Bascom exceeds fundraising goal for apartment fund
The Bascom Group has held an $80 million close for its second discretionary apartment value-added fund, exceeding its $75 million target.
Bascom Value-Added Apartment Investors II provides up to $300 million of buying power, with leverage, for value-added multifamily acquisitions across an 11-state region, including multifamily acquisitions in Arizona, California, Colorado, Georgia, Hawaii, Nevada, Oregon, Texas, Utah and Washington state.
The firm has started to invest its capital. Since the start of the capital-raising period, the fund has acquired six multifamily properties and has another two properties that are expected to close in the first quarter 2014.
To date the fund has acquired the 175-unit Andalucia Apartments in Palm Springs, Calif.; the 432-unit Arcadia Cove in Phoenix; the 121-unit Campbell Plaza in Campbell, Calif.; The Terraces in Prescott, Ariz.; Broadstone Montecito located