The Bascom Group LLC, an Irvine, California-based private equity firm, announced its $103 million acquisition of The Ellison, a 294-unit apartment community located in the Summerlin/Spring Valley submarket of Las Vegas.
Completed in 2024, The Ellison is a five-story complex offering studio, one-bedroom, and two-bedroom floor plans averaging 901 square feet. Situated along the I-215 Freeway, The Ellison’s wrap construction 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.
Bascom plans to complete lease-up of the property and implement institutional-grade management through Cushman & Wakefield.
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.”
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