United States, 18th Jan 2024, King NewsWire – The Bascom Group, LLC (“Bascom”) has acquired the Overlook Apartments, a 1988 built, 344-unit garden-style multifamily property located at 6200 Eubank Boulevard in Albuquerque, New Mexico. The property marks Bascom’s first multifamily acquisition in the state of New Mexico. Brandon Harrington and Tyler Woodard of Northmarq arranged the debt financing for the acquisition with TPG Real Estate Finance Trust (NYSE: TRTX) as the lender. The seller was represented by Northmarq’s investment sales team lead by Trevor Koskovich, Jesse Hudson, Cynthia Meister, Ryan Boyle, and Logan Baca. Apartment Management Consultants will provide property management services and SD-CAP will provide construction management.
The purchase of Overlook comes on the heels of the recent Bascom purchases including Avenida Lakewood, a 230-unit Active Adult (55+) apartment community in Lakewood, Colorado, and Texan26, a 204-bed student community in Austin, TX.
Vice President of Bascom, Tom Gilfillan, states “The Overlook adds another well-positioned asset to the Bascom portfolio, and the first in the state of New Mexico. The property is located within a desirable infill location with scarce new housing supply, and offers residents proximity to nearby employment centers, outstanding school choices, popular retail amenities, and numerous recreation options. The Albuquerque market continues to demonstrate attractive multifamily fundamentals, and we are excited to strengthen our footprint in this growing market.”
Located within the desirable Northeast Heights submarket of Albuquerque, The Overlook offers residents a low -density garden style community with an attractive unit mix of one- and two-bedroom units. Community amenities include two large swimming pools and spas, dog park, resident clubhouse, business center, fitness center, and barbecue areas. The property provides residents admission to outstanding nearby public schools with average ratings of 9/10, proximity to premier retailers like Whole Foods, Trader Joes, and Target, as well as accessibility to major employment drivers including Netflix Studios, Intel Corporation, Sandia National Labs, and the University of New Mexico.
Bascom’s, Paul Zakhary, Senior Vice President of Portfolio Operations, added, “The Overlook has been well-maintained while demonstrating consistent rental demand. As part of our strategic renovation program, Bascom intends to renovate unit interiors with new appliances, countertops, backsplash, cabinetry, as well as enhancing the property’s exteriors and community amenities. Most of the units remain in classic condition, giving our team room to add desirable elements while providing residents an affordable housing option.”
Albuquerque continues to flourish with steady economic growth as employers are attracted to the region’s highly educated workforce and excellent quality of life. The city serves as a hub for various industries including film production, technology, manufacturing, energy, healthcare, education, and government. In the past few years, Albuquerque’s economic growth has been boosted by the FAANG (acronym referring to the stocks of the five most popular and best-performing American technology companies) effect — the relocation of major tech companies including Facebook, Amazon, Apple, Netflix, and Google. The city’s strategic location along major transportation routes facilitate trade and commerce, while the low cost of living and favorable business operating costs make it an attractive destination for companies. As a result, Albuquerque’s economy continues to grow and diversify, creating opportunities for both residents and businesses alike, positioning it as a promising city in the southwestern United States.
About Bascom: Bascom is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Derek Chen, Jerry Fink, and David Kim, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Since 1996, Bascom has completed over $22.0 billion in multifamily value-added transactions encompassing 358 multifamily properties and over 105,000 units. Bascom’s commercial transaction volume is $5.8 billion in total and amounts to over 23.4 million square feet. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom’s subsidiaries and joint ventures include the Bascom Value Added Apartment Investors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Partners Ventures, and Realm Group. Bascom’s subsidiaries also include Premier Workspaces, one of the largest privately held executive suite, coworking and shared workspace companies in the U.S. For additional information, please visit www.bascomgroup.com.
Media Contact
Organization: BASCOM GROUP
Contact Person: Tom Gilfillan
Website: https://bascomgroup.com/
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Country:United States
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