The Bascom Group has acquired ReNew at Decatur, a 216-unit community in Las Vegas, for $49.6 million or $229,630 per unit. JLL Capital Markets secured a loan from Bridge Investment Group. According to Yardi Matrix data, FPA Multifamily sold the 14-building property after purchasing it in 2019 for $29.5 million.
Built in 1988, the community encompasses one- to three-bedroom units, ranging from 680 square feet to 1,188 square feet. Common-area amenities include a fitness center, clubhouse, business center, barbecue area and a pool.
Located at 2666 S. Decatur Blvd., the community is close to major employment centers like the Las Vegas Strip, the Las Vegas Medical District and Allegiant Stadium. Downtown Las Vegas is some 5 miles away and the Sahara Pavilion North shopping mall is less than 1 mile northwest. Several other dining, shopping and entertainment options are within a 1-mile radius of the property.
Apartment Management Consultants is set to manage the property going forward, while SD CAP will provide construction management, as Bascom plans to upgrade the community. Bascom’s renovation plans include improving select unit interiors and revamping the community’s amenities, according to Senior Principal of Operations Paul Diamond.
A desirable market
Scott McClave, senior principal of acquisitions for Bascom, said in a prepared statement that the continued influx of new residents in the Las Vegas metro is creating demand for quality housing at affordable prices, a trend that will continue to bolster the market.
Bascom has been active in Las Vegas since 2013. In 2016, the company became one of the largest apartment owners in the market, but sold 19 of its properties for more than $1 billion before the pandemic.
With ReNew at Decatur, Bascom was attracted by the property’s spacious floorplans, discount to the sale comparables and the current favorable financing environment, according to prepared remarks from Acquisitions Manager Thomas Gilfillan.