NEWPORT BEACH, Calif., July 5, 2016 /PRNewswire/ -- The Bascom Group, LLC of Irvine, California and Village Partners, Inc. of Newport Beach, California announced the formation of a joint venture called Village Partners Ventures, LLC. Village Partners Ventures will target transit-oriented and mixed-use multifamily development opportunities in Southern California with plans to invest $200 million over the next four years.
Village Partners Ventures will implement its vision utilizing a talented multi-disciplinary development team with a broad understanding of the target demographics and sub-market dynamics. Village Partners Ventures will capitalize on the region-wide shift towards expanding public transportation in Southern California, filling the current market gap in transportation-oriented multifamily development.
The new venture has under contract and is processing entitlements on a six acre transit oriented development site near the I-210 tech corridor in the San Gabriel Valley. The new venture is also negotiating to acquire a number of other sites including a smaller transit oriented development site in north Orange County.
"We are excited to be working with Bascom, whose entrepreneurial culture and successful track record of investing in value add multifamily makes them an ideal partner to help execute the business plan of acquiring, entitling, and developing multifamily sites in Southern California," said Don Henry, Principal of Village Partners, Inc. Michael Morris, Principal of Village Partners, Inc., added "We believe the timing is right as many urban infill markets have had limited, if any, new multifamily development resulting in vacancy rates at all-time lows and escalating rental rates due to strong demand."
About Village: Village Partners, Inc. is a real estate development company focused on developing distinctive urban in-fill, mixed-use projects, including multi-family residential, retail and complimentary office. The company was formed in 2003 by managers from a privately held international mixed-use real estate investment and management firm, The Related Companies and, prior to Related, Lincoln Property Company/Legacy Partners. The Principals, Don Henry and Michael Morris, met at Lincoln Property Company/Legacy Partners. Village Partners, Inc.'s principals have overseen development of approximately 3,000 urban multi-family residential units and 2 million square feet of commercial/retail space with a combined value of nearly $1 billion in development costs. For additional information, please visit www.villagepartners.com.
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: Don Henry
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SOURCE The Bascom Group, LLC