The Bascom Group has closed the offering for its fifth fully discretionary multifamily real estate investment fund. The fund, Bascom Value Added Apartment Investors V LLC (“Fund V"), raised equity commitments of $150 mil. This equity, with leverage, provides up to $500 mil of buying power for multifamily acquisitions in the U.S.
Dolce Villagio, Tempe, AZ |
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According to Bascom Principal, Chad Sanderson, “We had very strong interest in Fund V and were able to raise the $150 million maximum offering amount. Fund V included high net worth individuals, family offices, and institutions. The bulk of Fund V investors are from RIAs (Registered Investment Advisors) and are repeat investors from previous Bascom-sponsored funds.” Sanderson continues, “Fund V is designed to acquire value add, distressed, and opportunistic multifamily properties between $10 mil and $90 mil.”
To date, Fund V has acquired thirteen multifamily properties with a total cost of $460 mil and is targeting one to two additional acquisitions. “Our goal is to have Fund V fully invested this year,” comments Jerry Fink, Managing Partner of Bascom. “Our discretionary Fund V structure allows us to not only be disciplined buyers, but to close quickly when we identify attractive investment opportunities. A number of the acquisitions were acquired off-market, avoiding the highly competitive bidding process.”
“Fund V includes properties ranging from older workforce housing to newer, higher-quality multifamily communities. We plan to complete a renovation plan targeting unit interiors, building exteriors, and community amenities, in addition to implementing an institutional-quality management team,” adds David Kim, Managing Partner of Bascom. "Even in this low cap rate environment, we see an opportunity to improve operating performance by leveraging our team’s expertise in renovations and operating efficiencies.”
The Fund has acquired thirteen apartment communities to date including: Dolce Villagio Townhomes, Tempe, Arizona; Arium Towne Lake, Cypress, Texas; Sierra Charles, Sierra Vista, Arizona; Spectra at Katie, Las Vegas, Nevada; Spectra East, Las Vegas, Nevada; Spectra at 4000, Las Vegas, Nevada; Suncrest Townhomes, Las Vegas, Nevada; 415 Premier, Evanston, Illinois; Echo Pointe, La Mesa, California; Renew at Decatur, Las Vegas, Nevada; Sierra Point, Sun Valley, Nevada; Sun Chase, Las Vegas, Nevada and; NMS Northridge and NMS Superior, Northridge, California.
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