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.”
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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.
