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June 18, 2024
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Bascom San Francisco Completes 368-Unit Sacramento Buy


Bascom San Francisco has teamed up with funds managed by Oaktree Capital Management L.P. in the purchase of Stone Creek Apartments, a 368-unit multifamily property in Sacramento. This was the third transaction in three months for the $400 mil venture ("Venture II"). The property was sold by Oakmont Properties for $43.5 mil, or $118.2k/unit.

Built in 1986, Stone Creek Apartments is located at 2645 Stonecreek Dr, east of I-5 and just north of El Camino Ave. The asset is a low-density site with an amenity package featuring a resort sized clubhouse, fitness center, pool deck and tennis courts.

The property has very little deferred maintenance, which will allow for a highly accretive value-add strategy to move upmarket with in-unit washer & dryer installation as well as modern unit interior package. The upgraded interior unit spec will compete with similar vintage products that have in-unit washer & dryer but equipped with dated appliances and carpet flooring.

Marc Ross of CBRE represented both the buyer and the seller in the deal. The debt financing was sourced by Troy Tegeler and Trevor Breaux of CBRE Capital Markets. CIT Bank provided financing to acquire the property.

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