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.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
