IRVINE, Calif., May 28, 2015 /PRNewswire/ -- The Bascom Group, LLC acquired the 183-unit Boulder Palms Senior Apartments located at 4350 Boulder Highway, Las Vegas, Nevada for $10,350,000. Debt financing was provided by One West Bank and arranged by Brian Eisendrath and Brandon Smith of CBRE Capital Markets. Doug Schuster and Vittal Ram of Newmark Grubb Knight Frank represented the seller on the transaction.
Boulder Palms is a two-story senior apartment building housing 183 units. Completed in 1997, the property covers over four acres and showcases convenient on-site amenities such as a pool with spa, fitness center, community game room, laundry facilities and central courtyard. All the units at Boulder Palms have efficient floor plans, high-speed Internet access, carpeted and wood-like vinyl flooring, ample cabinet and counter space.
Scott McClave, Senior Principal for Bascom, comments, "We are on the front end of over seventy-six million Baby Boomers moving into retirement. Las Vegas is a natural destination for them with the low cost of living and a large spectrum of choices for entertainment, leisure, and health care. The purchase of Boulder Palms Senior Apartments puts us in a strong position to serve this growth market." Lee Nguyen, Senior Vice President for Bascom states, "Boulder Palms marks our eighth 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."
Boulder Palms is also located in proximity to numerous entertainment, dining and medical resources, including Boulder Station, Sunrise Hospital and Medical Center, Desert Springs Hospital, and Union Village, a $1.2 billion integrated healthcare village development located just south of the property along Boulder Highway.
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 has completed over $8.9 billion in multi-family and commercial value-added transactions since 1996 including more than 255 multifamily properties containing over 68,000 units. Bascom's subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, 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.
Contact: Scott McClave
Tel: 949-955-0888 ext. 12
SOURCE The Bascom Group, LLC