Bascom Group makes entrance into Reno market
The Bascom Group has acquired Sierra Point Apartments, a 147-unit garden-style multifamily community in Reno, Nev., for $31 million. The seller was not disclosed.
The property, built from 1996 to 1998, consists of 84 percent two-bedroom floorplans.
“Sierra Point has been well-maintained by current ownership, and the asset is primed for synergies with Bascom’s institutional management style, as well as the execution of our strategic renovation plan,” said Jason Hanna, Bascom’s senior principal of operations. “Current ownership has performed limited improvements, and the property has not been addressed with a comprehensive renovation plan since it was developed in the late 1990s. Bascom will renovate unit interiors with new countertops and appliances, wood-plank flooring, backsplashes, new baseboards, cabinetry improvements, new fixtures and lighting, and a new two-tone paint scheme. In addition, Bascom will be adding a dog park, tot lot, and outdoor barbeque a