The Bascom Group, LLC has acquired The Ellison, a 294-unit Class A apartment community located at 9235 West Russell Road in the Summerlin/Spring Valley submarket of Las Vegas, Nevada, for $103 million, or approximately $350,340 per unit. Completed in 2024, The Ellison represents one of the newest and most amenity-rich multifamily communities in the Las Vegas metro.
The five-story community features studio, one-bedroom, and two-bedroom floor plans averaging 901 square feet. Its wrap construction provides eight levels of direct-access structured parking — a rarity in the Las Vegas market. The rooftop highlights include a heated resort-style pool and spa with a jumbotron screen, a clubhouse lounge, a spin room, a Pilates studio, and an indoor-outdoor fitness center.
The Ellison is situated along the I-215 Freeway in ‘The Curve,’ a stretch of southwest Las Vegas with direct access to Summerlin, the Las Vegas Strip, and Henderson. The submarket is also seeing significant nearby development, including the new Athletics baseball stadium, Intermountain Healthcare’s Children’s Hospital, and expansions of the Roseman Nursing School and the UNLV Harry Reid Research & Technology Park.
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.’ Bascom plans to complete lease-up of the community following the acquisition.
The Newmark Investment Sales team of Jonathan Merhaut, Doug Schuster, and Curt Allsop represented the undisclosed seller in the transaction. Newmark’s Lee Redmond, Nicholas Schroeder, Vincent Punzi, and Lowell Takahashi arranged acquisition financing through AXA Investment Managers US Inc. on behalf of Bascom. Cushman & Wakefield has been engaged as the property manager.
Since 1996, Bascom has completed over $22 billion in multifamily value-added transactions across more than 365 properties and 105,000 units nationwide. The firm has maintained an active presence in the Las Vegas market, consistently finding compelling value-add and core-plus opportunities in the region’s high-growth submarkets.