Bascom Group Acquires The Ellison in Summerlin Spring Valley Las Vegas

The Bascom Group has acquired The Ellison, a 294-unit apartment community at 9235 West Russell Road in the Summerlin/Spring Valley submarket of Las Vegas. 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, and 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. Cushman & Wakefield has been engaged as property manager for the community.

Completed in 2024, The Ellison is a Class A five-story community offering studio, one-bedroom, and two-bedroom plans averaging 901 square feet. The building uses wrap construction with eight levels of direct-access structured parking and features an expansive rooftop with a heated resort-style pool and spa, a jumbotron screen, clubhouse lounge, spin room, Pilates studio, and an 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 property sits along the I-215 Freeway in The Curve, providing direct access to Summerlin, the Las Vegas Strip, and Harry Reid International Airport. The surrounding area includes several major developments in progress, including the Athletics' new MLB stadium, Intermountain Healthcare's Children's Hospital, and expansions tied to Roseman Nursing School and the UNLV Harry Reid Research & Technology Park.

Bascom plans to complete lease-up and implement institutional-grade management through Cushman & Wakefield to optimize operations and enhance the resident experience. Jason Hanna, Senior Principal of Operations at Bascom, added, "The Ellison sets a new standard for apartment living in this submarket, and we are excited to build on that foundation. There is no comparison in the area to the Ellison's incredible rooftop with the heated resort-style pool, jumbotron screen, clubhouse lounge, spin room, Pilates studio, and indoor-outdoor fitness center – all with amazing views of the Las Vegas strip."

Since 2013, Bascom has acquired 37 properties totaling 9,959 units across the Las Vegas metro, representing over $1.4 billion in acquisition cost. The firm currently owns nine communities in the market and has previously owned two properties within half a mile of The Ellison, including Spectrum Apartments directly across the street. The transaction underscores continued institutional investment activity in the Summerlin/Spring Valley submarket and a focus on operational execution during lease-up.