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Chenco Group Portfolio Acquisition

Chenco Holding Co., LLC, a national fund management company with investments in the multi-family and office sectors in 14 states, announced that it and its key multifamily operating partner, Bascom Group, LLC, have closed on the acquisition of an apartment portfolio consisting of 15 communities in Las Vegas, Nevada.

Size:4,918 Units
Cost:US$698 million, including repositioning costs
Financial Partner:An Oaktree Partners' Unit
Mortgage:CBRE Capital Markets

The nearly-5,000 units are spread among 15 projects located in various, established, desirable communities within Greater Las Vegas.

"This large acquisition completes our Las Vegas strategy and puts us in a position to benefit from this rising market."
                                                                                                   Derek Chen, Chairman