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ARA Newmark Sells $65M Multifamily to California Firm

LAS VEGAS—Trade of class A Lyric Apartments represents improved market and increased interest in long-term investments, seller says.

By David Phillips | davidphillips | Updated on May 23, 2016

Las Vegas Las Vegas

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.

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