Bascom Acquires Pebble Cove Apartments in Las Vegas
- Dec 28, 2016
Las Vegas— Irvine, Calif.-based private equity firm The Bascom Group, which specializes in value-added multifamily housing, has acquired a 90-unit garden-style apartment on the west side of Las Vegas.
With an address of 5101 O’Bannon Drove, Las Vegas, Pebble Cove Apartments is a 27-year-old apartment community consisting of seven two-story buildings on 4.13 acres.
The property changed hands for $9.1 million on December 22, 2016. The brokers on the sale were Patrick Sauter and Art Carll, with NAI Vegas. Erich Pryor and Tom Sherlock of Talonvest arranged the $8.46 million loan with TCF Bank.
In the past three years, Bascom and its affiliates have acquired 29 Las Vegas-area multifamily properties, which collectively total 9,167 units.
“Pebble Cove’s strategic infill location [and] close proximity to the new UNLV Medical School, downtown Las Vegas and the Las Vegas Strip were extremely attractive to us,” said Scott McClave, senior principal of Bascom.
Added Bascom Senior Vice President Jason Hanna: “Pebble Cove has enormous untapped potential. We plan to enhance the property’s ample community spaces, modernize its interiors and install institutional property management. All [are] aimed at providing real value to current and future residents. We believe in the Las Vegas market and are excited to add Pebble Cove to our growing portfolio there.”
Eighteen percent of the residences at Pebble Cove are one-bedroom apartment homes, while 55 percent are two bedroom and 27 percent three-bedroom floor plans. Unit interiors feature open floor plans, modern finishes, in-unit washers and dryers, private balcony or patio, ample closet space and ceiling fan.
The community’s amenity package includes a generously-sized pool and spa area, fitness center with sauna, basketball court, courtyard with barbecue area, children’s playground, business center, clubhouse and free high-speed Internet.
Pebble Cove Apartments is located about four miles west of South Las Vegas Blvd., a portion of which is also known as “The Las Vegas Strip,” and is conveniently located to a supermarket, as well as additional shopping, restaurants, houses of worship and recreational opportunities.
Bascom intends to undertake an ambitious renovation program to additionally enhance the interior finishes and augment the current amenity offerings.