$300 Million Bascom/Oaktree Venture Acquires 110-Unit Luxury Condominium Rental Community in Henderson, Nevada
IRVINE, Calif., Sept. 30, 2015 /PRNewswire/ -- The $300 million venture between The Bascom Group, LLC ("Bascom") and funds managed by Oaktree Capital Management, L.P. ("Venture") has acquired Vantage, a 110-unit premier luxury rental community in the Las Vegas Metro area. The property is located at 201 South Gibson Road, Henderson, Nevada and includes 4.03 acres of land that has been entitled for multifamily development. Debt financing was provided by Guardian Life Insurance Company of America and arranged by Charles Halladay of HFF. John P. Cunningham and Charles Steele of JLL represented the seller on the transaction.
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Vantage offers residents sophisticated and unsurpassed excellence in modern living. Perched on a hillside high above the desert floor, it delivers majestic views of the surrounding mountains and the Las Vegas skyline. The property features single story flats and multi-level penthouses with expansive open floor plans averaging 1,831 square feet. The unmatched amenity package complements the ultra-premium interior finishes and sleek modern design. Residents enjoy a resort-style pool, cabanas, an oversized infinity edge spa, and a theater. Unit plans include 20 foot floor-to-ceiling windows, gourmet kitchens with quartz countertops and high-end appliances, and spa inspired bathrooms with frameless glass, open showers.
Scott McClave, Senior Principal for Bascom, comments, "Vantage is one of the highest quality apartment communities we have ever acquired and is one of the highest quality projects in Las Vegas today. Vantage attracts very affluent renters including many celebrities, sports professionals, entertainers, and entrepreneurs." Lee Nguyen, Senior Vice President for Bascom states, "Vantage marks our ninth acquisition in the Las Vegas Valley in the past twenty months. We are excited to continue our expansion here as the market continues to recover."
The concentration of retail, amenities, and job centers surrounding the City of Henderson make Vantage one of the most desirable locations in the Las Vegas Metro. Residents are less than one mile from I-215 which provides access to the entire Las Vegas Valley. Other notable destinations include: District at Green Valley Ranch, Green Valley Ranch Resort, Spa, and Casino, Sunset Station, Galleria Mall, Union Village and the Las Vegas Strip.
About Bascom: The Bascom Group, LLC (http://www.bascomgroup.com) is a private equity firm specializing in value-added multifamily, commercial, and 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, improving 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 United States. Bascom has completed over $9.8 billion in multi-family and commercial value-added transactions since 1996 totaling more than 260 multifamily properties containing over 70,000 units. Bascom has ranked among the top 50 multifamily owners in the US. 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 US. For additional information, please visit www.bascomgroup.com.
About Oaktree: Oaktree is a leader among global investment managers specializing in alternative investments, with $103 billion in assets under management as of June 30, 2015. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Headquartered in Los Angeles, the firm has over 900 employees and offices in 17 cities worldwide. For additional information, please visit Oaktree's website at http://www.oaktreecapital.com/.
Contact: Scott McClave
Tel: 949-955-0888 ext. 12
Email
SOURCE The Bascom Group
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