IRVINE, Calif., Nov. 25, 2015 /PRNewswire/ — The Bascom Group, LLC ("Bascom") has acquired Timberlake, a 308-unit apartment community located at 80 South Gibson Road, Henderson, Nevada in the Las Vegas Metro area. The sale closed on November 18, 2015. Comerica Bank ("Comerica") provided financing to acquire the property. The debt financing was sourced by Brian Eisendrath and Annie Rice of CBRE Capital Markets. Spencer Ballif of CBRE represented the seller on the transaction.
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Built in 1997, Timberlake is located in Henderson, Nevada, one of most desirable locations in the Las Vegas Valley. The property is short distance from several employment centers including Union Village, a 155-acre site that is billed as the first integrated health village in the world. Union Village will offer a world-class hospital complex and health center, a residential, entertainment and specialty retail space, a vibrant senior retirement community, and a civic and cultural arts center integrated into a master-planned community. Other nearby retail and entertainment destinations include the 1.3 million square foot Galleria Mall and the District at Green Valley Ranch, a 29-acre luxury shopping center. Nearby employers include Zappos, St. Rose Dominican Hospital, City of Henderson, Green Valley Corporate Center, and the Las Vegas Strip.
Timberlake consists of 45% 1-bedroom, 49% 2-bedroom and 6% 3-bedroom units. Current unit interiors include full size washers and dryers, walk-in closets, and nine foot or vaulted ceilings. Common area amenities include two resort style pools, sun decks, state-of-the-art fitness center, sauna, clubhouse and a movie theater. Timberlake also offers 72 detached garages.
Lee Nguyen, Senior Vice President, adds, "We are continuing to see substantial rent growth across our portfolio here as the Las Vegas metro benefits from a strong economic recovery. We plan to further enhance the community with amenity and unit interior upgrades."
Scott McClave, Senior Principal for Bascom explains, "Timberlake's key location at the nexus of the I-95 and the 215 beltway provides residents with excellent access to all of Las Vegas Valley while enjoying one of the premier neighborhoods in Henderson. This marks our 4th acquisition in the Henderson submarket and our 10th acquisition in Southern Nevada bringing our portfolio here to over 2,800 units."
About Bascom: The Bascom Group, LLC (http://www.bascomgroup.com) is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom has completed over $10 billion in multi-family and commercial value-added transactions since 1996 including more than 265 multifamily properties containing over 70,000 units. Bascom's subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, MHF RM Holdings, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates and the Realm Group. Bascom's subsidiaries also include Premier Business Centers, the largest privately held executive suite company in the US.
About Comerica: Comerica Incorporated (www.comerica.com) is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. Comerica reported total assets of $71 billion at September 30, 2015.
Contact: Scott McClave
Tel: 949-955-0888 ext. 12
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