LAS VEGAS — Irvine, Calif.-based investment and development firm The Bascom Group has acquired The Ellison, a 294-unit apartment complex located in the Summerlin/Spring Valley submarket of Las Vegas, for $103 million. The sales price translates to approximately $350,000 per door.
The Ellison is situated along I-215 in southwest Las Vegas in an area known as “The Curve.” Several developments are underway in the surrounding area, including the Athletics’ new baseball stadium, Intermountain Healthcare’s Children’s Hospital and expansions of the Roseman Nursing School and UNLV Harry Reid Research & Technology Park.
Completed in 2024, The Ellison offers studio, one- and two-bedroom units with an average size of 901 square feet. Amenities include a heated, resort-style pool and spa with a jumbotron screen, as well as a clubhouse lounge, fitness center with dedicated spin and Pilates studios.
Jonathan Merhaut, Doug Schuster and Curt Allsop of Newmark represented the undisclosed seller in the transaction. Lee Redmond, Nicholas Schroeder, Vincent Punzi and Lowell Takahashi, also with Newmark, arranged an undisclosed amount of acquisition financing through AXA Investment Managers US Inc. on behalf of Bascom Group.
“The Ellison is a notable example of why we keep coming back to Las Vegas,” says Tom Gilfillan, vice president at Bascom Group. “The Summerlin/Spring Valley submarket consistently outperforms the metro, with stronger demographics, higher income levels and demand drivers that are real and growing.”
The new ownership plans to complete lease-up of The Ellison and has tapped Cushman & Wakefield as the new property manager.
- Taylor Williams