IRVINE, Calif., Nov. 6, 2013 /PRNewswire/ — The Bascom Group, LLC ("Bascom") has acquired the Eagle Crest Apartments, a 624-unit Class-A garden style multifamily community located at 5850 Sky Pointe Drive, Las Vegas, Nevada. The property was listed and sold by Spencer Ballif of CBRE. The purchase price was not disclosed. Debt financing, provided by OneWest Bank, was arranged by Brian Eisendrath and Troy Tegeler of CBRE Capital Markets. The transaction was overseen by Scott McClave and Dennis Lim from Bascom.
Built in two phases from 1996-97, the Class-A property consists of 42 two-story buildings across 31 acres in the Northwest Las Vegas Submarket. The unit mix is comprised of 46% one-bedroom, 49% two-bedroom and 5% three-bedroom units with fully equipped kitchens, balconies or patios, 9-foot ceilings, and full-size washers and dryers. The property is ideally located in close proximity to numerous job centers and growth areas. The 354,000 square foot Centennial Hills Hospital is located less than three miles from Eagle Crest. The property has easy access to the I-95 and Hwy-215 beltway while being in close proximity to numerous retail centers.
Scott McClave, Principal for Bascom, comments, "Eagle Crest represents a great opportunity to acquire a well-maintained asset that has strong value-add potential in the amenities and interiors. This is our bread and butter, to purchase existing assets and upgrade the property to create an enhanced living situation for our residents."
Jerome Fink, Managing Partner of Bascom, adds, "Eagle Crest is the 11th multifamily acquisition that we have completed in 2013, and the second in Las Vegas. We see a strong recovery in the Las Vegas market and look forward to growing our presence in that market."
About The Bascom Group, LLC: Bascom (http://www.bascomgroup.com) is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom has completed over $8.5 billion in multi-family and commercial value-added transactions since 1996 including more than 230 multifamily properties containing over 63,000 units. Bascom currently ranks among the top 50 multifamily owners in the US. Bascom's subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, Bascom Portfolio Advisors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, MHF RM Holdings, Bascom Northwest Ventures, Bascom Arizona Ventures, and the Realm Group. Bascom's subsidiaries also include Premier Business Centers, the largest privately held executive suite company in the US.
If you would like to schedule an interview with one of the partners, please call Scott McClave (949-955-0888 ext 12) or Email.
Contact: Scott McClave
Tel: 949-955-0888 ext 12
Email