Spirit Bascom Ventures Acquires 198-Unit Mixed Use Multifamily Community in Washington D.C. Metro

Spirit Bascom Ventures Acquires 198-Unit Mixed Use Multifamily Community in Washington D.C. Metro

CAMP SPRINGS, MD - Spirit Bascom Ventures, LLC, a joint venture between Stamford, Connecticut based Spirit Investment Partners, LLC and Irvine, California based The Bascom Group, LLC, has acquired Tribeca at Camp Springs, a 198-unit residential community plus 18,880 sf of ground floor commercial space that was built by Wood Partners in 2008.  The community is located at 4701 Old Soper Road in the Washington D.C. Metro area of Camp Springs Maryland. 

CIT Group provided debt financing to acquire the property.  The debt financing was sourced by Jamie Leachman of HFF.  Walter Coker and Brian Crivella of HFF represented the seller on the transaction.

Scott Zwilling, a principal of Spirit Investment Partners, explains, "We are excited about acquiring a quality asset in the Washington D.C. market.  We hope this is the first of many in the area."  David Nachman, a principal of Spirit Investment Partners, also added, "With the migration of capital towards value added apartments, we have seen many more opportunities in the past year to acquire Class A assets such as the Tribeca at Camp Springs."

The 2008 built transit oriented property is situated inside the Beltway and directly adjacent to the Branch Avenue Metro station offering an easy commute to Washington D.C. and other local job centers.  

The property features oversized residential units that include a full host of modern features and quality appointments such as 9'+ ceiling heights, large gourmet kitchens, crown moldings throughout, private balconies, large walk-in closets, and structured parking.  The community offers an array of amenities including a large clubhouse with billiards room, a resort style pool with outdoor kitchen, a fitness center, dog park, and putting green. 

The commercial space is fully leased to a mixture of local amenity retailers providing services to the tenants and greater community.  

Spirit Bascom Ventures, LLC a joint venture between Spirit Investment Partners, LLC and The Bascom Group, LLC was formed to acquire transitional multifamily assets in the Northeast, Southeast and Midwest markets. 

Source: Spirit Bascom Ventures / #Apartments #Multifamily

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