Bascom Group Acquires The Ellison Multifamily Community in Las Vegas for $103 Million
The Bascom Group, LLC has acquired The Ellison, a 294-unit Class A multifamily 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, the firm announced April 13, 2026.
Completed in 2024, The Ellison represents one of the newest multifamily deliveries in the Las Vegas metro. Bascom described the acquisition as an institutional-quality, newly built asset acquired at a basis below current replacement cost.
Property and Submarket Details
The five-story, wrap-construction community offers studio, one-bedroom, and two-bedroom floor plans averaging 901 square feet. The building includes eight levels of direct-access structured parking, which Bascom noted is a rarity in the Las Vegas market. Amenities include a rooftop 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 a stretch of southwest Las Vegas known as "The Curve," providing direct access to Summerlin, the Las Vegas Strip, and Henderson. The surrounding submarket is experiencing notable development activity, including the new Athletics baseball stadium, Intermountain Healthcare's Children's Hospital, expansions of the Roseman Nursing School, and the UNLV Harry Reid Research & Technology Park.
Transaction and Financing
Newmark's investment sales team — Jonathan Merhaut, Doug Schuster, and Curt Allsop — represented the undisclosed seller in the transaction. Acquisition financing was arranged through AXA Investment Managers US Inc. on behalf of Bascom by Newmark's capital markets team of Lee Redmond, Nicholas Schroeder, Vincent Punzi, and Lowell Takahashi. Cushman & Wakefield has been engaged as the property manager following the close.
Specific loan terms, including loan amount, cap rate, and occupancy at the time of sale, were not disclosed.
Strategic Rationale
Tom Gilfillan, Vice President at Bascom, commented on the acquisition: "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.
Bascom Group's Multifamily Track Record
Since its founding in 1996, The Bascom Group has completed more than $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, targeting value-add and core-plus opportunities in the region's high-growth submarkets.
The Ellison acquisition is among several multifamily transactions Bascom has executed in early 2026. Recent activity includes the $53.4 million acquisition of a 304-unit community in Tucson, Arizona, the $105 million sale of Tempo at Riverpark Apartments to a Hines affiliate, and the disposition of the 424-unit Capitol at Stonebriar in Frisco, Texas.