BOULDER CITY, NEV. — The Bascom Group has purchased Homestead at Boulder City, a seniors housing property located in the Las Vegas suburb of Boulder City, for $3 million. The name of the seller was not released.
Built in 1999, Homestead at Boulder City features 72 apartments with an average unit size of 467 square feet. Situated on 6.4 acres, the community offers 71 parking spaces, a private dining room, atrium, library, community living rooms, walking paths, fireplace parlor, covered patios, outdoor courtyard, multiple green spaces, fitness equipment and laundry facilities.
Bascom plans to implement a renovation program that includes upgraded appliances, countertops, lighting, fixtures and wood plank flooring. Common-area improvements are planned for the leasing office, gym and entertainment lounges.
Vincent Punzi and Lowell Takahashi of Berkadia arranged the debt financing for the acquisition, with Kairos Investment Management Co. as the lender. Brad Goodsell, Vince Viverito, Jason Punzel and Brad Clousing of Senior Living Investment Brokerage arranged the sale.
Apartment Management Consultants will provide property management and SD-CAP will provide construction management for the property.