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The Bascom Group Buys 96-Unit Res Property in New Mexico

3/11/24

The Bascom Group LLC has acquired San Miguel Court Apartments, a 96-unit multifamily community in Santa Fe, New Mexico. The price was disclosed.

Built in 1974 built, San Miguel Court Apartments is a garden-style multifamily property located at 2029 Calle Lorca. The property features a diverse unit mix, including one-, two- and three-bedroom units with in-home washers and dryers, hardwood-style flooring, stainless steel appliances, and large walk-in closets. The low-density community sits in a desirable infill location, offering residents access to a vibrant neighborhood, with proximity to major employment hubs, entertainment, shopping, dining, and recreational facilities.

San Miguel Court stands out due to its advantageous infill location, offering easy access to highways, shopping centers, and major employment centers. Within a convenient 10-minute drive, residents can reach the historic Santa Fe Plaza, the developing Midtown District, and key employers such as Christus St. Vincent Hospital, the New Mexico State Capitol, and the Santa Fe office of the Los Alamos National Laboratory.

Bascom plans to undertake significant community amenity improvements at the property, including a new fitness center, resident clubhouse, leasing office, dog park, and a large central park with covered BBQ stations, bench seating, outdoor games, and tot-lot. Complementing the significant community amenity enhancements, Bascom is planning additional upgrades including exterior paint, aesthetic site lighting, landscaping, and unit interior renovations.

Ryan Greer and CJ Connelly of CBRE arranged the debt financing for the acquisition with LaSalle Debt Investors as the lender. Apartment Management Consultants will provide property management, and SD-CAP will provide construction management services.

San Miguel Court marks the third acquisitions for Bascom so far in 2024. The company also acquired The Overlook, a 344-unit garden style multifamily property in Albuquerque, New Mexico, and Texan26, a 204-bed student housing community in Austin, Texas.




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