Suncrest Townhomes, a single-family rental community of ninety-three units in North Las Vegas, has been acquired by the Bascom Group, LLC, a private equity firm located in Irvine, CA, for $24.75 million.
Bascom is a major owner of multifamily properties in the US. Many of its properties have been acquired in distressed condition and then improved.
Tom Gilfillan, the firm’s acquisitions manager, described the purchase as part of an expansion into the single-family rental market, which saw considerable growth in 2020.
The property is located near the Downtown area, which will allow tenants easy access to nearby retail and entertainment, and to major places of employment.
According to a press release, Bascom plans substantial renovations of the property, particularly to the units’ interiors, citing the property’s large floor plans and peaceful neighborhood atmosphere as reasons to expect a marked appreciation in value. Interior renovations and property management services will be handled by Apartment Management Consultants, an apartment/asset management company located in Cottonwood Heights, UT.
At present, Suncrest Townhomes’ three-bedroom, 2.5-bath, two-car-garage floorplans range in size from 1471 to 1837 sq. ft and are priced between $1720 and $1785 per month. The property is located at 3349 Lunar Sky Street, North Las Vegas, near offices of Staffmark and Decton Staffing Services, and Iglesia Central Vision De Dios.
