January 3, 2017
Irvine, CA-based The Bascom Group, LLC acquired Spectrum Apartments, a 252-unit luxury apartment community in Las Vegas from an undisclosed San Francisco seller for $38.4 million. Since 2013, Bascom and its affiliates have acquired 29 multifamily properties in the Las Vegas market, totaling 9,167 units.
Spectrum was built in 2010 as a for-sale condominium development, and consists of 14 three-story buildings situated on 9.78 acres. Rental offerings include a range of one and two bedrooms, as well as townhome floor plans.
Bascom’s Scott McClave says, “We were initially drawn to Spectrum’s rare combination of institutional quality and excellent location. As the Las Vegas economy continues to strengthen, Spectrum is well positioned to benefit from new ownership and positive forward fundamentals.”
NAI Vegas’ Patrick Sauter and Art Carll brokered the sale. HFF’s Charles Halladay and Jamie Kline arranged a $27.3 million loan with Lincoln Benefit Life Company.
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