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Title: THE BASCOM GROUP ACQUIRES 294-UNIT NEWLY BUILT CLASS A APARTMENT COMMUNITY IN LAS VEGAS, NEVADA FOR $103 MILLION

Irvine, California, United States, 13th Apr 2026 – The Bascom Group, LLC (“Bascom”) has acquired The Ellison, a 294-unit apartment community located at 9235 West Russell Road in the Summerlin/Spring Valley submarket of Las Vegas, Nevada. The purchase price was $103,000,000, or $350,340 per unit. Lee Redmond, Nicholas Schroeder, Vincent Punzi, and Lowell Takahashi of Newmark arranged the debt financing for the acquisition, while AXA Investment Managers US Inc. provided the acquisition loan. The Newmark Investment Sales team led by Jonathan Merhaut, Doug Schuster, and Curt Allsop represented the seller on the transaction. Cushman & Wakefield has been engaged as property manager for the community. Completed in 2024, The Ellison is a premier Class A five-story apartment community offering studio, one-bedroom, and two-bedroom floor plans averaging 901 square feet. Arguably one of the top apartment communities in the Las Vegas metro, The Ellison stands apart from its competitors with wrap construction that offers eight levels of direct-access structured parking and an expansive rooftop featuring a heated resort-style pool and spa with a jumbotron screen, clubhouse lounge, spin room, Pilates studio, and indoor-outdoor fitness center.Tom Gilfillan, Vice President at Bascom, stated, “Opportunities like The Ellison do not come around often. This is a brand-new, institutional-quality asset acquired at a basis significantly below what it would cost to build today, in a submarket with one of the strongest long-term growth stories in Las Vegas. We are excited to get to work.”The Ellison is situated along the I-215 Freeway in “The Curve,” a stretch of southwest Las Vegas with direct access to Summerlin, the Las Vegas Strip, and Harry Reid International Airport. The surro...

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