SANDY SPRINGS, GA - Spirit Bascom Ventures, an affiliate of Irvine, California based The Bascom Group, together with funds managed by Oaktree Capital Management, L.P., has acquired The Laurels at Overlook Park, a 232-unit apartment community located at 415 Morgan Falls Road in Sandy Springs, Georgia. The sale closed on October 28, 2014. Synovus Bank provided financing to acquire the property. The debt financing was sourced by Andrew Feinberg, David Harte, and Marc Schulder of Ackman-Ziff. Jones Lang Lasalle represented the seller on the transaction.
This is the fifth multifamily acquisition closed since June in a $250 million joint venture between Bascom and Oaktree. The Venture has also acquired The Springs Apartments, a 320-unit garden style community in Corona, California, The Edge at Traverse Point, a 296-unit garden style community in Henderson, Nevada, The Reserve at Heritage Oaks a 444-unit community in Tallahassee, Florida, and Indigo Creek Apartments, a 408-unit community in Glendale, Arizona.
The 2000 built property is situated along the Chattahoochee River in the affluent city of Sandy Springs. Residents benefit from its easy connectivity to the Roswell Road/Perimeter Center employment corridor and close proximity to popular cultural destinations such as downtown Roswell, downtown Sandy Springs and Dunwoody Village.
The oversized units include a full host of modern features and appointments such as French doors to private balconies, attached garages, crown molding, walk-in closets, and kitchens with dishwashers and disposals. The luxury community is situated within a low density site with an array of amenities including a large clubhouse, a resort style pool with gardens, a fitness center, and trailhead leading to a hiking path through Overlook Park and the Chattahoochee River.
The Venture will commence a full value add improvement program to upgrade all of the unit interiors with stainless steel appliances, laminate hardwood floors, and contemporary urban finishes and fixtures. The program will also include a complete overhaul of the amenity package that will include creating a resort style pool experience and reconcepting the main club room and fitness center to better engage its residents through relevant and functional design. Post renovation, the property will be better positioned to compete directly with the new Class A product in the marketplace.
Ian Hafner, a principal of Bascom affiliate Spirit Bascom Ventures, explains, "We are excited to transform this well located asset that will enable it to compete more directly with the newer Class A communities." Scott Zwilling of Spirit Bascom Ventures, adds, "This marks the fourth recent Spirit Bascom Ventures acquisition. We continue to see many attractive value add opportunities along the East Coast and continue to build up our acquisition pipeline."