Irvine, Calif.–based Bascom Group has acquired the 252-unit Spectrum Apartments luxury community in Las Vegas for $38.35 million. The purchase marks Bascom’s 29th property acquisition in the Las Vegas market since 2013, for a total of 9,167 units owned in the area.
The Spectrum was originally designed as a community of for-sale condos, which Jim Singleton, Bascom’s director of acquisitions, highlights as one of the development's unique features. “The large floor plans, premium finishes, and ample community amenities set it apart from its competitors,” Singleton said in a release. “With Las Vegas projected to experience rapid employment growth over the next several years, we feel that Spectrum will attract a high-quality tenant base looking for a luxury living experience.”
The “late-vintage” community, which was built in 2010, contains 14 three-story residential buildings across 9.78 acres. One-bedroom apartments and townhome floor plans make up the majority of the units—43% and 42%, respectively—while two-bedroom apartments constitute the rest. Spectrum’s existing amenities include a pool/spa area, a fitness center, a clubhouse with a business center, and a picnic and barbecue area. Bascom plans to renovate some of the units’ interior finishes and expand the community’s amenity package.
“We were initially drawn to Spectrum’s rare combination of institutional quality and excellent location. The property is proximate to the affluent neighborhoods Spring Valley, Summerlin, and Rhodes Ranch and has easy access to the I-215 beltway,” added Scott McClave, senior principal of Bascom. “As the Las Vegas economy continues to strengthen, Spectrum is well positioned to benefit from new ownership and positive forward fundamentals.”