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Bascom Group and Oaktree Capital Management to Invest $250 Mil in Value-Add Multifamily Properties

6/30/14

The Bascom Group and Oaktree Capital Management have created a new venture to acquire $250 mil in value-added multifamily properties throughout the United States. Oaktree is contributing funds under its management to the venture.

The venture was has already completed its first acquisition, The Springs Apartments, a 320-unit garden-style community in Corona that traded for $43.2 mil ($135k/unit). The property is located at 650 Ebbcreek Dr, west of I-15 and north of the 91 Fwy. Debt financing was provided by OneWest Bank and sourced by Brian Eisendrath of CBRE.

The Springs was built in 1987, and consists of 20 residential buildings on a sprawling 13.3-acre site located in West Corona. 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.”





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