It’s been a busy month for multifamily sales, with three separate investment groups snapping up rental properties.
First, the Bascom Group of Irvine, Calif., added to its Las Vegas portfolio with its $10.35 million purchase of Boulder Palms Senior Apartments at 4350 Boulder Highway. Bascom bought the 183-unit, 18-year-old property to “serve the growth market” of aging baby boomers, company principal Scott McClave said.
It’s the eighth local buy in the past 20 months for Bascom.
“We are excited to continue our expansion here as the market continues to recover,” said Lee Nguyen, Bascom’s senior vice president.
Doug Schuster and Vittal Ram of Newmark Grubb Knight Frank represented the seller, investor BPLV LLC.
Also, NAI Vegas’ Sauter Multifamily Group arranged the $10.68 million sale of the 190-unit Aspen Meadows Apartments at 3535 Cambridge St. The seller was Aspen Meadows Apartment LLC of Las Vegas. The buyer was Westland Aspen Meadow LLC of Long Beach, Calif.
Finally, the Siegel Group Nevada acquired two extended-stay properties totaling 305 units for $12 million. The properties previously operated under the Crestwood Suites brand and will now switch to the Siegel Suites nameplate.
One of the properties is 155 units on 2.6 acres at 7260 Las Vegas Blvd. South, near Mandalay Bay and Town Square. The second, which has 150 units on 2.6 acres at 2530 E. Flamingo Road, is close to Desert Springs Hospital Medical Center.
The properties are in “excellent condition,” company officials said, but they plan to complete minor improvements such as painting, new carpet and upgraded flat-screen TVs.
The Siegel Group will also use the two locations to launch its latest brand, Siegel Suites Select, which will cater to business professionals, corporate groups, customers looking to stay at least a week, and longer-term guests who plan to make the properties home for an extended period. Discounts will increase in relation to the guest’s stay.
“We created this new brand to fill the needs of the many customers that have been requesting this product type from us over the years and who want the amenities and convenience of an apartment setting combined with hotellike amenities for either a short or extended period of time. We anticipate continuing to strategically grow both the Siegel Suites and Siegel Suites Select brands throughout the southwestern United States and expanding into new markets throughout the country.”
PENTA adding staff
One of the resort corridor’s biggest general contractors is boosting its Las Vegas staff.
The PENTA Building Group, a locally based company with more than 160 workers in four states, has added 16 people to its Nevada workforce of 113.
New hires include project managers, superintendents, project engineers and operations employees including a payroll administrator. Some of the new employees were already locally based, while others have moved from states such as Florida, New York and California.
PENTA also added five employees to its California operation in Los Angeles. PENTA has offices in Arizona and Oklahoma as well.
The 15-year-old company has built projects in sectors such as health care, education, public works and retail, but much of its recent, local work is concentrated on and around the resort corridor. Projects it has completed include the Sahara’s transformation into SLS Las Vegas and the Grand Bazaar Shops at Bally’s.
PENTA has also handled room remodels for Bellagio, Paris Las Vegas, Palms and Monte Carlo.
A local residential brokerage has announced that it will support a significant local charitable event.
Berkshire Hathaway HomeServices Nevada Properties has signed on as a major sponsor of Golden Rainbow’s June 28 Ribbon of Life fundraiser in the Tropicana Theatre.
The Las Vegas entertainment community launched Golden Rainbow in 1987 to provide housing, financial assistance and education to Nevadans living with HIV or AIDS. It includes original production numbers from performers in Strip shows such as “Jersey Boys,” “Jubilee” and “Legends in Concert.”
Other sponsors include Cirque du Soleil and Raising Cane’s.
Gordon Miles, president of Berkshire Hathaway HomeServices Nevada Properties, joined the board of Golden Rainbow earlier this year and “has already been a tremendous asset to the organization,” the organization’s executive director, Gary Costa, said.