the property, while construction management will be provided by SD Cap Construction Management.
Completed in stages in 1996 and 1998, the community near Reno offers a mix of one- and two-bedroom floorplans ranging from 590 to 884 square feet, according to Yardi Matrix data. Bascom plans to renovate each unit and add high-end finishes, as well as a dog park, tot lot and outdoor barbecue area, Jason Hanna, senior principal of operations with Bascom, said in prepared remarks. The property also has 150 grade-level parking spaces.
Located at 4400 El Rancho Drive on more than 10 acres, the two-story community is some 4 miles northeast of downtown Reno. Several quick-service restaurants are available less then a mile north of the property, while a good number of other dining, retail and entertainment options are 2 miles south, at the intersection of Martin Luther King Jr Memorial Highway and North McCarran Boulevard. University of Nevada at Reno is some 3 miles southwest of Sierra Point, while Bonanza Casino is 2 miles west.
Bascom continues to be one of the most active multifamily buyers in Nevada, operating 34 communities in the area. The company completed more than $1.4 billion in transactions across the country in 2021, with one of its recent purchases being the 216-unit ReNew at Decatur in Las Vegas.
Senior Managing Director Charles Halladay, Senior Director Jamie Kline, and Managing Director Annie Rice formed the JLL team that secured the acquisition loan.