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February 11, 2025
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The Bascom Group LLC and Oaktree Capital Management-Managed Account Close $126 Mil Sacramento Area Res Buy

1/27/25

The Bascom Group LLC, in partnership with funds managed by Oaktree Capital Management L.P. has acquired The Strand, a 408-unit newly built institutional quality multifamily community located in the highly desirable submarket of West Sacramento. The property traded for $126 mil, or $308.8k/unit.

Built in 2021 by MBK Rental Living, The Strand is a garden-style community with exceptional connectivity to Sacramento’s major economic drivers. The property is ideally situated within The Rivers community, a prestigious pocket of West Sacramento with $1Mil+ homes, river-adjacent walking trails, and nearby retail. The Strand residents benefit from a unique combination of suburban living and a short 10-minute commute to the downtown urban core.

Apartments at The Strand are complemented by ample surface parking, which is extremely rare given the community’s proximity to the urban core. The unit mix includes 7% junior one-bedroom, 34% one-bedroom, 51% two-bedroom, and 7% three-bedroom units. The property’s most notable amenity offerings include two pools and spas, indoor and outdoor fitness centers, a clubhouse, a dog park, and EV charging stations.

“The acquisition of The Strand is an excellent opportunity to acquire a new construction, low density multifamily asset in a durable market with limited future supply and recent major institutional investment at an attractive in-place yield,” said Jim Singleton, SVP/Principal - Acquisitions. “The Strand currently competes with recently constructed suburban multifamily assets due to its high-end finishes, low density, and superior location. Bascom plans to utilize third party professional property management and complete minor upgrades”.

The Strand is well positioned to capitalize on favorable market conditions throughout the hold period. New multifamily deliveries in the Sacramento market are projected to significantly decrease and population growth is projected to remain steady. With a durable employment base and relative affordability, the Sacramento MSA attracts companies and individuals seeking a recession resistant environment. In addition to such attractive market conditions, recent and future institutional investment in the area suggests the area is poised for future growth.

Paul Diamond, Senior Principal for Bascom, states “One of the standout advantages of The Strand is its proximity to Sacramento's key economic drivers. Recent institutional investments within a 1.5-mile radius include the Sacramento Kings’ Golden 1 Arena, the brand new CalSTRS building, the Sacramento Railyards, Sutter Health Park, and the I Street Bridge replacement project. The Sacramento market continues to demonstrate attractive multifamily fundamentals, and we are excited to strengthen our footprint in one of California’s most economically robust regions.”

Louis Friedel, Clay Akiwenze, and Hank Workman of Berkadia arranged the debt financing for the acquisition. Luke Goodwin and Alex Porter of Walton Street Capital LLC provided the acquisition loan. The seller was represented by Berkadia’s investment sales team led by Jason Parr and Scott MacDonald. Sares Regis will provide property management services.

The Bascom and Oaktree partnership began in 2014 with the purchase of The Springs, a 320-unit apartment complex in Corona, CA. Over the last ten years, Bascom and Oaktree have acquired 31 multifamily assets totaling 10,118 units and $1.5 bil in project cost across the US.





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