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10/31/16
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The Bascom Group LLC and Oaktree Capital Management have teamed up in another significant west coast residential buy. In ths latest deal, a $250 mil venture between Bascom and funds managed by Oaktree has acquired Springs at Continental Ranch Apartments, a 196-unit luxury community located in Tucson, AZ.
Built in 1999, Springs at Continental Ranch consists of 19 two-story buildings with two resort-style swimming pools and a relaxing spa. Other amenities include a state-of-the-art 24-hour fitness center, controlled access gated entry, common area Wi-Fi, barbecue grills, theatre room, and private garages. Springs at Continental Ranch is positioned in an excellent northwest Tucson location, just west of Interstate 10.
Bascom will recapitalize the property with exterior and interior renovations which is expected to provide Springs at Continental Ranch with one of the best amenity packages in the submarket.
Art Wadlund & Clint Wadlund of Berkadia represented the buyer and seller on this transaction. ACORE Capital provided debt financing, which was arranged by Brian Eisendrath, Brandon Smith, and Annie Rice of CBRE. The onsite property management will be overseen by Arizona-based Morrison, Ekre & Bart Management Services (MEB).
Mark Brotherton, Portfolio Manager of Bascom affiliate Bascom Arizona Ventures, comments, “Springs at Continental Ranch provided us with an exceptional opportunity to acquire another ‘A’ quality multifamily property in a highly desirable location, well below replacement cost, with significant upside with our value-add program. Springs at Continental Ranch is our 15th acquisition since August 2012 in the state of Arizona, and our second in Northwest Tucson in the last 30 days.
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