Bascom Group pays $39 million for Vantage Lofts in Henderson

The Bascom Group of Irvine, Calif., has purchased the 110-unit Vantage Lofts apartment complex in Henderson for $39 million.

Oaktree Capital was a partner in the deal, which includes a four-acre parcel adjacent to the apartments at Gibson Road and Paseo Grande Parkway.

The price works out to about $347,000 per unit. The average rent is about $2,500 per month and the complex is said to be 93 percent leased.

The property, featured in the Business Press Feb. 23, had been mothballed when the economy went soft in 2008. In 2013, Seattle investor John Goodman purchased Vantage Lofts and finished the work on the project that offers high-end touches and sweeping views of the Las Vegas skyline.

Bascom, which has been an active buyer of more moderately priced apartment properties around the Las Vegas Valley, said it plans to continue renting the units. This spring, Bascom purchased the 188-unit Boulder Palms Senior Apartments on Boulder Highway and the 288-unit Villa Serena complex in Henderson. In August, 2014, Bascom purchased The Edge at Traverse Point, a 296-unit, Class A community at 1131 Wigwam Parkway.

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