HENDERSON, NV—The $250 million venture byBascom and funds managed by OaktreeCapital Management, LP (“Venture”) has acquiredThe Edge at Traverse Point (“The Edge”), a296-unit class A apartment community located at 1131 WigwamParkway, Henderson.

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The sale closed on July 24, 2014. Nationwide LifeInsurance provided financing to acquire the property. Thedebt financing was sourced by Brian Eisendrath ofCBRE.

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Angela Powers and Carl Sims ofHendricks-Berkadia represented the seller on thetransaction.

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This is the second multifamily acquisition in the past month forthe Bascom-Oaktree venture. The venture was launched with its firstacquisition of The Springs Apartments, a 320-unitgarden style community in Corona, CA, acquired inMarch 2014.

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The Edge is a newly constructed class A apartment community inthe highly desirable city of Henderson, which is located in theSouthern Las Vegas metro. The property was builtin 2013 and offers one of the best-in-class finishes in theimmediate submarket. The interiors include granite countertops,in-unit washer and dryers, stainless steel appliances, modern woodcabinetry and flat-screen TVs. Exterior finishes and amenitiesinclude a luxurious clubhouse, resort-style pool with cabanas,café, business center, and 24-hour fitness center with towel andwater service. The unit-mix consists of 35% one-bedroom, 54%two-bedroom, and 11% three-bedroom units. The property isimmediately adjacent to expanding development with new commercialoffices across the street. Major employers within 15 miles includeZappos, St. Rose Dominican Hospital, Ocean Spray, WinCoFoods, and the Las Vegas Strip. The Edgeoffers an exceptional opportunity to invest in a new Class 'A'property in a rapidly recovering market where rents are stillsignificantly below their 2007 peak.

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Tim Whiting, SVP of operations for Bascomexplains, “The Edge is a high quality community located in one thebest submarkets in Las Vegas. We plan to make upgrades to thecommon areas and interiors to make it best-in-class in itssubmarket.”

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Add Scott McClave, “This marks the fourthBascom affiliated acquisition in the past year in Las Vegas. Themarket has begun a strong recovery and we expect to close a numberof other acquisitions this year.”

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David Phillips

David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.