News: Brokerage

Bascom closes 624-unit class A multifamily property

The Bascom Group, LLC (Bascom) has acquired the Eagle Crest Apartments, a 624-unit class A garden style multifamily community located at 5850 Sky Pointe Dr. The property was listed and sold by Spencer Ballif of CBRE. The purchase price was not disclosed. Debt financing, provided by OneWest Bank, was arranged by Brian Eisendrath and Troy Tegeler of CBRE Capital Markets. The transaction was overseen by Scott McClave and Dennis Lim from Bascom. Built in two phases from 1996-97, the Class-A property consists of 42 two-story buildings across 31 acres in the Northwest Las Vegas Submarket. The unit mix is comprised of 46% one-bedroom, 49% two-bedroom and 5% three-bedroom units with fully equipped kitchens, balconies or patios, 9-foot ceilings, and full-size washers and dryers. The property is ideally located in close proximity to numerous job centers and growth areas. The 354,000 square foot Centennial Hills Hospital is located less than three miles from Eagle Crest. The property has easy access to the I-95 and Hwy-215 beltway while being in close proximity to numerous retail centers. Scott McClave, principal for Bascom, comments, "Eagle Crest represents a great opportunity to acquire a well-maintained asset that has strong value-add potential in the amenities and interiors. This is our bread and butter, to purchase existing assets and upgrade the property to create an enhanced living situation for our residents." Jerome Fink, Managing Partner of Bascom, adds, "Eagle Crest is the 11th multifamily acquisition that we have completed in 2013, and the second in Las Vegas. We see a strong recovery in the Las Vegas market and look forward to growing our presence in that market."
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Tri-state capital  migrates nationally amid  regulation pressure - by Reese Weaver

Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver

New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
A fresh start - by Shallini Mehra and Amit Doshi

A fresh start - by Shallini Mehra and Amit Doshi

For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced