Sales Transactions
1. The Bascom Group purchased The Ellison, a 294-unit apartment community at 9235 W. Russell Road in Las Vegas, for $103M. The seller was represented by Jonathan Merhaut, Doug Schuster and Curt Allsop of Newmark. Lee Redmond, Nicholas Schroeder, Vincent Punzi and Lowell Takahashi of Newmark arranged debt financing for the acquisition, and AXA Investment Managers US Inc. provided the acquisition loan. Cushman & Wakefield is the property manager.
2. A joint venture between Stellar Senior Living and a fund managed by Clarion Partners purchased the 174-unit San Martin Senior Living. The senior living facility, now called The Grand at Southern Hills, is to be operated by Stellar. The facility features two neighboring buildings, one at 8374 W. Capovilla Ave., and the other at 7230 Gagnier Blvd. in Las Vegas. The undisclosed seller was represented by JLL.
