SACRAMENTO, Calif., March 21, 2016 /PRNewswire/ -- Bascom San Francisco, an affiliate of Irvine, California based The Bascom Group ("Bascom"), together with funds managed by Oaktree Capital Management, L.P. ("Oaktree"), closed on a purchase of 368-unit property, Stone Creek Apartments, in Sacramento, CA. This was the third transaction in three months for the $400 million venture ("Venture II"). Stone Creek Apartments is located at 2645 Stonecreek Drive in Sacramento, CA. The sale closed on March 10, 2016. Marc Ross of CBRE represented both the buyer and the seller on the transaction. The debt financing was sourced by Troy Tegeler and Trevor Breaux of CBRE Capital Markets. CIT Bank provided financing to acquire the property.
This property was built in 1986 and 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.
The property is 10 minutes away from downtown Sacramento, which houses more than 100,000 employees and offers more than 11 million square feet of office space. With the Golden 1 Center to be delivered in October 2016, the downtown area will be the region's premier spot for nightlife, extensive shopping, and dining attractions. Very limited supply is expected to be delivered in the Natomas area for the next three years, which fueled a 16.6% rent growth since the start of 2014. The asset is a low density site with an amenity package featuring a resort sized clubhouse, fitness center, pool deck and tennis courts.
Calvin Ruan, Principal of Bascom San Francisco, comments, "The principals of Bascom San Francisco continue their focus on Sacramento market for new opportunities along with the Los Angeles market." Paul Diamond, Senior Vice President-Operations, added "The acquisition of Stone Creek continues our desire to own and operate strong, infill locations in California. The Natomas area is a very desirable apartment market with strong demand and limited new construction."
About Bascom San Francisco: The Bascom San Francisco, LLC (http://www.bascomnw.com) is a private equity firm specializing in urban infill multifamily communities along the West Coast. It operates in all major metro areas along the West Coast with a presence in Los Angeles, the San Francisco Bay Area, Seattle, Portland and Salt Lake City. The Managing Members are The Bascom Group, LLC, of Irvine, CA and Brian Wirtz, who along with Mr. Ruan are based in the San Francisco office. Bascom SF seeks communities with strong locations and implements long term value enhancements and institutional quality property management. Bascom has completed over $10 billion in multi-family and commercial value-added transactions since 1996 including more than 265 multifamily properties containing over 70,000 units.
About Oaktree: Oaktree is a leader among global investment managers specializing in alternative investments, with $97 billion in assets under management as of December 31, 2015. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Headquartered in Los Angeles, the firm has over 900 employees and offices in 17 cities worldwide. For additional information, please visit Oaktree's website at http://www.oaktreecapital.com/.
Contact: Calvin Ruan
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/bascom-san-francisco-acquires-a-368-unit-multifamily-property-in-sacramento-300238512.html
SOURCE The Bascom San Francisco, LLC