$300M Nevada Apartments Change Hands
- Apr 07, 2015
Henderson, Nev.—A new $300 million joint venture between The Bascom Group LLC and funds managed by Oaktree Capital Management LP has acquired Villa Serena, a 288-unit apartment property in Henderson, Nev.
The partnership was launched in March with the acquisition of The Springs Apartments, a 320-unit garden style community in Corona, Calif., and since then, it has acquired six additional properties across the United States, including those in Arizona, Florida, Georgia, Nevada and Texas.
“This marks the seventh Bascom affiliated acquisition in the last two years in Las Vegas,” Scott McClave, Bascom’s senior principal, said. “The Las Vegas market has begun a strong recovery and we expect to close a number of other acquisitions this year.”
Located at 325 North Gibson Road, Villa Serena consists of one-, two- and three-bedroom units, and units feature full size washers and dryers, walk-in closets, 9-foot or vaulted ceilings and a private patio or balcony.
“Villa Serena is located in one of the best submarkets in Las Vegas,” Tim Whiting, Bascom’ senior vice president of operations, said. “We plan to make upgrades to the common areas and interiors to make it comparable to higher quality rental properties in its submarket.”
Originally constructed in 1996, the apartments are located near several retail amenities and employers, including Union Village, a 155-acre site that is classified as the first integrated health village in the world. Other nearby retail amenities include the 1.3 million square foot Galleria Mall and the District at Green Valley Ranch, a 29-acre luxury shopping center.
Mesa West Capital provided financing for the acquisition, while the debt financing was sourced by Brian Eisendrath and Brandon Smith of CBRE Capital Markets. Spencer Ballif and Jeffrey Swinger of CBRE represented the seller on the transaction.
Overall, Bascom has completed over $8.8 billion in multifamily and commercial value-added transactions since 1996 including more than 255 multifamily properties containing more than 68,000 units.