Bascom Bets On Vegas Apartment Community
- Nov 23, 2015
Irvine, Calif.—The Bascom Group LLC landed the 308-unit apartment community Timberlake in Henderson, Nev., located within the Las Vegas metro area. Comerica Bank provided financing for the transaction and the debt financing was sourced by Brian Eisendrath and Annie Rice of CBRE Capital Markets. CBRE’s Spencer Ballif represented the seller.
Located at 80 South Gibson Road, Timberlake sits in one of the most desirable locations in the Las Vegas Valley. The 18-year-old property is in close proximity to several employment centers including the 155-acre Union Village, a site that is billed as the first integrated health village in the world. Union Village will be built in phases over the next decade and is slated to include a world-class hospital complex and health center, a residential, entertainment and specialty retail space, a senior retirement community and a civic and cultural arts center. Other nearby attractions include the 1.3 million-square-foot Galleria Mall and the District at Green Valley Ranch, a 29-acre luxury shopping center.
The apartment community consists of 45 percent one-bedroom, 49 percent two-bedroom and 6 percent three-bedroom units. Amenities include full-size washers and dryers, walk-in closets and 9-foot or vaulted ceilings. The property offers two resort-style pools, sun decks, a state-of-the-art fitness center, sauna, clubhouse and movie theater with 72 detached garages.
“We are continuing to see substantial rent growth across our portfolio here as the Las Vegas metro benefits from a strong economic recovery,” said Lee Nguyen, senior vice president of operations at Bascom. “We plan to further enhance the community with amenity and unit interior upgrades.”
Scott McClave, senior principal for Bascom added, “Timberlake’s key location at the nexus of the I-95 and the 215 beltway provides residents with excellent access to all of Las Vegas Valley while enjoying one of the premier neighborhoods in Henderson.”
This is Bascom’s fourth acquisition in the Henderson submarket and its 10th acquisition in Southern Nevada, bringing the company’s portfolio to more than 2,800 total units.
Images courtesy of The Bascom Group LLC