Las Vegas—The Bascom Group LLC, a private-equity firm whose specialties include value-added multifamily investments, has acquired Broadstone Montecito, a 336-unit, Class-A, garden style community in Las Vegas. The selling price of the six-year-old property, built by Alliance Residential, was $36.6 million.
Broadstone Montecito is comprised of 17 three-story buildings featuring a mix of one-, two- and three-bedroom units, spread across 15 acres in the northwest Las Vegas submarket. Apartments feature fully equipped gourmet kitchens, ceramic tile entries, balconies or patios, 9-foot ceilings with crown molding, built-in bookcases and computer niches, fireplaces with ceramic tile surrounds and full-size washers and dryers.
Among the features of the community are a resort-style pool with spa, outdoor patio area with wireless Internet connection, fitness center with free weights, clubhouse with gourmet kitchen, cyber lounge, multimedia center with plasma TV, executive conference center, outdoor fireplace with grills, separate storage areas, remote-controlled access gates, detached garages and available covered parking.
Located within the highly sought Grand Teton master planned community, Broadstone Montecito is convenient to employment centers, health care facilities and major transportation arteries. Centennial Hills Hospital is less than three miles away, I-95 and the Highway 215 Beltway are easily accessible and shopping and schools are nearby.
“We are excited to be extending our presence into Southern Nevada,” says Scott McClave, principal for Bascom. “Montecito represents a great opportunity to purchase a well-built, high-quality property in the trough of a rebounding market. Market fundamentals will continue to improve dramatically in the Las Vegas market and we look forward to creating a place where our residents can call home.”
Adds Jerome Fink, Bascom managing partner: “Montecito is the ninth multifamily acquisition that we have completed in 2013, and the first In Las Vegas. We see a strong recovery in the Las Vegas market, and look forward to growing our presence there.”
Debt financing was provided by CIBC, Inc. and arranged by Brian Eisendrath and Troy Tegeler of CBRE Capial Markets.