The Bascom Group has closed the offering for its fifth fully discretionary multifamily real estate investment fund, Bascom Value Added Apartment Investors V. The fund collected $150 million of equity commitments, providing up to $500 million of buying power for multifamily acquisitions in the United States.
Fund V’s investor base included high-net-worth individuals, family offices and institutions. According to Chad Sanderson, principal at Bascom, the bulk of Fund V investors were from registered investment advisers and are repeat investors from previous Bascom-sponsored funds.
Fund V will acquire value-add, distressed and opportunistic multifamily properties between $10 million and $90 million, ranging from older workforce housing to newer, higher-quality multifamily communities. To date, the vehicle has acquired 13 multifamily properties with a total cost of $460 million and is targeting one to two additional acquisitions.
“Our goal is to have Fund V fully
