IRVINE, CA - The Bascom Group, LLC and funds managed by Carlyle Realty Partners have acquired Bridgecourt Apartments, a 220-unit Class A apartment community with five ground floor retail spaces in Emeryville, California. The $45.1 million sale closed on March 17, 2015. Stephen Jackson and Mark J. Feldman of Colliers International were the brokers for the sale. Brian Eisendrath, Brandon Smith and Annie Rice of CBRE Capital Markets arranged the $40.6 million loan with California Bank & Trust.
Bridgecourt was constructed in 1998 and is located at 1325 40th Street, Emeryville, California. Chad Sanderson, Principal for Bascom states "Bridgecourt is a very well located property with access to stong jobs centers, local retail and access to Bay Area public transportation. It offers a tenants great urban location with attractive rents when compared to Downtown San Francisco and many other nearby locations."
Bridgecourt is conveniently located near major employment centers in San Francisco, San Jose, Oakland and Berkeley. Several notable companies house regional offices or are headquartered in Emeryville, including Pixar Animation Studios, which is just one block north of Bridgecourt. The neighborhood features an abundance of retailers, including Apple, Pottery Barn, J. Crew, Abercrombie & Fitch, Gap, Best Buy, Home Depot, IDEA and Target.
Lee Nguyen, Senior Vice President of Bascom, comments "The Bay Area has strong draw for the younger generation. To appeal to this group, we plan to give a modern update to the unit interiors and property amenities. Bridgecourt presents a value-add opportunity as nearby properties are achieving rents significantly above Bridgecourt's current rents. This will include adding washers and dryers in the units, modern lighting and new kitchen appliances."
Brian Eisendrath, Vice Chairman at CBRE adds "This opportunity gives Bascom the ability to showcase its value add abilities. By sourcing aggressive capital with an earn out feature, we were able to help Bascom and Carlyle achieve their yield requirements on a well-located asset."