LAS VEGAS, NV – The Bascom Group bought Spectrum Apartments, a late-vintage 252-unit luxury apartment community located in Las Vegas, Nevada for $38.35 million. Patrick Sauter and Art Carll with NAI Vegas were the brokers for the sale. Charles Halladay and Jamie Kline with HFF arranged the $27.3 million loan with Lincoln Benefit Life Company.

Since 2013, Bascom and its affiliates have bought 29 multifamily properties in the Las Vegas market, totaling 9,167 units.

Scott McClave, Senior Principal of Bascom, comments: “We were initially drawn to Spectrum’s rare combination of institutional quality and brilliant location. The property is proximate to the affluent neighborhoods Spring Valley, Summerlin, and Rhodes Ranch, and has simple access to the I 215 beltway. As the Las Vegas economy continues to strengthen, Spectrum is well positioned to benefit from new ownership and positive forward fundamentals.”

Jim Singleton, Director of Acquisitions, adds: “Spectrum is a unique property in that it was originally designed as a for-sale condominium development. The large floorplans, premium finishes, and ample community amenities set it apart from its competitors. 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.”

Spectrum was built in 2010 and consists of 14 three-tale buildings situated on 9.78 acres.  Rental offerings include a range of one-bedroom, two bedroom, and townhome floorplans, with one-bedrooms accounting for 43%, two-bedrooms accounting for 15%, and two-bedroom townhomes accounting for 42% of the total unit mix. The community offers tenants a robust amenity package including a resort style pool/spa area, fitness center, a clubhouse with business center, and a picnic area with barbecues. The unit interiors are designed with open floorplans and modern finishes. Bascom plans to implement a modest renovation program to further enhance the interior finishes and build on the existing amenity package.

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LOS ANGELES, CA – Canyon Partners Real Estate announced the launch of Canyon Multifamily Impact Fund III, a new real estate fund in partnership with CIT Bank, N.A. that continues Canyon’s investing in affordable workforce housing.  This Fund is positioned to buy and manage up to $90 million in workforce housing apartment communities throughout Southern California, which serve low-to-moderate income residents. It is the third fund within Canyon’s workforce housing platform dedicated to advancing community development and embracing environmental responsibility. 

A core initiative of the Canyon Multifamily Impact Fund III will be to implement social programs through a variety of education, healthcare and community initiatives designed to benefit both residents and the communities in which they live and work. On-site programs may include afterschool tutoring, financial education, employment help, health services, community sports activities and partnerships with local agencies and community groups. The Fund will also invest capital in property improvements through targeted, meaningful, physical upgrades and management initiatives geared toward enhancing day-to-day operations, environmental sustainability, and the quality of life for its residents.

“We’re pleased to partner with Canyon to provide affordable, market-rate multifamily housing in Southern California,” said Michael Pedone, Managing Director, CIT Real Estate Finance. “Canyon is a strong sponsor with a track record of investing in real estate and CRA-qualified multifamily property and we look forward to partnering with their experienced management team on this vital initiative.”

Rick Lieber, Senior Vice President, CIT, said, “Helping to make and maintain housing that is affordable in Southern California is a key priority for CIT Bank as the region has suffered a significant shortage in the last several years.  We are particularly proud to participate in this innovative structure that will rely upon private, not government, funding to serve our community’s needs.”

This Canyon/CIT Bank fund builds on the success of Canyon’s existing Multifamily Impact Funds (CMIF I and II), which have been positioned to buy and improve $500 million of workforce multifamily properties, making long-term, material, positive impacts in targeted communities across the United States. To date, the funds have invested in more than three million square feet, representing over 3700 units.

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