Bascom Group Acquires The Ellison Apartment Community for $103M

Why It Matters

The deal expands Bascom’s footprint in a high‑growth market, reinforcing its position as a leading multifamily owner in Las Vegas. It also signals continued investor confidence in upscale apartment assets amid strong regional demand.

Key Takeaways

• Bascom purchased The Ellison for $103 million, 294 units.
• Purchase price averages $350,000 per apartment unit.
• The Ellison adds to Bascom’s 9,959 Las Vegas units portfolio.
• Amenities include rooftop pool, spa, jumbotron, and full‑service fitness center.
• AXA Investment Managers provided acquisition loan; Newmark arranged debt financing.

Pulse Analysis

Las Vegas continues to attract multifamily investors due to robust job growth, a steady influx of new residents, and limited housing supply. The city’s Summerlin and Spring Valley submarkets have seen rent growth outpacing the national average, prompting owners like Bascom to deepen their presence. By targeting properties with upscale amenities, Bascom aligns with a tenant demographic willing to pay a premium for lifestyle‑focused living, a trend that has proven resilient even as broader markets experience volatility.

The Ellison distinguishes itself with a blend of design and amenity depth rarely seen in mid‑scale projects. Its 901‑square‑foot average unit size, combined with studio, one‑ and two‑bedroom options, caters to both young professionals and small families. The rooftop resort‑style pool, heated spa, jumbotron screen, and comprehensive fitness facilities create a community hub that can command higher effective rents and lower turnover. Developers Lyon Living, LandSpire Group, and Rockwood Construction leveraged these features to position the asset as a premium offering within the competitive Las Vegas market.

Financing the $103 million acquisition underscores the confidence of institutional capital in the sector. AXA Investment Managers US Inc. supplied the acquisition loan, while Newmark’s debt‑arrangement team secured additional financing, reflecting a collaborative capital structure that mitigates risk. Such partnerships signal that large‑scale investors remain eager to fund high‑quality assets, suggesting a pipeline of similar transactions as owners seek to capitalize on the city’s sustained demand for upscale rental housing.

Deal Summary

The Bascom Group paid $103 million to acquire The Ellison, a 294‑unit apartment community in Las Vegas’ Summerlin/Spring Valley submarket. Completed in 2024, the five‑story property features a rooftop pool, spa, and fitness amenities. Debt financing was arranged by Newmark and a loan provided by AXA Investment Managers US Inc.