Bascom raises $11.5 million for second fund

The Bascom Group has raised $11.5 million for its Bascom Value Added Apartment Investors II, according to a filing with the Securities and Exchange Commission. The fund launched this quarter with a $75 million fundraising goal. A final close date was not disclosed.

Bascom Value Added Apartment Investors II is a follow-up to Bascom’s first value-added apartment fund, Bascom Value Added Apartment Investors, which held a $185 million final close in September 2012. The fund series will focus on value-added multifamily acquisitions in Arizona, California, Colorado, Georgia, Hawaii, Nevada, Oregon, Texas, Utah and Washington state.

Bascom Value Added Apartment Investors is designed to acquire smaller $8 million to $40 million class B and C properties that are outside the typical investment parameters of many institutional investors. The fund’s portfolio consists of the 128-unit Veranda Apartments