LAS VEGAS—ARA Newark has completed the $65.35 million sale of Lyric Apartments, which the firm says exemplifies trending interest in suburban Las Vegas class A properties. The 376-unit property sits on 18 acres near a booming stretch of the I-215 East Beltway Trail.
ARA Newmark executive managing directors Doug Schuster and Curt Allsop along with director Vittal Ram represented the seller, LV Silverado LLC, in the transaction. LV Silverado is a local company that has built and sold four class A facilities since December 2013. The buyer, The Bascom Group, located in Irvine, California purchased the 407,462-square-foot community at 96% capacity. This is the 11th asset purchase for Bascom in the Las Vegas area.
“The sale of Lyric Apartments displays the shift of the current market,” said Shuster. “What is exciting about this deal is that Bascom has traditionally focused only on value-add opportunities, but watching our market has led them to purchase their second core plus deal.”
Built in 2015, the property is in a prime location less than one mile from South Point Casino and less than five miles from M Resort Spa and Casino. Located at 304 East Silverado Ranch Blvd, Lyric Apartments feature a variety of amenities such as 50-inch flat-screen televisions in all units, full-size washer and dryers, dual-pane glass windows and private balconies and patios for the units. The community includes two swimming pools, a business center, movie theatre with stadium seating and a coffee bar serving Starbucks coffee.
Martin Egbert of LV Silverado added, “We are excited about the increasing opportunities in the Las Vegas market and its growing demand for luxury, class A properties. This transaction shows there is no end in sight for increased core buyer deals in the area.”
LAS VEGAS—ARA Newark has completed the $65.35 million sale of Lyric Apartments, which the firm says exemplifies trending interest in suburban Las Vegas class A properties. The 376-unit property sits on 18 acres near a booming stretch of the I-215 East Beltway Trail.
ARA Newmark executive managing directors Doug Schuster and Curt Allsop along with director Vittal Ram represented the seller, LV Silverado LLC, in the transaction. LV Silverado is a local company that has built and sold four class A facilities since December 2013. The buyer, The Bascom Group, located in Irvine, California purchased the 407,462-square-foot community at 96% capacity. This is the 11th asset purchase for Bascom in the Las Vegas area.
“The sale of Lyric Apartments displays the shift of the current market,” said Shuster. “What is exciting about this deal is that Bascom has traditionally focused only on value-add opportunities, but watching our market has led them to purchase their second core plus deal.”
Built in 2015, the property is in a prime location less than one mile from South Point Casino and less than five miles from M Resort Spa and Casino. Located at 304 East Silverado Ranch Blvd, Lyric Apartments feature a variety of amenities such as 50-inch flat-screen televisions in all units, full-size washer and dryers, dual-pane glass windows and private balconies and patios for the units. The community includes two swimming pools, a business center, movie theatre with stadium seating and a coffee bar serving Starbucks coffee.
Martin Egbert of LV Silverado added, “We are excited about the increasing opportunities in the Las Vegas market and its growing demand for luxury, class A properties. This transaction shows there is no end in sight for increased core buyer deals in the area.”
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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.
