Bascom Group extends buying spree through 2022 with acquisition of 140 multi-family units in California
IRVINE, Calif., January 17, 2022 /PRNewswire/ — The Bascom Group, LLC (“Bascom”) has acquired a 140-unit, multi-family, two-property portfolio located in the Northridge district of the City of Los Angeles. The properties, NMS Northridge and NMS Superior, feature large floor plans consisting primarily of two and three bedrooms, with each unit receiving a private 2-car garage or two structured parking spaces. The properties are centrally located in the San Fernando Valley and are adjacent to California State University – Northridge (“CSUN“). CSUN has an enrollment of 38,000 students and provides significant resident demand. Bascom purchased the 140-unit property for $52,500,000, Where $375,000 per unit. Brightspire Capital (fka Colony Capital) provided debt financing for the acquisition and was arranged by Marc Strauss and Rob Quarton of Walker Dunlop Capital Markets. Apartment Management Consultants (AMC) will provide property management services.
Senior Director of Bascom, Chad Sanderson, states, “NMS Northridge and NMS Superior represent compelling acquisitions in a high-barrier-to-entry market. Market occupancies have been exceptionally high over the past decade and only a limited amount of new offerings are currently under construction. Despite the pandemic-related challenges for many universities and the communities that serve them over the past two years, we believe that the Northridge the submarket will experience strong fundamental growth over the next few years, driven by a limited supply of new housing and continued population growth. »
The properties are located next to California State University – Northridge, a university of 38,000 students within California State University system. Although not all of the properties’ residents are students or affiliated universities, the properties’ proximity to the university provides constant demand from a base of students, faculty and other affiliated and non-affiliated universities. highly educated affiliates. Bascom Senior Vice President of Operations, Julie Schoenbachler, adds, “The properties are just steps across from the CSUN Student Recreation Center, which will be an incredible complement to our planned amenities upgrades on the properties. Other property upgrades will include unit interior renovations and rebranding to appeal to a younger, tech-savvy resident base.”
Joe Ferguson, Head of Acquisitions for Bascom, said: “We are delighted to kick off the new year with the acquisition of NMS Northridge and NMS Superior. The properties’ expansive floor plans and college neighborhood provide residents with a unique community experience with an abundance of amenities and services. serve the Northridge submarket and CSUN community. The properties have been very well maintained and should benefit from a targeted renovation program, including the addition of washers and dryers to most units, as well as the establishment of institutional property management. »
The Bascom Group has been one of the most active buyers of apartments in Southern California since its creation in 1996, in partnership with institutional and private capital. To date, Bascom has acquired 95 multi-family properties and 15,808 units in Southern California, with 39 of these properties and 5,952 units located in Los Angeles County. Over the past year, Bascom has completed more than $1.85 billion in multi-family transactions.
About Bascom: Bascom is a private equity firm specializing in value-added multi-family, commercial and non-performing loans, and real estate-related investments and operating companies. Bascom sources value-added and distressed properties, many through foreclosures, bankruptcies or short sales, and repositions them by adding significant capital improvements, improving revenues and reducing expenses realizing operational efficiencies through the implementation of institutional-grade property management. Bascom, founded by directors jerry fink, David Kim, and Derek Chen, is one of the most active and seasoned apartment buyers and operators in the United States. Since 1996, Bascom has realized more than $20.5 billion in value-added multifamily transactions comprising 349 multifamily properties and over 90,000 units. Bascom ranked among the top 50 multifamily owners in the United States. Bascom’s subsidiaries and joint ventures include Bascom Value Added Apartment Investors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Partners Ventures and Realm Group. Bascom’s subsidiaries also include Premier Workspaces, one of the largest privately owned executive suites, coworking and shared workspace companies in the United States. For more information, please visit www.bascomgroup.com.
Contact: Chad Sanderson or Joe Ferguson
Tel: 949-955-0888 ext. 123 and 120
E-mail: [email protected]
SOURCE The Bascom Group