HENDERSON, NEV. — A joint venture between the Bascom Group and funds managed by Oaktree Capital Management has acquired The Edge at Traverse Point, a 296-unit apartment community in Henderson for $250 million. The Class A community is located at 1131 Wigwam Parkway in the Las Vegas suburb.
The property was built in 2013. It contains a mix of one-, two- and three-bedroom units, though more than half the units come with two bedrooms. Community amenities include a clubhouse, resort-style pool with cabanas, café, business center, and 24-hour fitness center with towel and water service.
“The Edge is a high-quality community located in one the best submarkets in Las Vegas,” says Tim Whiting, Bascom’s senior vice president of operations. “We plan to make upgrades to the common areas and interiors to make it best-in-class in its submarket.”
Major employers in the area include Zappos, St. Rose Dominican Hospital, Ocean Spray and WinCo Foods, not to mention the casinos, hotels and services located on the Las Vegas Strip, about 15 minutes from The Edge.
This is the second multifamily acquisition the JV has closed in the past month. It also acquired The Springs Apartments, a 320-unit, garden-style community in Corona, Calif., for $43.2 million in late June.
The unnamed seller in this latest transaction was represented by Angela Powers and Carl Sims of Hendricks-Berkadia. The debt financing was arranged by HFF’s Charles Halladay and provided by Nationwide Life Insurance.
“This marks the fourth Bascom-affiliated acquisition in the past year in Las Vegas,” says Scott McClave, a principal at Bascom. “The market has begun a strong recovery and we expect to close a number of other acquisitions this year.”
The Bascom Group is a private equity firm headquartered in Irvine, Calif. It specializes in value-added multifamily, commercial, and non-performing loans and real estate-related investments and operating companies.
Los Angeles-based Oaktree Capital is a global investment management firm that specializes in alternative investments. It had $86.2 billion in assets under management as of March 2014.
— Nellie Day