The Bascom Group, LLC has acquired a 1984/1985 built, 200-unit multifamily property in Las Vegas, Nevada. Bascom acquired Sun Chase in an off-market transaction, purchasing the 200-unit garden style property for $40,500,000 or $202,500 per unit. Annie Rice and Jamie Kline with JLL Capital Markets sourced the loan from ACRE Credit. Apartment Management Consultants will provide property management services and SD CAP will provide construction management. The acquisition was overseen for Bascom by Scott McClave and Tom Gilfillan.
Bascom’s Senior Principal of Acquisitions, Scott McClave said in a statement, “Sun Chase is a highly desirable asset as it was previously owner-managed with a focus on maintaining occupancy. This acquisition offers tremendous opportunity to optimize property operations through institutional property management and a focused renovation program. Macro factors such as population growth, employment growth and diversification, and an ongoing housing supply/demand imbalance continue to a foster a highly favorable rental market, positioning Sun Chase to capitalize on these breakout demographic trends.”
Bascom’s Acquisitions Manager, Tom Gilfillan, added “Bascom and its investors were attracted to this well-located, low-density offering with significant unrealized value-add potential in one of the fastest growing markets in the nation. Las Vegas continues to exceed expectations in part due to the region’s tremendous quality of life, diversifying economy, business-friendly government, and relative affordability compared to nearby cities.”
Constructed in 1984/1985, Sun Chase offers residents a low-density apartment community with efficiently designed floorplans that include private patios or balconies. The Property consists of 52% one- and 48% two-bedroom floorplans and features a fitness center, resident clubhouse, pool and BBQ area, and a putting green. Bascom will modernize the fitness center, clubhouse, and pool areas while repurposing the putting green into a central park that’s activated with a shaded play structure, BBQ station, seating areas, and landscaping. Sun Chase is centrally located with convenient access throughout the Las Vegas valley including major employment centers like the world-famous Las Vegas Strip, the rapidly growing Las Vegas Medical District, the Hughes Center, and the newly built Allegiant Stadium. The surrounding neighborhood has abundant retail, recreation, and entertainment offerings catering to families and individuals alike.
Bascom’s Senior Principal of Operations, Paul Zakhary, added, “Sun Chase represents a compelling acquisition in a high growth market. With the implementation of institutional property management and a comprehensive value-add program, Sun Chase will compete for residents with nearby renovated apartment communities. We are strong believers in the Las Vegas market, and we are excited to add Sun Chase to our growing Nevada portfolio.”
Bascom has been the most active apartment buyer in Las Vegas since its first acquisition in 2013 partnering with institutional and private capital alike. Following the 15-property portfolio acquisition from Camden Property Trust in 2016, Bascom and its affiliates have acquired and operated 35 apartment communities in Nevada totaling 9,814 units totaling over $1.4 billion in total capitalization. Prior to the pandemic, Bascom sold 19 properties totaling 5,798 units and over $1.0 billion in sales in Las Vegas. Over the past year, Bascom has completed over $1.7 billion in multifamily transactions nationwide.
Bascom 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.