Bascom Group Adds to Las Vegas Portfolio with $49.6M Apartment Building Acquisition
LAS VEGAS — The Bascom Group has purchased ReNew at Decatur, a multifamily community in Las Vegas, for $49.6 million, or $229,630 per unit in an off-market transaction.
Built in 1988, ReNew at Decatur features 216 apartments with private patios or balconies, with 78 percent of the floorplans two- or three-bedroom layouts. The community features a fitness center, resident clubhouse, business center, pool and barbecue area. Bascom plans to upgrade the property’s unrenovated units and enhance its exteriors and community amenities.
Jamie Kline and Annie Rice of JLL Capital Markets sourced the acquisition loan from Bridge Investment Group for Bascom Group. Apartment Management Consultants will provide property management services for the asset and SD CAP will provide construction management.