Gateway Villas Apartments Refinanced at $30.8M
The 200-unit complex at 3200 McLeod Drive was refinanced after Bascom Group paid $40.5 million for it in late 2021.
Updated on Nov. 4, 2026 in Commercial
Residents of the valley's northwest-side apartment market should know a 200-unit complex at 3200 McLeod Drive in Las Vegas has been refinanced. Bascom Group, an Irvine-based investment firm, secured $30.8 million on Gateway Villas Apartments, a property it bought for $40.5 million in December 2021.
Why it matters
The deal shows how investors are handling the multifamily pricing reset in Las Vegas after interest rate hikes in 2022 and 2023 pushed up borrowing costs and changed apartment values. Bascom says completing the refinance is the most prudent way to protect investor value in a market where near-term operating fundamentals remain challenged.
Gateway Villas Apartments, a 200-unit complex built in 1984, was refinanced for $30.8 million, against a $40.5 million purchase price Bascom Group paid in December 2021. Bascom has bought 16 multifamily properties nationally since 2023, totaling more than 3,700 units and $1 billion in capitalization, but the source does not say how the Las Vegas property is performing now.
The players
Bascom Group
Irvine-based real estate investment firm that owns and refinanced Gateway Villas Apartments in Las Vegas.
Sun Chase Apartments LLC
Seller that sold Gateway Villas Apartments to Bascom Group in December 2021 for $40.5 million.
The details
Bascom Group, an Irvine-based real estate investment firm, completed the refinancing of Gateway Villas Apartments at 3200 McLeod Drive in Las Vegas for $30.8 million. The firm bought the property from Sun Chase Apartments LLC for $40.5 million in December 2021 and renovated it before higher interest rates weakened apartment values and raised borrowing costs. Many institutional buyers have stayed on the sidelines during the multifamily pricing reset that followed the 2022 and 2023 rate hikes.
Timeline
December 2021: Bascom buys Gateway Villas Apartments for $40.5 million.
2022 and 2023: Interest rate hikes push down apartment values and raise borrowing costs.
Since 2023: Bascom buys 16 multifamily properties across the country.
Beyond the Strip
The refinance is a valley example of the multifamily pricing reset that followed the 2022 and 2023 rate hikes, when many institutional buyers held back from new deals. Gateway Villas sold for $40.5 million in 2021 and is now refinanced at $30.8 million, showing the lower valuation owners are working with.
If you rent in an older complex on the northwest side, a change in ownership or management after a refinance can bring new leasing rules, renovation work, or rent adjustments, so watch for notices from your property manager. Renters and owners alike should check their lease terms for any change-of-ownership clauses before the next renewal.
The takeaway
Even with the refinance, the 2021 purchase price shows how far multifamily values have moved in a few years. Watch the valley's apartment listings and sales in the coming months to see whether more owners follow Bascom into refinancing.
Further reading
For more on how commercial deals like this one are shaping the valley, see Commercial real estate coverage.
Source note: This article includes information reported by Orange County Business Journal.
