Bascom Completes $30.8 Million Refinancing of Gateway Villas Apartments

The Bascom Group, LLC has successfully refinanced the Gateway Villas Apartments in Las Vegas, Nevada, with a $30.8 million loan from Bridge Investment Group. This transaction, completed in the challenging environment of the real estate market, marks a significant milestone for the company.

Gateway Villas, a 200-unit multifamily community built in 1984/1985, is located in the Las Vegas Valley. The property features a mix of one- and two-bedroom floorplans, with 52% of the units being one-bedroom and 48% being two-bedroom. The community offers residents a variety of amenities, including a fitness center, resident clubhouse, pool, BBQ area, and a putting green. Recently, Bascom has modernized these amenities, repurposing the putting green into a central park with a shaded play structure, BBQ station, seating areas, and landscaping.

The Gateway Villas Apartments have been managed by Apartment Management Consultants, who will continue to oversee the property. The property is strategically located, offering convenient access to major employment centers such as the Las Vegas Strip, the Las Vegas Medical District, Allegiant Stadium, and the soon-to-be-completed Las Vegas A's stadium. The surrounding neighborhood is rich in retail, recreation, and entertainment options, catering to both families and individuals.

While near-term multifamily fundamentals in Las Vegas remain pressured by recent deliveries, improving rent trends and a rapidly declining construction pipeline support the outlook for market stabilization.

The Bascom Group, LLC has continued to deploy capital despite the multifamily pricing reset following the interest rate increases of 2022 and 2023. Since 2023, the company has acquired 16 multifamily communities nationally, totaling 3,718 units for more than $1 billion in total capitalization. These acquisitions span properties built from the 1960s through 2024, reflecting Bascom's ability to identify opportunities across a wide range of investment strategies.

Since 2013, Bascom has been one of the most active buyers in Las Vegas, having acquired 38 properties totaling 10,253 units across the metro, representing over $1.5 billion in total acquisition cost. The company has completed over $23 billion in multifamily value-added transactions encompassing 368 multifamily properties and over 94,272 units. Bascom's commercial transaction volume is $5.8 billion in total and amounts to over 23.4 million square feet. The firm has ranked among the top 50 multifamily owners in the U.S. since 1996.

The successful refinancing of Gateway Villas is part of Bascom's ongoing strategy to protect and enhance investor value in a challenging market environment. The company's ability to navigate the complexities of the real estate market and secure favorable financing terms underscores its commitment to long-term success.