Bascom Group Picks Up 300 Units in Las Vegas
The newly built property is still in the lease-up phase.
The Bascom Group has purchased The Ellison, a 294-unit community in Las Vegas, for $103 million. The seller was Lyon Living, according to Yardi Matrix.
AXA Investment Managers U.S. provided an acquisition loan, and Newmark arranged the sale and debt financing. Cushman & Wakefield will serve as the community’s property manager.
The Ellison opened in 2024 and comprises studio, one- and two-bedroom apartments which average 901 square feet. The asset was 73.1 percent occupied as of February 2026, according to Yardi Matrix. Bascom said in a statement that it aims to complete the property’s lease-up following the acquisition.
The Ellison’s rooftop features a pool, spa, jumbotron screen and clubhouse lounge. Other community amenities include a spin room, an event kitchen, a coworking space, Pilates studio and indoor-outdoor fitness center.
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Apartments include in-unit laundry, under-cabinet lighting and walk-in closets. Certain units also feature walk-in showers, vaulted ceilings and patio or balconies.
Located at 9235 W. Russell Road in the Summerlin/Spring Valley submarket, The Ellison is about 12 miles from the Las Vegas Strip. The property is positioned along Interstate 215, within 11 miles of Harry Reid International Airport.
Newmark Vice Chairman Jonathan Merhaut, Executive Managing Director Doug Schuster and Executive Managing Director Curt Allsop led the Investment Sales team on behalf of Lyon Living. Vice Chairman Lee Redmond, Vice President Nicholas Shroeder, and Executive Managing Directors Vincent Punzi and Lowell Takahashi arranged the financing.
Las Vegas’s cooling phase
Las Vegas fundamentals softened at the start of the fourth quarter in 2025, according to a Yardi Matrix report. Advertised asking rents were down 0.4 percent on a trailing three-month basis through October to $1,456, while the U.S. average slid by 0.2 percent, to $1,743. Year-over-year, rents fell 1.7 percent, marking the fourth-largest decline among Yardi Matrix’s top 30 metros.
However, the occupancy rate for stabilized properties in the metro inched up to 93.8 percent in September, which highlighted strong demand coming off a development peak.
Developers added 3,269 units through October 2025 and had 6,984 units underway at the time, with construction starts declining abruptly. Transactions totaled $1.1 billion in 2025 through October, while the average price per unit rose 15.9 percent year-to-date, to $243,626. The Ellison, in comparison, traded for $350,340 per unit.
Another Vegas-area property that changed hands in recent months is Fairways on Green Valley, a 320-unit community in Henderson, Nev. Chicago-based Waterton sold the low-rise asset to Hamilton Zanze for $75 million in February.
