A Southern California real estate firm has purchased a new apartment complex in Las Vegas for more than $100 million.
The Bascom Group announced Friday that it acquired The Ellison, a 294-unit upscale rental property in the southwest valley, for $103 million. The five-story complex on Russell Road just west of the 215 Beltway opened in 2024 and features a rooftop pool deck with a jumbotron and indoor-outdoor fitness center.
It was built at The Gramercy, a mixed-use development with retail and office space and other apartments.
The sales price amounts to more than $350,000 per unit, well above Southern Nevada’s market average last year.
All told, the deal follows a year when real estate investors cut back on buying apartments in Southern Nevada, and as landlords increasingly offer concessions to land tenants.
It also marks the latest chapter for a plot of suburban real estate with a history that includes a morning implosion party, more than a decade ago, for a never-finished condo tower.
Bascom vice president Tom Gilfillan said in a news release that opportunities like The Ellison “do not come around often,” adding it’s a brand-new, institutional-quality property acquired at a value that is “significantly below” what it would cost to build today.
“We are excited to get to work,” he said.
Bascom did not say how many units were occupied at the time of sale. But the Irvine, California-based firm said that it plans to complete the lease-up of the property.
This is a developing story. Check back for updates.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342.
Read More: The Ellison Las Vegas bought by Irvine real estate firm for $103M | Housing
