NEW YORK, NY - Spirit Bascom Ventures, a joint venture between New York City based Spirit Investment Partners, LLC and Irvine, California based The Bascom Group, LLC has acquired the Avalon Crystal Hill apartments, located in Pomona, New York for $33,050,000.
The Class A apartment community, located 45 minutes north of midtown Manhattan, contains 169 units, as well as a large clubhouse, fitness center and pool area. The seller was Avalon Bay Communities. Mark Dellilo and Jeff Bastow from BlueGate Partners represented the seller. Gary Mozer, Katie Rodd and Michael Anderson-Mitterling of George Smith Partners secured debt financing of $27,100,000 from Natixis Real Estate Capital.
The purchase represents the second multifamily transaction with Spirit Bascom Ventures recently closing on the Jefferson at 55/77 Water, located in historic South Norwalk, Connecticut, for $43,250,000
The 2001 built property features oversized units averaging 1,275 sf in a combination of townhomes, lofts and midrise flat layouts. All units include in suite washer/dryers and balconies overlooking the Hudson River Valley. The luxury community has a full host of modern amenities including a 5,000 square foot resident club house with double height ceilings, a modern fitness center featuring an indoor basketball court, an outdoor sport court, playground and resort style swimming pool and sundeck.
The buyers will commence a full value add improvement program to upgrade all of the unit interiors with stainless steel appliances, stone countertops, hardwood floors and contemporary urban finishes as well as overhauling the full amenity package to better engage its residents through relevant and functional design that is commonplace in contemporary apartment communities.
"The asset has been well maintained and has great modern layouts, but the finishes and amenities are tired and in need of a major redesign to keep the property at the cutting edge of design and functionality that renters expect today." says David Nachman, a principal of Spirit Bascom Ventures.
Scott Zwilling, principal of Spirit Bascom Ventures, added "We are excited to add another quality asset to our growing Northeast portfolio. With nearly $100 million in acquisitions in the Spirit Bascom Ventures partnership over the past twelve months, we are looking to rapidly expand our footprint of compelling, value add opportunities along the Eastern seaboard."