The Bascom Group, LLC ("Bascom") has acquired Trellis Park Crossroads Apartments ("Crossroads"), a 2009 construction 312-unit luxury apartment community located at 3825 Craig Crossing Drive, North Las Vegas, NV 89032. The$35.35 million sale closed on September 21, 2016. Since 2013, Bascom and its affiliates have acquired 27 multifamily properties in the Las Vegas market, totaling 8,563 units. Spence Ballifwith CBRE was the broker for the sale. Brian Eisendrath and Annie Rice with CBRE arranged the $31.5 million loan with Resource Real Estate Funding, Inc.
Scott McClave, Senior Principal of Bascom, states "Crossroads is an institutionally built asset in a rapidly improving Las Vegas submarket. The property is nearby the 95 and 215 freeways, and less than 10 miles from The Strip, giving residents access to major thoroughfares and job centers. As the Las Vegas economy continues to strengthen, residents will look for high quality, well amenitized living environments like Crossroads."
Jason Hanna, Senior Vice President of Bascom, comments "We continue to see improvements in the Las Vegas market as rents and occupancies strengthen. We are excited about North Las Vegas because it showed some of the strongest growth of all Las Vegas submarkets in the last year. As a top-tier apartment community in North Las Vegas, Crossroads is well-poised to benefit from new ownership and positive fundamentals."
Crossroads was built in 2009 and consists of 14 three-story buildings situated on 15.6 acres. Rental offerings include a range of one-bedroom through three-bedroom floorplans, with one-bedrooms accounting for 42% of the total units, two-bedroom and three-bedroom units accounting for 50% and 8% of the total units, respectively. The community offers tenants a robust amenity package including three pool/spa areas, two fitness centers, a clubhouse with business center, and a playground with splash park. The unit interiors are designed with open floorplans and modern finishes. Bascom plans to implement a modest renovation program to further enhance the high-level interior finishes and build on the existing amenity package.
The Bascom Group, LLC ("Bascom") has acquired Camden Village Apartments ("Camden Village"), a 192-unit garden style apartment community located at 38000 Camden Street, Fremont, California 94536. The $63 million sale closed on June 24, 2016 and marks Bascom's 36th apartment acquisition in the past twelve months. Stanford Jones, Salvatore Saglimbeni, and Philip Saglimbeniwith IPA were the brokers for the sale. Brian Eisendrath and Annie Rice with CBRE arranged the $44.7 million loan with CIT Bank N.A.
The community was built in 1966 and consists of 21 buildings, situated on 10.77 acres. Rental offerings include a range of studio through three-bedroom floor plans, with studios accounting for 5% of the total units, one-bedrooms accounting for 35%, two- and three-bedroom units accounting for 53% and 7% respectively. Common area amenities include a beautiful park-like open area, two pools, fitness center, and clubhouse. Additionally the property has five retail spaces located in an adjacent building. Bascom plans to implement a modest renovation program to update the property interiors and modernize the look of the exteriors.
Chad Sanderson, Senior Principal of Bascom, states "Camden Village is an exceptionally well-located property in one of the top East Bay submarkets. This property offers tenants access to some of the best schools in the area, an incredible breadth of retail options, and proximity to many of the Bay Area's top employers. Moreover, residents benefit from substantially lower rents, in Fremont, compared to many other Bay Area submarkets."
Lee Nguyen, Senior Vice President of Bascom, comments "The property consists of a mix of one-, two-, and three-bedroom floorplans which appeal to both young professionals and families. Camden Village has such a low density that it has an almost park like feel with walking trails, a dog park, a diversity of natural landscaping and units with oversized patios."
The Bascom Group, LLC acquired a multifamily asset with over 300 units located in the growing North Austin city of Round Rock. The property offers residents great access to North Austin's major employment corridors. Debt financing was arranged by De'On Collins,John Brownlee and Charles Halladay of HFF. Sean Sorrell with HFF represented the seller in the transaction.
The property consists of 19 residential buildings and one stand-alone leasing center spread across 17 acres. The unit mix is comprised of 51% one bedroom units, 40% two bedroom units, and 9% three bedroom units. Community amenities include a clubhouse, fitness center, swimming pool, BBQs, picnic areas and a pet park.
With the growth of the Austin MSA, North Austin continues to expand as "STEM" businesses look for space, affordability, and quality of life outside the urban core. This northern expansion and limited supply will continue to strengthen multifamily fundamentals in North Austin.
James D'Argenio, Principal for Bascom, comments, "We acquired a well-built, well-located asset benefitting from a great school system and a stable resident base. Although recently built, the interiors offer an upgrade opportunity when compared to newer, more expensive apartments."
Tony Ferrell, Director of Portfolio Operations for the Texas region adds, "North Austin and the surrounding markets continue to show strong apartment fundamentals and household economic statistics relative to other Texas markets. The property along with the neighboring properties are all high 90s occupancy with healthy resident analytics."
