The Bascom Group has expanded its Las Vegas footprint with the purchase of The Spectra portfolio for $72 million. The three-property portfolio totals 390 units and includes Spectra at 4000, Spectra East, and Spectrum at Katie.

Two of the properties—Spectra at 4000 and Spectra East—are located in Spectra at 4000 and Spectra East Las Vegas, which has recently experienced a surge in growth. Spectrum at Katie, on the other hand, is near the Las Vegas Strip and the University of Nevada, Las Vegas. Bascom purchased the portfolio below market value and secured favorable financing through Bridge Investment Group, as a result there is significant upside. The investor plans to implement a value-add business plan. Bascom's senior principal of operations Paul Diamond said the portfolio was well positioned to attract the mid-market renter.

Las Vegas has a lot of opportunity for value-add investment. A report last year from Atalyst Financial Group found that rents are rising fastest among the class-C and class-D properties in the market. Class-C and class-D apartments, called one and two star apartment product in the report, is leading the rent growth with 7.9% annual rent growth. The Las Vegas market overall has seen 5.3% annual rent growth, according to the report. It's a good reason for apartment owners to enter the market.