Bascom acquires Florida multifamily property for $72.25m

The Bascom Group has acquired Florida-based Sunny Lake Apartments, a multifamily apartment community.

The Bascom Group has acquired Florida-based Sunny Lake Apartments, a multifamily apartment community. The purchase price was $72.25 million. Bridge Investment Group provided the debt financing for the acquisition.

PRESS RELEASE

IRVINE, Calif., Aug. 24, 2021 /PRNewswire/ — The Bascom Group, LLC (“Bascom”) has acquired a 405-unit apartment community within the Fort Lauderdale MSA in Florida. The property, Sunny Lake Apartments (“Sunny Lake”), was acquired through a partnership with East Hill Capital’s Duff Bedrosian. Sunny Lake represents Bascom’s third acquisition in the state of Florida. Bascom purchased the 405-unit apartment community for $79,250,000 or $195,679 per unit. Bridge Investment Group provided the debt financing for the acquisition and was arranged by Stuart Wernick, Andrew Garrison, and Sam Ziolkowski of Walker & Dunlop. Cushman & Wakefield will provide property management services and interior renovations.

Bascom’s Senior Vice President & Principal, Jim Singleton, stated “Sunny Lake was a great opportunity for Bascom to re-enter into the Florida market at an attractive basis. The Fort Lauderdale MSA has strong multifamily fundamentals and is positioned well for continued economic growth. The market has experienced double digit rent growth as well as over 30% growth in home values year over year. Lauderhill also has excellent accessibility – located near three international airports, three international ports, and three major roadways”

Sunny Lake is in Lauderhill, Florida an area experiencing substantial growth due to the rapidly growing Florida economy. The property’s proximity to the burgeoning Downtown Fort Lauderdale district allows convenient access to retail, entertainment, dining, and major employment centers throughout the Fort Lauderdale metro. Bascom plans to modernize the existing interiors, common areas, and implement operational efficiencies at Sunny Lake, while re-establishing a presence in the Florida market. Fort Lauderdale’s affordable, lower density housing, pro-business environment, no state taxes, and tourist rebound since the pandemic have established the MSA as one of the most resilient apartment markets in the country.

Bascom’s Senior Vice President of Operations, Tony Ferrell, added, “There is excellent value-add potential at Sunny Lake. The low-density units and excess of amenity space is primed for capital improvement to create a more holistic community experience for its residents. This acquisition is a great opportunity to significantly improve the community, while still offering residents an affordable place to call home.”

About Bascom: Bascom is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Jerry Fink, David Kim, and Derek Chen, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Since 1996, Bascom has completed over $19.1 billion in multifamily value-added transactions encompassing 339 multifamily properties and over 87,000 units. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom’s subsidiaries and joint ventures include the 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, Bascom Milestone Ventures, and the Realm Group. Bascom’s subsidiaries also include Premier Workspaces, one of the largest privately held executive suite, coworking and shared workspace companies in the U.S. For additional information, please visit www.bascomgroup.com.