LAS VEGAS—The Bascom Group, LLC and fundsmanaged by Carlyle Realty VII, L.P. have investedin a two-property portfolio here totaling 584residential units. The purchase price was $39.9million.

The venture partnership assumed $27.1 millionof existing conduit debt financing provided by Wells FargoCommercial Securities, Inc. The two properties areSummerhill Villas located at 2150 North Tenaya Wayand Bayshore Club located at 4975 South DunevilleStreet. The sale closed on September 30, 2014. DougSchuster and Curt Allsop ofNewmark Grubb Knight Frank represented the selleron the transaction. This is the sixth Las Vegas multifamilyacquisition in the past year for Bascom.

Summerhill Villas and Bayshore Club were constructed in 1990 and1989 respectively, and are located in the highly desirable WesternLas Vegas Metro. Summerhill Villas is directly adjacent to themaster planned community of Summerlin whileBayshore Club is situated in the dynamic Southwest LasVegas Valley just off of West Tropicana Ave. Numerousretail centers surround both properties, including anchors such asWhole Foods Market and Wal-Mart SuperCenter. The properties are also a short distance frommajor employment centers, including several major hospitals and theLas Vegas Strip. As a portfolio, Summerhill Villas and BayshoreClub's unit mix consists of 23% one bedrooms, 58% two bedrooms, and19% three bedrooms.