IRVINE, CA - The Bascom Group, LLC has acquired Peppertree Park, a 96-unit apartment community located in West Valley, Utah for $6,150,000. Bascom worked with Gary Mozer and Katie Rodd of George Smith Partners to arrange the financing for the purchase. Craig Burton of ARA represented the seller, Tipton Enterprises, Inc., in the transaction.
Built in 1985, Peppertree Park consists of six buildings on 4.60 acres. The apartment community has an attractive unit mix with spacious two bedroom units, all of which have washer/dryer connections. As part of the acquisition, Bascom intends to make significant property exterior and unit interior improvements, as well as further enhancements to the community amenity package. It is ideally located near many of West Valley’s main retail destinations, local employment centers, and major transportation arterials.
Andrew Newton, Principal for Bascom, comments, “Peppertree Park fits our strategy of acquiring well located, under managed communities that could be further enhanced through a detailed renovation plan and new institutional management. This acquisition marks our 10th purchase in Utah, and we are excited with the opportunity to further expand our presence in the market.”
Jerome Fink, Managing Partner of Bascom, added, “Peppertree is the thirteenth new acquisition that we have completed in 2012. This property is a great example of the type of properties that Bascom is looking for. Rents here have remained stagnant for years, primarily because of mismanagement and an inferior interior amenity package. With our planned upgrades, we are highly confident we can turn Peppertree into one of the top performers in the submarket.”
The Bascom Group, LLC is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies.