Fifty101 Fits into Rare Sub-100-Unit Institutionally Owned Category

Fifty101 apartment community in Las Vegas was named for its address at 5101 O’Bannon Dr. The Bascom Group recently sold the multifamily asset to Apartment Ventures for $21.56 million.

Taylor Sims, Carl Sims and Brady Cleary with Cushman & Wakefield in Las Vegas represented the seller in the transaction. The seller previously completed a substantial property-wide renovation.

“There aren’t many sub-100-unit multifamily assets in Las Vegas of such superior quality or having institutional ownership, but that was the case for Fifty101. The property shows well, and The Bascom Group did an amazing job at operating the property and implementing a renovation program that displayed the rent potential that the property offers,” said Taylor Sims.

The multifamily asset is comprised of a mix of 90 one-, two- and three-bedroom units. Fifty101 is in the West Las Vegas submarket with proximity to major employment hubs, the UNLV Medical District, the Las Vegas Strip and a variety of retail amenities.

“Las Vegas metro continues to be a premier market for talent attraction, while apartment rent growth remains one of the strongest in the country,” adds Sims. “Las Vegas is expected to be a top major metro for projected rent growth over the next five years, while the West Las Vegas submarket is expected to outperform the rest of the valley.”