“The location is Southwest Las Vegas, which is really an excellent part of town, and has great access to the entire valley,” Scott McClave, Bascom’s senior principal, told MHN. “We tend to buy nineties or newer product, focus on B+ of better locations and desirable parts of towns.”
Charles Halladay and Jamie Kline with HFF arranged a $27.3 million loan with Lincoln Benefit Life Company, while Patrick Sauter and Art Carll with NAI Vegas acted as the brokers for the sale.
Originally constructed in 2010, Spectrum consists of 14 three-story buildings situated on 9.78 acres. The property is located at 9242 W. Russell Road and includes a mixture of one-bedrooms accounting for 43 percent, two-bedrooms accounting for 15 percent, and two-bedroom townhomes accounting for 42 percent of the total unit mix.
The unit interiors are designed with open floorplans and modern finishes. Bascom plans to implement a modest renovation program to further enhance the interior finishes and build on the existing amenity package.
“We see a real opportunity to come in with quartz countertops and upgrade the interiors and take the amenity package to another level, adding those extras the renter in the Las Vegas market is looking for,” McClave said.
Amenities at the community currently include a resort style pool/spa area, fitness center, a clubhouse with business center, and a picnic area with barbecues.
“Spectrum is a unique property in that it was originally designed as a for-sale condominium development,” Jim Singleton, Bascom’s director of acquisitions, said. “The large floorplans, premium finishes, and ample community amenities set it apart from its competitors. With Las Vegas projected to experience rapid employment growth over the next several years, we feel that Spectrum will attract a high-quality tenant base looking for a luxury living experience.”
The property is proximate to the affluent neighborhoods Spring Valley, Summerlin, and Rhodes Ranch, and has easy access to the I 215 Beltway.
Over the past three years, Bascom and its affiliates have acquired 29 multifamily properties in the Las Vegas market, totaling 9,167 units. According to McClave, the interest in the area was amplified by its acquisition of the Camden portfolio last year—a 15-community portfolio of more than 4,900 units that it acquired for $630 million.
“We started buying about three years ago; we saw the recovery coming. It was really the last major metro to recover,” McClave said. “This acquisition fit very well with our target philosophy.”