Bascom Group Sells Luxury Las Vegas Community for $67M
The transaction marks the buyer's third acquisition in the market.
Davlyn Investments has purchased Spectrum, a 252-unit luxury multifamily community in Las Vegas, and rebranded it to The Michael B Townhomes and Apartments. The Bascom Group sold the asset for $67 million. The company had acquired the property back in 2016 from Tilden Properties for $38.3 million, according to Yardi Matrix data.
The property marks Davlyn’s third acquisition in Las Vegas. The firm entered the market in early 2022 with the purchase of a 312-unit community in North Las Vegas.
Cushman & Wakefield Executive Director Taylor Sims and Senior Director Brady Cleary represented the seller in the current transaction. Newmark Vice Chairman Mitch Clarfield and Managing Director Meghan Varga arranged the acquisition financing.
A luxury Las Vegas community
Completed in 2014, the community encompasses 14 buildings with one- and two-bedroom floorplans ranging between 724 and 1,251 square feet. The units feature washers and dryers, vaulted ceilings and private balconies or patios. Common-area amenities include a swimming pool, a fitness center, a business center, a playground, a clubhouse, a spa, outside storage and approximately 350 parking spaces.
Situated on a 26.4-acre site at 9242 W. Russell Road, the luxury community is some 16 miles from downtown Las Vegas, in The Curve neighborhood. The property is just west of Bruce Woodbury Beltway, which provides easy access across the city’s metropolitan area.
The Bascom Group has recently sold another luxury community in the Gambling Capital of the World. MG Properties paid $81 million for the 312-unit asset.