Broadstone Montecito Multifamily Acquired by Bascom Group

LAS VEGAS-The Bascom Group, LLC has acquired Broadstone Montecito, a 336-unit Class-A garden style community for approximately $36.6 million or $108,854 per unit.

The property was listed and sold by Chris Bentley and Melissa Salas of ARA.  Debt financing was provided by CIBC, Inc. and arranged by Brian Eisendrath and Troy Tegeler of CBRE Capital Markets. The transaction was overseen for Bascom by Scott McClave and Dennis Lim.

Built in 2007 by Alliance Residential, the class-A property consists of 17 three-story buildings across 15 acres in the Northwest Las Vegas submarket. The unit mix is comprised of 14% one-bedroom, 72% two-bedroom and 14% three-bedroom units with fully equipped kitchens, balconies or patios, 9-foot ceilings, and full-size washers and dryers. The 354,000 square foot Centennial Hills Hospital is located less than three miles from Montecito.

Scott McClave, principal for Bascom, comments, "We are excited to be extending our presence into Southern Nevada. Montecito represents a great opportunity to purchase a well built, high quality property in the trough of a rebounding market.  Market fundamentals will continue to improve dramatically in the Las Vegas market and we look forward to creating a place where our residents can call home."

Jerome Fink, managing partner of Bascom, adds, "Montecito is the ninth multifamily acquisition that we have completed in 2013, and the first in Las Vegas.  We see a strong recovery in the Las Vegas market and look forward to growing our presence there."

The Bascom Group, LLC 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 $8.5 billion in multi-family and commercial value-added transactions since 1996 including more than 230 multifamily properties containing over 63,000 units.  Bascom's subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, Bascom Portfolio Advisors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, MHF RM Holdings, Bascom Northwest Ventures, Bascom Arizona Ventures, and the Realm Group.  Bascom's subsidiaries also include Premier Business Centers, the largest privately held executive suite company in the US.