Fundraising - FEBRUARY 25, 2014

Bascom exceeds fundraising goal for apartment fund

by Andrea Waitrovich

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 in Las Vegas; and Huntington Villas in Huntington Beach, Calif.

Bascom Value-Added Apartment Investors II follows the same strategy as its predecessor, Bascom Value-Added Apartment Investors, which held a $185 million final close in September 2012. The Bascom Value-Added Apartment Investors funds make smaller $8 million to $40 million investments in class B and C properties that are outside the typical investment parameters of many institutional investors.

Bascom Value-Added Apartment Investors’ portfolio consists of the 128-unit Veranda Apartments in Fullerton, Calif.; the 294-unit Hyland Park in Denver; Park Place, a 228-unit apartment community in Westminster, Colo.; the 301-unit Coldwater Springs in Phoenix; Peppertree Park, a 96-unit apartment community in West Valley, Utah, acquired in December 2012; and Ivy Ridge, a 207-unit community in Marietta, Ga.

A recent transaction made by the firm is the acquisition of Eagle Crest Apartments, a 624-unit class A garden-style community in Las Vegas. Eagle Crest is the 11th multifamily acquisition the firm completed in 2013 and the second in Las Vegas. The sales price was $54 million.

Bascom has completed more than $8.75 billion in multifamily and commercial value-added transactions since 1996, including more than 230 multifamily properties and 63,000 units. 

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