Joint Venture Bets on $300M Vegas Acqusition
- Oct 01, 2015
Henderson, Nev.—A $300 million venture between the Bascom Group and funds managed by Oaktree Capital Management has acquired Vantage, a 110-unit apartment property in the Las Vegas area. The property is located at 201 South Gibson Road in Henderson, a suburb of Las Vegas.
Common amenities include a resort-style pool, cabanas, an infinity edge spa and a theater. The property also offers views of the surrounding mountains and the Las Vegas skyline. Units feature 20 foot floor-to-ceiling windows and spa-inspired bathrooms with frameless glass, open showers.
Bascom has been quite active in the Vegas market. According to Lee Nguyen, senior vice president for Bascom, Vantage marks its ninth acquisition in the Las Vegas Valley in the past 20 months.
“We’re going to continue our expansion here as the market continues to recover,” he added.
The region’s apartment market is reasonably strong. According to MPF Research, metro Las Vegas apartment occupancy stood at 94.5 percent, nearly an eight-year high rate, in Q2 2015. Also, same-property rents in the area spiked 2.6 percent quarter-over-quarter and 7.1 percent year-over-year, a decade high.
The Vantage site also includes more than four acres that has been entitled for multifamily development. In the deal, Guardian Life Insurance Company of America provided debt financing, which was arranged by Charles Halladay of HFF. John P. Cunningham and Charles Steele of JLL represented the seller on the transaction.