The Bascom Group LLC and Artemis Real Estate Partners have acquired Fresno, California-based Phoenix Townhomes, a 248-unit condominium-style apartment community. The purchase price was $35 million.
IRVINE, Calif., Sept. 18, 2019 /PRNewswire/ — The Bascom Group, LLC (“Bascom”) in partnership with Artemis Real Estate Partners (“Artemis”) has acquired Phoenix Townhomes, a 248-unit condominium-style apartment community in Fresno, California. Phoenix Townhomes was constructed in 2004, and is located at 5355 North Valentine Avenue, Fresno, California. Bascom purchased Phoenix Townhomes for $35,000,000, or $141,129 per unit. Mark Mimms at SVN/MJM & Associates, Inc. brokered the transaction.
Bascom’s Senior Vice President and Principal, Jim Singleton, stated,
“Phoenix Townhomes is an extremely well-located property with convenient access to strong employment centers, schools, and numerous retail and entertainment options. The Fresno market continues its healthy growth led by strong employer investment by companies seeking to take advantage of Fresno’s low cost of living and relative affordability, with several ongoing and planned development projects estimated to bring over 3,600 jobs to the area. These new developments and the excellent quality of life offered by Fresno continue to attract a growing number of young professionals and families relocating to the area.”
Lee Nguyen, Senior Vice President of Portfolio Operations, added, “The tremendous value-add potential, exceptionally large floorplans and unique two and three-bedroom units offered at Phoenix Townhomes separate it from other rental properties in the area. This submarket has seen very little new construction of multifamily communities over the past several years, despite the strong demographic fundamentals. We see this purchase as a great opportunity to complete some best-in-class improvements to the property, while still offering our residents an attractive and affordable place to live.”
Phoenix Townhomes is conveniently located in the desirable Northern Fresno submarket, situated near the highly trafficked West Shaw Avenue and a short drive from numerous retail and entertainment attractions, including River Park Shopping Center and the Fresno Chaffee Zoo. Located only six miles northeast of Downtown Fresno and within minutes of State Highways 99, 41, 180 and Fresno State University, Phoenix Townhomes provides residents convenient access to shopping, dining, entertainment, education, and major employment centers throughout Fresno county. Fresno is home to some of the largest employers within California’s central valley, including the Internal Revenue Service, Saint Agnes Medical Center, California State University, Fresno and Kaiser Permanente.
Since 1996, Bascom and its affiliates have acquired 331 multifamily properties throughout the United States, totaling more than 85,000 units. Over $100 million of those acquisitions have been in Fresno, totaling over 2,100 units. In the past twelve months, Bascom has completed over $1.5 billion in multifamily transactions throughout the United States.
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 $16.2 billion in multifamily and commercial value-added transactions including more than 614 multifamily properties containing 163,118 units. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom’s subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, Bascom Portfolio Advisors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, MHF RM Holdings, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Venture Partners, Bascom Milestone Ventures, and the Realm Group. Bascom’s subsidiaries also include Premier Workspaces, the largest privately held coworking company in the U.S. For additional information, please visit www.bascomgroup.com.
About Artemis: Artemis Real Estate Partners is a majority women-owned investment manager based in metropolitan Washington, DC, with offices in New York City, Los Angeles and Atlanta. Artemis manages approximately $4.3 billion of capital across core, core plus, value-add and opportunistic strategies. Artemis has three primary business lines: $2.0 billion in value-add/opportunistic commingled funds, over $1.8 billion in vehicles focused on core/core plus investments with emerging managers and $476 million in a healthcare specific core plus fund. The firm makes equity and debt investments in real estate across the United States, with a focus on multifamily, office, industrial, retail, hospitality and senior housing. Artemis specializes in joint venture partnerships and direct investments. More information can be found at www.artemisrep.com.