$60.25M sale of multi-housing community near Las Vegas closes

PHOENIX, August 17, 2022 – JLL Capital Markets announced today that it has closed the $60.25 million sale of Vantage Lofts with a price per unit closing of $547,727. The property is a 110-unit, luxury multi-housing community located within the Las Vegas metro in Henderson, Nevada.

JLL worked on behalf of the seller, Bascom Group and funds managed by Oaktree Capital Management, L.P. (“Oaktree”). Keller Investment Properties acquired the asset.

Built in 2014, Vantage Lofts features one-, two- and three-bedroom units with floor-to-ceiling windows, walk-in closets, oversized sun decks, private balconies, quartz countertops, stainless steel appliances, utility rooms with washer and dryers, wood-inspired flooring and an average size of 1840 square feet. Community amenities include underground parking, electric car charging, an e-lounge with a Wi-Fi café, an indoor jet stream swim spa, an infinity edge spa, a luxe clubhouse with a media room, a modern-style pool with cabanas and daybeds, an outdoor barbecue and a spa-inspired cardio and weight room.

Situated at 201 S Gibson Rd, Vantage Lofts is located north of the northwest corner of Gibson Road and Paseo Verde Parkway, just south of the I-215. This prime location allows for convenient access to the entire metro via the I-515 and I-215 towards Downtown Las Vegas or The Strip. Additionally, the property is a quick five-minute drive to The District at Green Valley Ranch, 10 minutes from the Galleria at Sunset shopping center and only eight miles away from UNLV. Vantage Lofts is also just six miles from the Harry Reid International Airport.

The JLL Capital Markets Investment Advisory team representing the seller was led by Managing Directors John Cunningham and Charles Steele.

“Vantage Lofts represents the new high watermark for Las Vegas multi-housing price per unit,” said Cunningham.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Bascom 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, founded by principals Derek Chen, Jerry Fink, and David Kim, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Since 1996, Bascom has completed over $20.74 billion in multifamily value-added transactions encompassing 355 multifamily properties and over 91,000 units. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom’s subsidiaries and joint ventures include the Bascom Value Added Apartment Investors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Partners Ventures, and Realm Group. Bascom’s subsidiaries also include Premier Workspaces, one of the largest privately held executive suite, coworking and shared workspace companies in the U.S. For additional information, please visit www.bascomgroup.com.

Oaktree is a leader among global investment managers specializing in alternative investments, with $159 billion in assets under management as of June 30, 2022. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 1,000 employees and offices in 20 cities worldwide. For additional information, please visit Oaktree’s website at http://www.oaktreecapital.com/.

Keller Investment Properties is founded on the principal of generating wealth through practicing sound underwriting, equally aligning themselves with their investor members, and managing each asset with the individuality it deserves. The existing portfolio of multifamily and student housing resides in Utah, Arizona, Nevada, and New Mexico. The firm is dedicated to expanding the portfolio in these markets creating economies of scale in vendor relationships, property management, and revenue management. Keller invests in markets readily accessible to their corporate team to facilitate hands-on management and guidance. Allowing them to self-manage most assets ensuring attention to expense management, aggressive revenue growth, and treating our residents with respect and gratitude. Keller has a long history of storied success in real estate investing with an even brighter future based on invaluable experience. For further information, visit kellerinvestmentproperties.com.