IRVINE, Calif., June 30, 2016 /PRNewswire/ -- The Bascom Group, LLC ("Bascom") has acquired Camden Village Apartments ("Camden Village"), a 192-unit garden style apartment community located at 38000 Camden Street, Fremont, California 94536. The $63 million sale closed on June 24, 2016 and marks Bascom's 36th apartment acquisition in the past twelve months. Stanford Jones, Salvatore Saglimbeni, and Philip Saglimbeni with IPA were the brokers for the sale. Brian Eisendrath and Annie Rice with CBRE arranged the $44.7 million loan with CIT Bank N.A.
The community was built in 1966 and consists of 21 buildings, situated on 10.77 acres. Rental offerings include a range of studio through three-bedroom floor plans, with studios accounting for 5% of the total units, one-bedrooms accounting for 35%, two- and three-bedroom units accounting for 53% and 7% respectively. Common area amenities include a beautiful park-like open area, two pools, fitness center, and clubhouse. Additionally the property has five retail spaces located in an adjacent building. Bascom plans to implement a modest renovation program to update the property interiors and modernize the look of the exteriors.
Chad Sanderson, Senior Principal of Bascom, states "Camden Village is an exceptionally well-located property in one of the top East Bay submarkets. This property offers tenants access to some of the best schools in the area, an incredible breadth of retail options, and proximity to many of the Bay Area's top employers. Moreover, residents benefit from substantially lower rents, in Fremont, compared to many other Bay Area submarkets."
Lee Nguyen, Senior Vice President of Bascom, comments "The property consists of a mix of one-, two-, and three-bedroom floorplans which appeal to both young professionals and families. Camden Village has such a low density that it has an almost park like feel with walking trails, a dog park, a diversity of natural landscaping and units with oversized patios."
About Bascom: The Bascom Group, LLC is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Jerry Fink, David Kim and Derek Chen, is one of the most active and seasoned buyers and operators of apartment communities in the United States. Bascom has completed over $11.7 billion in multi-family and commercial value-added transactions since 1996 including more than 292 multifamily properties containing over 78,000 units. Bascom has ranked among the top 50 multifamily owners in the US. Bascom's subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, Bascom Portfolio Advisors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, MHF RM Holdings, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Partners Ventures, and the Realm Group. Bascom's subsidiaries also include Premier Business Centers, the largest privately held executive suite company in the US. For additional information, please visit www.bascomgroup.com.
Contact: Chad Sanderson
Tel: 949-955-0888 ext 23
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SOURCE Bascom Group