Las Vegas SFRs Trade for $25M
- Jul 27, 2021
The Bascom Group has acquired Suncrest Townhomes, a 93-unit single-family rental property in North Las Vegas, for $24.8 million from RK Properties.
Berkadia helped Bascom arrange the acquisition financing. The borrower received a $21.1 million loan funded by Rialto Capital Management, Yardi Matrix data shows.
The property last traded a decade ago, according to Yardi Matrix, when the current seller acquired it for $8 million, or $86,021 per unit. This time, the price was more than three times higher: $266,129 per unit.
The new owner has appointed Apartment Management Consultants as property manager. AMC will also head planned interior upgrades.
Bascom Groups Acquisitions Manager Tom Gilfillan said in a prepared statement that the private equity firm will continue expanding its footprint in the single-family rental housing market, a sector that has seen a strong surge in demand since the COVID-19 pandemic began.
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With an office located at 3341 Lunar Sky St., the pet-friendly community offers three-bedroom apartments with floorplans ranging from 1,471 to 1,837 square feet. The 2008-built property has two-story townhomes and units featuring kitchens outfitted with energy-efficient appliances as well as full-size washer and dryers, walk-in closets and garages.
The single-family rental community is 5 miles north of downtown Las Vegas and less than 5 miles from the North Las Vegas Airport. The Craig Ranch Regional Park and West Craig Road retail corridor, offering several shopping and dining options, are less than 2 miles away.
The Bascom Group, one of the metro’s most active multifamily investors, entered Las Vegas in 2013 and currently owns more than a dozen properties totaling in excess of 3,500 units. Earlier in July, Bascom paid $72 million for a three-property portfolio in Las Vegas.