LAS VEGAS, NV – The Bascom Group bought Pebble Cove Apartments, a 90-unit garden-style apartment community located in Las Vegas, for $9.1 million on December 22, 2016. Since 2013, Bascom and its affiliates have bought twenty-nine multifamily properties in the Las Vegas market, totaling 9,167 units.

Patrick Sauter and Art Carll with NAI Vegas were the brokers for the sale. Erich Pryor and Tom Sherlock with Talonvest arranged the $8.46 million loan with TCF Bank.

Scott McClave, Senior Principal of Bascom, states: “Pebble Cove’s strategic infill location, close proximity to the new UNLV Medical School, Downtown Las Vegas, and the Las Vegas Strip were extremely attractive to us.”

Jason Hanna, Senior Vice President of Bascom, adds: “Pebble Cove has enormous untapped potential. We plot to enhance the property’s ample community spaces, modernize its interiors, and install institutional property management, all aimed at providing real value to current and future residents. We believe in the Las Vegas market and are excited to add Pebble Cove to our growing portfolio there.”

Pebble Cove was built in 1989 and consists of 7 two-tale buildings situated on 4.13 acres. Rental offerings include 18% one-bedroom, 55% two-bedroom, and 27% three-bedroom floorplans. The community offers tenants a robust amenity package including a spacious pool and spa area, fitness center with sauna, a basketball court, a courtyard and barbecue area, a children’s playground, and a business center and clubhouse. The unit interiors are designed with open floorplans and modern finishes.

Bascom plans to implement an extensive renovation program to further enhance the interior finishes and build on the existing amenity package.

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IRVINE, CA – CoreLogic, a leading global property information, analytics and data-enabled solutions provider, released its CoreLogic Home Price Index and HPI Forecast for November 2016 which shows home prices are up both year over year and month over month.

Home prices nationwide, including distressed sales, increased year over year by 7.1 percent in November 2016 compared with November 2015 and increased month over month by 1.1 percent in November 2016 compared with October 2016, according to the CoreLogic HPI.

The CoreLogic HPI Forecast indicates that home prices will increase by 4.7 percent on a year-over-year basis from November 2016 to November 2017, and on a month-over-month basis home prices are expected to increase by 0.1 percent from November 2016 to December 2016. The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.

“Last summer’s very low mortgage rates sparked demand, and with for-sale inventories low, the result has been a pickup in home-price growth,” said Dr. Frank Nothaft, chief economist for CoreLogic. “With mortgage rates higher today and expected to rise even further in 2017, our national Home Price Index is expected to slow to 4.7 percent year over year by November 2017.”

“Home prices continue to march higher, with home prices in 27 states above their pre-crisis peak levels,” said Anand Nallathambi, president and CEO of CoreLogic. “Nationally, the CoreLogic Home Price Index remains 4 percent below its April 2006 peak, but should surpass that peak by the end of 2017.”

Note: October data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results.

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