The Bascom Group of Irvine, Calif., has expanded its Las Vegas presence with the purchase of a 288-unit apartment complex in Henderson.
The group’s $300 million, Oaktree-managed acquisition fund closed March 24 on Villa Serena at 325 N. Gibson Road.
The county assessor’s website reported the price as $32.4 million.
This is the seventh multifamily acquisition nationwide for the venture, and the second in Nevada. The first was The Edge at Traverse Point, a 296-unit, Class A community at 1131 Wigwam Parkway, that the group bought in August.
The fund’s other properties are in Arizona, Florida, Georgia and Texas.
Separately, Bascom has bought five other local apartment complexes in the last two years.
“The Las Vegas market has begun a strong recovery and we expect to close a number of other acquisitions this year,” said Scott McClave, senior principal of transactions and finance.
In announcing its latest buy, Bascom noted that Villa Serena is near the 155-acre Union Village site, where Valley Health System plans a hospital and other developers are looking at residential, entertainment and retail space, as well as a senior retirement community and a civic and cultural arts center.
Villa Serena consists of 45 percent one-bedroom units, 50 percent two-bedroom and 5 percent three-bedroom units.
Tim Whiting, Bascom’s senior vice president of operations, said the company plans upgrades to common areas and interiors “to make it comparable to higher quality rental properties in the submarket.”
Los Angeles-based Mesa West Capital provided financing to acquire the property. The debt financing was sourced by Brian Eisendrath and Brandon Smith of CBRE Capital Markets. Spencer Ballif and Jeffrey Swinger of CBRE represented the seller on the transaction.
Sales of interest
▶ William Somana LLC has purchased a 5,200-square-foot multifamily property at 4640 Koval Lane for $350,000. Al Twainy of Colliers International represented the buyer.
Leases of significance
▶ Agilysys NV LLC leased 33,447 square feet of office property at 6775 Edmond St. in Las Vegas. Taber Thill, Ryan Martin and Patti Dillon of Colliers International represented the lessee.
▶ Morasi Inc. leased 25,000 square feet of warehouse/distribution property at 3920 W. Sunset Rd. in Las Vegas. Dean Willmore of Colliers International represented the lessee.
▶ Amica Mutual Insurance Co. leased 12,451 square feet of office property at 2475 Village View Dr. in Henderson. Taber Thill, Ryan Martin and Patti Dillon of Colliers International represented the lessee.
▶ ServMax LLC has leased 4,160 square feet of industrial space at 3200 Polaris Ave. Sean Simon and Gabe Telles of Gatski Commercial represented the lessor, Equus Investment Group, LP, in the 62-month deal valued at $209,820.
▶ Simon B. Reyes leased 2,685 square feet of industrial space at 4625 S. Polaris. Sean Simon, Ali Roesenerm and Gabe Telles of Gatski Commercial represented the lessor, CVPropCo LLC, in the 39-month deal valued at $89,851.
▶ MKA, Inc. leased 3,254 square feet of industrial space at 3151 W. Tompkins Ave. Sean Simon, Ali Roesener and Gabe Telles of Gatski Commercial represented the lessor, CVPropCo LLC, in the 39-month deal valued at $74,410. Alexia Crowley of Avison Young represented the tenant.
▶ Roberto Cortez #5 has leased 2,056 square feet of retail space at Regency Plaza, 320 N Nellis, Suite 5, Las Vegas. The landlord is Regency Developments LLC. Robert S. Hatrak II of Virtus Commercial represented both sides in the 63-month deal valued at $101,710.
▶ Melissa Tomsik of Urban Nest Realty has leased 1,700 square feet of retail space in Newport Loft Retail at 200 Hoover Ave., Suite 150, Las Vegas. Matt Feustel of Virtus Commercial and Grant Garcia of Prescott Cos. represented the lessor, Andandolindo LLC, in the 63-month deal valued at $214,540. Tomsik represented herself.
▶ Shuan Yang (Golden China, LLC) has leased 1,350 square feet of retail space in Sea Breeze Village, 1750 N. Buffalo Drive, Suite 104, Las Vegas. Robert S. Hatrak II of Virtus Commercial represented the lessor, New Deal-Seabreeze LLC, in the 78-month lease valued at $212,787.
▶ Climatec leased 4,338 square feet industrial property at 5275 Arville St., Suite 200 in Las Vegas. Dean Willmore, Mike DeLew and Greg Pancirov of Colliers International represented the lessor in the 12-month deal.
Lease renewals
▶ Roberto Cortez #7 &8 has renewed a lease on 10,800 square feet of retail space at 320 N. Nellis Blvd., inside Regency Plaza. The landlord is Regency Developments LLC. Robert Hatrak III of Virtus Commercial represented both sides in the 60-month deal valued at $530,064.