The Bascom Group LLC, an Irvine, California-headquartered private equity firm, has acquired the Nevada-based senior housing complex Homestead at Boulder City for $3.05 million.
The 72-unit Homestead was built in 1999 and is located on 6.39 acres in Boulder City, approximately 26 miles southeast of Las Vegas. The complex has 71 parking spaces and a mix of studio, one-bedroom/one-bath and two-bedroom/two-bath units; the average unit size is 467 square feet. Community amenities include a private dining room, atrium, library room, community living rooms, walking paths, fireplace parlor, covered patios, outdoor courtyard, multiple green spaces, fitness equipment, and laundry facilities.
Vincent Punzi and Lowell Takahashi of Berkadia arranged the debt financing for the acquisition, with Kairos Investment Management Company as the lender. The seller was represented by Brad Goodsell, Vince Viverito, Jason Punzel, and Brad Clousing of Senior Living Investment Brokerage. Apartment Management Consultants (“AMC”) will provide property management and SD-CAP will provide construction management.
Homestead marks Bascom’s fifth acquisition for 2024 following the recent purchases of: Hearthstone at City Center, a 360-unit garden style multifamily community in Aurora, Colorado; the Overlook, a 344-unit garden style multifamily community in Albuquerque, New Mexico; San Miguel Court, a 97-unit garden-style community in Santa Fe, NM; and Texan26, a 204-bed student housing community in Austin, Texas. Within the Las Vegas metro area, Homestead is Bascom’s 37th acquisition in Clark County, bringing their total to nearly 10,000 units acquired over the past decade.
“We are thrilled to have the rare opportunity to acquire a property as large as Homestead in the Boulder City submarket,” said Scott McClave, senior principal of Bascom. “The property’s prime location and newer vintage, coupled with its strong value-add potential, makes it a compelling investment opportunity.”
