The Bascom Group, a private equity firm specializing in value-add multifamily, commercial and non-performing loans, real estate-related investments and operating companies, acquired a seniors housing community in Boulder City, Nevada, to expand its portfolio. This marks its fifth acquisition of 2024, but first in seniors housing, following the purchase of three multifamily communities and one student housing community. Brad Goodsell, Vince Viverito, Jason Punzel and Brad Clousing of Senior Living Investment Brokerage handled the transaction.
Built in 1999, Homestead at Boulder City is an assisted living community with 72 units on 6.39 acres that comprises 55,305 square feet. The seller, a large not-for-profit, was divesting due to operational challenges, with occupancy at just 25% during the marketing process. Revenues were around $300,000, and the community was losing more than -$200,000 a year.
In the end, the purchase price came to $3.05 million, or $42,400 per unit. Bascom intends to upgrade appliances, countertops, lighting, fixtures and wood plank flooring. It also plans to make improvements to common areas. Vincent Punzi and Lowell Takahashi of Berkadia arranged the debt financing for the acquisition, with Kairos Investment Management Company as the lender.
