LAS VEGAS, NV – The Bascom Group has bought a 1984/1985 built, 200-unit multifamily property in Las Vegas, Nevada. Bascom bought Sun Chase in an off-market transaction, purchasing the 200-unit garden style property for $40,500,000 or $202,500 per unit. Annie Rice and Jamie Kline with JLL Capital Markets sourced the loan from ACRE Credit Apartment Management Consultants will provide property management services and SD CAP will provide construction management. The acquisition was overseen for Bascom by Scott McClave and Tom Gilfillan.
Bascom’s Senior Principal of Acquisitions, Scott McClave, stated, “Sun Chase is a highly desirable asset as it was previously owner-managed with a focus on maintaining occupancy. This acquisition offers tremendous opportunity to optimize property operations through institutional property management and a focused renovation program. Macro factors such as population growth, employment growth and diversification, and an ongoing housing supply/demand imbalance continue to a foster a highly favorable rental market, positioning Sun Chase to capitalize on these breakout demographic trends. ”
Bascom’s Acquisitions Manager, Tom Gilfillan, added “Bascom and its investors were attracted to this well-located, low-density offering with significant unrealized value-add potential in one of the fastest growing markets in the nation. Las Vegas continues to exceed expectations in part due to the region’s tremendous quality of life, diversifying economy, business-friendly government, and relative affordability compared to nearby cities.”
Constructed in 1984/1985, Sun Chase offers residents a low-density apartment community with efficiently designed floorplans that include private patios or balconies. The Property consists of 52% one- and 48% two-bedroom floorplans and features a fitness center, resident clubhouse, pool and BBQ area, and a putting green. Bascom will modernize the fitness center, clubhouse, and pool areas while repurposing the putting green into a central park that’s activated with a shaded play structure, BBQ station, seating areas, and landscaping. Sun Chase is centrally located with convenient access throughout the Las Vegas valley including major employment centers like the world-well-known Las Vegas Strip, the rapidly growing Las Vegas Medical District, the Hughes Center, and the newly built Allegiant Stadium. The surrounding neighborhood has abundant retail, recreation, and entertainment offerings catering to families and individuals alike.
Bascom’s Senior Principal of Operations, Paul Zakhary, added, “Sun Chase represents a compelling acquisition in a high growth market. With the implementation of institutional property management and a comprehensive value-add program, Sun Chase will compete for residents with nearby renovated apartment communities. We are strong believers in the Las Vegas market, and we are excited to add Sun Chase to our growing Nevada portfolio.”

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RICHMOND, VA – Capital Square 1031, a leading sponsor of Delaware statutory trust (DST) offerings for Section 1031 exchange and other accredited investors, announced the acquisition of a recently constructed, Class A, 200-unit multifamily community in Midlothian, a suburb of Richmond, Virginia. The community was bought on behalf of CS1031 Artistry at Winterfield Apartments, DST.
“Artistry at Winterfield is another superb addition to Capital Square’s growing portfolio of Class A apartment communities in the Southeast to Texas,” said Louis Rogers, founder and chief executive officer of Capital Square. “Located in Midlothian, Virginia, a small drive on Highway 288 from Capital Square’s headquarters, Artistry is located in a well-to-do neighborhood with a median household income of $172,916 within a one-mile radius, according to Yardi Matrix. And the icing on the cake – 19.6% rent growth in the submarket, the highest year-over-year rent growth in the region, as of August 2021.* Artistry should provide investors with stable income during the holding period and exceptional appreciation potential.”
Located at 1000 Artistry Drive, the community is located 15 miles from downtown Richmond. Proximate to Highway 288, Artistry at Winterfield offers residents convenient access to multiple retail and dining options within Midlothian, including Target, Kroger, Wegman’s, Sam’s Club and more.
Artistry at Winterfield offers one- and two-bedroom units with spacious floorplans that feature top-of-the-line finishes, including stainless steel appliances, in-unit washer and dryers, walk-in closets as well as private patios and balconies.
Amenities at the community include a clubhouse, resort-style swimming pool and fitness center. Additional amenities include a resident lounge with a pool table as well as a business center.
“Artistry at Winterfield is located in Midlothian, a thriving suburb of Richmond,” said Whitson Huffman, chief strategy and investment officer. “The population within a five-mile radius of Artistry at Winterfield is projected to increase 4.09% in five years.* Capital Square is bullish on the Richmond MSA, not only for its proximity to our firm’s headquarters, but also due to its exceptional market fundamentals and notable growth.”

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SEATTLE, WA – Security Properties bought Martingale, a Class A multifamily property located in Lacey, WA for $92,000,000. Security Properties now owns 27 assets totaling over 5,900 units in the Puget Sound marketplace.
Martingale was constructed in 2020 and consists of 240 units spread out across 10 residential buildings and 11.2 acres. The residential units are a mix of studio, one and two-bedroom floorplans with an average unit size of 849 SF.
Originally established as a suburb of Olympia, the City of Lacey is situated just five miles east of the state’s capital at the southern tip of the Puget Sound. With more than 1,200 acres of public parkland, an adjoining 3,700-acre national wildlife refuge, five freshwater lakes and several championship golf courses, the city is best characterized by its virtually unlimited opportunities for outdoor recreation. The area also boasts a low crime rate, a healthy economy and proximity to major metropolitan areas (30 minutes south of Tacoma).
At the property level the site is ideally positioned just off Martin Way, an arterial thoroughfare that runs through Lacey and connects into downtown Olympia. While the entrance road to the site is directly off Martin Way, the clubhouse and residential buildings are tucked back roughly 400 feet, allowing for a private living environment free of traffic noise without sacrificing drive-by visibility. From a retail standpoint, directly across the street sits the Hawks Prairie Village Mall, a 154,000 sq. ft. shopping center anchored by Safeway. Several huge box retailers also surround the mall including Costco, Home Depot, WinCo Foods and Best Buy. This is the primary retail hub for Lacey and functions as the town center. Walkable retail should provide long term differentiation as this is a material competitive advantage within the market.
The business plot is a long-term yield investment with light upgrade characteristics. While the asset currently offers a best-in-class amenity package and well-appointed living units, Security Properties has identified several opportunities to further emphasize this strength. They also plot to address a small list of minor immediate needs on the property as necessary.
According to Alex Gauper, Director at Security Properties, “Martingale fits our recent strategy of identifying well-located, new-construction assets in markets with strong drivers. We feel that we have the best asset in Lacey, a stable market with very limited historical supply resulting in pent up demand for high quality product. We are very excited to add Martingale to our Pacific Northwest portfolio and look forward to delivering strong returns to our investors over our hold.”
The property will be managed by Security Properties-affiliate Security Properties Residential.

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