LAS VEGAS, NV – The Bascom Group acquired Spectrum Apartments, a late-vintage 252-unit luxury apartment community located in Las Vegas, Nevada for $38.35 million. Patrick Sauter and Art Carll with NAI Vegas were the brokers for the sale. Charles Halladay and Jamie Kline with HFF arranged the $27.3 million loan with Lincoln Benefit Life Company.
Since 2013, Bascom and its affiliates have acquired 29 multifamily properties in the Las Vegas market, totaling 9,167 units.
Scott McClave, Senior Principal of Bascom, comments: “We were initially drawn to Spectrum’s rare combination of institutional quality and excellent location. The property is proximate to the affluent neighborhoods Spring Valley, Summerlin, and Rhodes Ranch, and has easy access to the I 215 beltway. As the Las Vegas economy continues to strengthen, Spectrum is well positioned to benefit from new ownership and positive forward fundamentals.”
Jim Singleton, Director of Acquisitions, adds: “Spectrum is a unique property in that it was originally designed as a for-sale condominium development. The large floorplans, premium finishes, and ample community amenities set it apart from its competitors. With Las Vegas projected to experience rapid employment growth over the next several years, we feel that Spectrum will attract a high-quality tenant base looking for a luxury living experience.”
Spectrum was built in 2010 and consists of 14 three-story buildings situated on 9.78 acres. Rental offerings include a range of one-bedroom, two bedroom, and townhome floorplans, with one-bedrooms accounting for 43%, two-bedrooms accounting for 15%, and two-bedroom townhomes accounting for 42% of the total unit mix. The community offers tenants a robust amenity package including a resort style pool/spa area, fitness center, a clubhouse with business center, and a picnic area with barbecues. The unit interiors are designed with open floorplans and modern finishes. Bascom plans to implement a modest renovation program to further enhance the interior finishes and build on the existing amenity package.