Renew at Decatur. Image courtesy Bascom
Bascom Group acquired ReNew from Decatur, a 216-unit community in Las Vegas, for $ 49.6 million, or $ 229,630 per unit. JLL Capital Markets has secured a loan from the Bridge Investment Group. According to Yardi Matrix data, FPA Multifamily sold the 14-building lot after purchasing it in 2019 for $ 29.5 million.
The community, built in 1988, comprises one to three-room units from 680 square meters to 1,188 square meters. Communal facilities include a fitness center, clubhouse, business center, BBQ area and pool.
The community is located at 2666 S. Decatur Blvd., near major business centers such as the Las Vegas Strip, Las Vegas Medical District, and Allegiant Stadium. Downtown Las Vegas is five miles away and the Sahara Pavilion North shopping mall is less than one mile northwest. Several other dining, shopping and entertainment options are within 1 mile of the property.
Apartment Management Consultants will manage the property in the future, while SD CAP will handle construction management as Bascom plans to upgrade the community. Bascom’s renovation plans include enhancing the interiors of select units and remodeling community amenities, according to Senior Principal of Operations Paul Diamond.
A popular market
Scott McClave, Senior Principal of Acquisitions at Bascom, said in a prepared statement that the continued influx of new residents into the Las Vegas metro is creating a demand for quality housing at affordable prices, a trend that will continue to strengthen the market.
Bascom has been active in Las Vegas since 2013. In 2016, the company became one of the largest homeowners in the market, but sold 19 of its properties for more than $ 1 billion before the pandemic.
With ReNew at Decatur, Bascom was attracted by the spacious floor plans of the property, the price reduction compared to the comparative values and the currently favorable financing environment, according to the prepared remarks by Acquisitions Manager Thomas Gilfillan.
