IRVINE, CA - The Bascom Group, LLC and certain funds managed by Oaktree Capital Management, L.P. have structured a new venture to acquire $250 million in value-added multifamily properties throughout the United States.
The venture was launched with its first acquisition, The Springs Apartments, a 320-unit garden style community located at 650 Ebbcreek Drive, Corona, California. The Springs closed on June 25, 2014 for $43,200,000. Debt financing was provided by OneWest Bank and sourced by Brian Eisendrath of CBRE.
Mark Jacobs, Managing Director at Oaktree comments, "We are excited about our partnership with Bascom. We both see continued investment opportunities in the value-add multifamily sector." Chad Sanderson, Principal for Bascom, comments, "This partnership will have a strong focus on acquiring properties throughout Southern California. The Springs is located adjacent to Orange County and is surrounded by a robust employment base. As fundamentals in the region continue to strengthen, we believe the investment potential of the asset will continue to benefit."
The Springs was built in 1987, and consists of 20 residential buildings on a sprawling 13.3 acre site located in West Corona, California. The unit mix is comprised of 25% one-bedroom and 75% two-bedroom units with fully equipped kitchens and balconies or patios in all apartment homes. Common area amenities include two pool areas, fitness center, and a well-landscaped central courtyard with tot-lot and grilling stations. The property is well located with direct access to the greater Orange County and Los Angeles Metro areas. With excellent proximity to major employers, transportation corridors, shopping, dining and entertainment along the busy I-15/91 Corridor, the Springs is an attractive choice for Southern California renters.
Lee Nguyen, Senior Vice President of Operations for Bascom explains, "We have seen a steady improvement in the Corona submarket over the past year. Both rents and occupancies have strengthened. Ultimately, we feel that the Springs is ideally positioned to benefit from a new ownership team that is ready to work hard to improve the tenant experience at the property."