Rolling the Dice
Irvine-based apartment investor Bascom Group LLC has made a $36.5 million bet on Las Vegas’ multifamily market.
The company recently completed the purchase of Broadstone Montecito, a 336-unit, garden-style community near the 95 Freeway on the northwest edge of Las Vegas.
The complex has 17 three-story buildings on 15 acres; 72% of the apartments are two-bedroom units, while the balance are one- and three-bedroom units.
The property, built by Phoenix-based Alliance Residential Co. in 2007, sold for about $109,000 per unit.
Debt financing for the deal was provided by CIBC Inc. and arranged by CBRE Capital Markets.
“Montecito represents a great opportunity to purchase a well built, high quality property in the trough of a rebounding market,” Bascom principal Scott McClave said in a statement.
Bascom owns more than 20,000 apartments and ranks as the country’s 43rd-largest apartment owner.
The complex is the ninth apartment for the company this year and its first in Las Vegas.
“We see a strong recovery in the Las Vegas market,” said Bascom managing partner Jerome Fink, “and look forward to growing our presence there.”
The Irvine office of HFF LP said it has arranged a new loan for a Burbank shopping center bought late last year by an affiliate of Newport Beach-based KBS Realty Advisors.
The company’s KBS Strategic Opportunity REIT Inc. partnered in a late-2012 deal to buy The Burbank Collection, a 39,428-square-foot retail property in the San Fernando Valley. It paid about $12.8 million in a deal with Santa Monica-based Goldstein Planting Partners LLC.
HFF said it arranged a new, $11.2 million loan for the center. The three-year loan has a 2.53% interest rate and was placed through a regional bank.
The retail property in the Burbank Entertainment Village was built in 2008 and was 57% leased at the time of its sale.
The HFF team representing the borrower was led by senior managing director Kevin Mackenzie and associate director Greg Brown.