The Bascom Group LLC has acquired Homestead at Boulder City, a 72-unit, senior housing property in Boulder City, Nevada, for $3.05 million or $42.4k per unit.
Homestead at Boulder City sits on 6.39 acres, has 71 parking spaces, and an average unit size of 467 sf. The property consists of 47% one-bedroom/one-bath units; 33% large studio units; 15% small studio units; and 4% two-bedroom/two-bath units. Community amenities include a private dining room, atrium, library room, community living rooms, walking paths, fireplace parlor, covered patios, outdoor courtyard, multiple green spaces, fitness equipment, and laundry facilities.
The property is the largest multifamily asset in the submarket, benefiting from Boulder City’s high barriers to entry, including a 1% annual growth cap on new construction. Directly adjacent to Boulder City Hospital, Homestead is also within walking distance of several retail centers, restaurants, city parks, medical services, and the Boulder City Golf Course. Safewise.com has ranked Boulder City as the “Safest City in Nevada,” making it an ideal location for senior housing.”
The property offers immediate operational and value-add upside, with ample public spaces allowing for the addition of significant resident amenities. Bascom’s renovation program includes upgraded appliances, countertops, lighting, fixtures, and wood plank flooring. Common-area improvements are planned for the leasing office, gym, along with added entertainment lounges. The property will be operated solely as seniors’ apartments, with a focus on enhancing resident amenities and implementing institutional property management.
Vincent Punzi and Lowell Takahashi of Berkadia arranged the debt financing for the acquisition, with Kairos Investment Management Company as the lender. The seller was represented by Brad Goodsell, Vince Viverito, Jason Punzel, and Brad Clousing of Senior Living Investment Brokerage. Apartment Management Consultants will provide property management and SD-CAP will provide construction management.
Homestead marks Bascom’s fifth acquisition for 2024 following the recent purchase of: Hearthstone at City Center, a 360-unit garden-style multifamily community in Aurora, CO; the Overlook, a 344-unit garden style multifamily community in Albuquerque, NM; San Miguel Court, a 97-unit garden-style community in Santa Fe, NM; and Texan26, a 204-bed student housing community in Austin, TX.
