Bascom Group Bets $103M on New Las Vegas Luxury Apartment Tower

LAS VEGAS, NV – April 14, 2026 – In a significant vote of confidence for the Las Vegas real estate market, private equity firm The Bascom Group, LLC has acquired The Ellison, a newly constructed luxury apartment community, for $103 million. The deal for the 294-unit property, located in the desirable Summerlin/Spring Valley submarket, underscores a strategic belief in the area's robust growth trajectory, even as the broader market navigates a period of adjustment.

The acquisition, which translates to a price of $350,340 per unit, places a premier Class A asset into the hands of one of Las Vegas's most seasoned multifamily investors. The transaction was financed with a loan from AXA Investment Managers US Inc., with debt financing arranged by Newmark. The seller was represented by Newmark's Investment Sales team.

A Calculated Move in a Shifting Market

Bascom's nine-figure investment comes at a pivotal moment for the Las Vegas multifamily sector. The market has been absorbing a significant wave of new supply delivered in 2023 and 2024, which pushed vacancy rates to recent highs, with Class A properties seeing rates above 11% in early 2024. However, recent data reveals a market in the midst of a healthy correction.

Net absorption has been remarkably strong, with the market absorbing nearly 6,000 units in 2024, outpacing the 5,000 new units completed. This trend has helped stabilize vacancy rates, which have begun to trend downward from their peak. Critically, the pipeline for future development has constricted, with new project starts dropping by as much as 50% compared to the 2023 boom. This slowdown is expected to create a tighter supply environment in 2025 and 2026, lending support to rent growth and occupancy.

Bascom's acquisition of a brand-new, institutional-grade property appears to capitalize on this dynamic. "Opportunities like The Ellison do not come around often," stated Tom Gilfillan, Vice President at Bascom. "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." The firm plans to immediately get to work, leveraging its expertise to finalize the property's lease-up and optimize its performance.

Redefining Luxury Living in 'The Curve'

Completed in 2024, The Ellison stands as a testament to the evolving standards of luxury rental living in Las Vegas. The five-story community, located at 9235 West Russell Road, offers a mix of studio, one-bedroom, and two-bedroom floor plans that average a spacious 901 square feet.

What sets the property apart is its extensive and unique amenity package, designed for a discerning resident base. The building features a wrap construction that incorporates eight levels of direct-access structured parking, a significant convenience. The crown jewel is an expansive rooftop that offers stunning views of the Las Vegas Strip. This space includes a heated resort-style pool and spa, a jumbotron screen for outdoor viewing events, a clubhouse lounge, a dedicated spin room, a Pilates studio, and a state-of-the-art indoor-outdoor fitness center.

"The Ellison sets a new standard for apartment living in this submarket, and we are excited to build on that foundation," said Jason Hanna, Senior Principal of Operations at Bascom. "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." This level of amenity-rich living is a key differentiator in a competitive landscape where developers are increasingly vying for tenants seeking a lifestyle, not just an apartment.

Strategic Proximity to a Development Boom

The property's location within "The Curve," a rapidly developing stretch of southwest Las Vegas along the I-215 Freeway, is a cornerstone of its investment appeal. The area provides residents with direct access to the master-planned community of Summerlin, the entertainment and employment hub of the Las Vegas Strip, and Harry Reid International Airport.

More importantly, The Ellison is situated at the epicenter of several transformative projects that are expected to fuel sustained economic and demographic growth. These include the new MLB stadium for the Athletics, which recently broke ground; major expansions for Intermountain Healthcare's Children's Hospital and the Roseman Nursing School; and continued development of the UNLV Harry Reid Research & Technology Park. The influx of jobs, students, and professionals from these large-scale projects is anticipated to create a deep and continuous well of demand for high-quality rental housing in the immediate vicinity.

Bascom's Enduring Las Vegas Playbook

The acquisition of The Ellison is not an outlier for The Bascom Group but rather the latest chapter in its long and successful history in the Las Vegas market. Since 2013, the firm has acquired 37 properties totaling nearly 10,000 units, representing a total investment of over $1.4 billion. This deep experience gives the company an intimate understanding of the metro's nuances.

The firm's strategy often involves acquiring properties and adding value through capital improvements and operational efficiencies. With The Ellison, a brand-new asset, the "value-add" component shifts toward expert management and stabilization. Bascom has engaged Cushman & Wakefield as the property manager, tasking them with implementing institutional-grade operations to enhance the resident experience and optimize financial performance.

This purchase reinforces Bascom's commitment to the Summerlin/Spring Valley submarket, an area it knows well. The firm has previously owned two properties within a half-mile of The Ellison, including one directly across the street. "The Ellison is a notable example of why we keep coming back to Las Vegas," Gilfillan added. "The Summerlin/Spring Valley submarket consistently outperforms the metro, with stronger demographics, higher income levels, and demand drivers that are real and growing." This long-term, data-driven approach has made the firm one of the most active and successful operators in the region's multifamily space.