Las Vegas SFRs Trade for $25M

The price more than tripled since the asset last traded a decade ago.
Suncrest Townhomes

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.

SFR Appeal

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.