LAS VEGAS — Private equity firm The Bascom Group has acquired the 183-unit Boulder Palms Senior Apartments at 4350 Boulder Highway in Las Vegas for $10.4 million.
Debt financing was provided by One West Bank and arranged by Brian Eisendrath and Brandon Smith of CBRE Capital Markets. Doug Schuster and Vittal Ram of Newmark Grubb Knight Frank represented the seller on the transaction.
Boulder Palms is a two-story seniors housing community housing 183 units. Completed in 1997, the property covers over four acres.
“We are on the front end of over 76 million Baby Boomers moving into retirement,” says Scott McClave, senior principal for Bascom. “Las Vegas is a natural destination for them with the low cost of living and a large spectrum of choices for entertainment, leisure, and health care. The purchase of Boulder Palms Senior Apartments puts us in a strong position to serve this growth market.”
Boulder Palms is Bascom’s eighth acquisition in the Las Vegas area over the last two years.