IRVINE, Calif., Jan. 2, 2017 /PRNewswire/ -- The Bascom Group, LLC ("Bascom") has acquired Pebble Cove Apartments ("Pebble Cove"), a 90-unit garden-style apartment community located at 5101 O'Bannon Drive, Las Vegas, NV 89103. The $9.1 million sale closed on December 22, 2016. Patrick Sauter and Art Carll with NAI Vegas were the brokers for the sale. Erich Pryor and Tom Sherlock with Talonvest arranged the $8.46 million loan with TCF Bank. Since 2013, Bascom and its affiliates have acquired twenty-nine multifamily properties in the Las Vegas market, totaling 9,167 units.
Scott McClave, Senior Principal of Bascom, states: "Pebble Cove's strategic infill location, close proximity to the new UNLV Medical School, Downtown Las Vegas, and the Las Vegas Strip were extremely attractive to us."
Jason Hanna, Senior Vice President of Bascom, adds: "Pebble Cove has enormous untapped potential. We plan to enhance the property's ample community spaces, modernize its interiors, and install institutional property management, all aimed at providing real value to current and future residents. We believe in the Las Vegas market and are excited to add Pebble Cove to our growing portfolio there."
Pebble Cove was built in 1989 and consists of 7 two-story buildings situated on 4.13 acres. Rental offerings include 18% one-bedroom, 55% two-bedroom, and 27% three-bedroom floorplans. The community offers tenants a robust amenity package including a spacious pool and spa area, fitness center with sauna, a basketball court, a courtyard and barbecue area, a children's playground, and a business center and clubhouse. The unit interiors are designed with open floorplans and modern finishes. Bascom plans to implement an extensive renovation program to further enhance the interior finishes and build on the existing amenity package.
About Bascom: The Bascom Group, LLC (http://www.bascomgroup.com) is a private equity firm specializing in value-added multifamily, commercial, non-performing loans, and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, increasing revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Jerry Fink, David Kim, and Derek Chen, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Bascom has completed over $12 billion in multifamily and commercial value-added transactions since 1996 including more than 304 multifamily properties containing over 80,000 units. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom's subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, Bascom Portfolio Advisors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, MHF RM Holdings, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, and the Realm Group. Bascom's subsidiaries also include Premier Business Centers, the largest privately held executive suite company in the U.S. For additional information, please visit www.bascomgroup.com.
Contact: Scott McClave
Tel: 949-955-0888 ext 12
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SOURCE The Bascom Group