CBRE Capital Markets announced that it represented Camden Property Trust in the $630 million sale of a 15-property multifamily portfolio in Las Vegas to funds managed by Oaktree Capital Management, L.P. (“Oaktree”) and their advisor, The Bascom Group, LLC. (“Bascom”). CBRE Capital Markets’ Debt & Structured Finance team also secured a $470.7 million loan for the acquisition of the portfolio. The portfolio consists of 4,918 apartment units, a small neighborhood retail center and 19.6 acres of undeveloped land, all located throughout Las Vegas.
Oaktree, along with other partners such as Bascom, currently owns a portfolio of commercial assets in the Las Vegas area and the acquisition of this portfolio will complement their strategy in the market. These high-quality assets are located in strong submarkets and contain clubhouses, resort-style pools, fitness centers, and other high-end amenities. Oaktree will continue to focus additional investment dollars on property upgrades and unit improvements.
“We believe the Las Vegas market is still in the early stages of its recovery and poised to benefit from meaningful rent gains with population and job growth outpacing the national averages. With a high-quality portfolio located in some of the strongest submarkets of Las Vegas, we are well-positioned to seek strong future NOI growth by implementing a value-add renovation program,” said Mark Jacobs, Managing Director at Oaktree.
Scott McClave, Senior Principal for Bascom, said, “We’ve been the most active multi-family investor in Clark County since the recovery and the portfolio is largely in submarkets where we’re currently established making it a natural fit. The overall excellent condition of the assets will allow us to focus resources on the latest amenities and features that today’s renter is looking for.”
CBRE Capital Markets’ Investment Properties teams in Las Vegas and Phoenix represented the seller.
“Las Vegas is one of the few markets in the country where the current rent levels are still below the peak and the outlook for new jobs is among the best,” said Spence Ballif, Senior Vice President, Multifamily, CBRE Capital Markets.
CBRE secured a seven-year floating rate loan, which includes an interest-only term. Financing was provided by a GSE lender.
