Bascom Group, Oaktree JV Buys New M-F Asset in Henderson
- Aug 06, 2014
Bascom Group and funds managed by Oaktree Capital Management LP have teamed up to acquire The Edge at Traverse Point, a 296-unit multi-family property in Henderson. The deal closed at the end of last month.
Nationwide Life Insurance provided debt financing, which was sourced by Charles Halladay of HFF. Angela Powers and Carl Sims of Hendricks-Berkadia represented the seller in the transaction.
Bascom and Oaktree launched their $250 million joint venture earlier this year when the entity purchased The Springs Apartments, a 320-unit community located in Corona, Calif. The Edge is the venture’s second multi-family purchase in the past month.
Located at 1131 Wigwam Parkway, the complex was completed last year and offers one-, two-, and three-bedroom units. Units at The Edge at Traverse Point offer stainless steel appliances, granite countertops, modern wood cabinetry, in-unit washer and dryer, as well as flat-screen TVs. Exterior finishes and amenities include a clubhouse, a resort-style pool with cabanas, a café, a business center and a 24-hour health center.
The new ownership plans to upgrade common areas and interiors in order to turn the asset into a best-in-class property, Tim Whitting, Bascom’s Senior Vice President of Operations, said a statement.