Source: The Bascom Group / #Apartments #Multifamily
PALM SPRINGS, CA - The Bascom Group, LLC has acquired Andalucia Apartments, a 175-unit community located in Palm Springs, CA for an undisclosed price. Bascom worked with Brian Eisendrath of CBRE to arrange the financing for the purchase.
Built in 1979, the property consists of four three-story buildings with three pools and spas spread throughout. The property's diverse layout has the foundation to create a resort-like amenity package with many open areas to be creative. Andalucia is also ideally located in Palm Springs, being less than a mile from Downtown Palm Springs and across the street from Sunrise Park.
Jeff Fuller, Principal for Bascom, comments, "Andalucia represents a unique opportunity to reposition and renovate a property to resort-like standards. We plan to transform Andalucia's amenity package into one of the best in the city."
Jerome Fink, Managing Partner of Bascom, added, "Andalucia is the 16th acquisition that we have completed in the past 12 months. This property is a great example of what we are targeting: properties with a distressed history with strong value-add potential. We are excited to commence the renovations and create value for the residents as quickly as possible."
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. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom has completed over $8.0 billion in multi-family and commercial value-added transactions since 1996 including more than 220 multifamily properties and 60,000 units.