NEW YORK, Nov. 13, 2014 /PRNewswire/ -- Spirit Bascom Ventures, an affiliate of Irvine, California based The Bascom Group ("Bascom"), together with funds managed by Oaktree Capital Management, L.P. ("Oaktree"), has acquired The Laurels at Overlook Park ("Laurels"), a 232-unit apartment community located at 415 Morgan Falls Road in Sandy Springs, Georgia. The sale closed on October 28, 2014. Synovus Bank provided financing to acquire the property. The debt financing was sourced by Andrew Feinberg, David Harte, and Marc Schulder of Ackman-Ziff. Jones Lang Lasalle represented the seller on the transaction.
This is the fifth multifamily acquisition closed since June in a $250 million joint venture between Bascom and Oaktree (the "Venture"). The Venture has also acquired The Springs Apartments, a 320-unit garden style community in Corona, California, The Edge at Traverse Point, a 296-unit garden style community in Henderson, Nevada, The Reserve at Heritage Oaks a 444-unit community in Tallahassee, Florida, and Indigo Creek Apartments, a 408-unit community in Glendale, Arizona.
The 2000 built property is situated along the Chattahoochee River in the affluent city of Sandy Springs. Residents benefit from its easy connectivity to the Roswell Road/Perimeter Center employment corridor and close proximity to popular cultural destinations such as downtown Roswell, downtown Sandy Springs and Dunwoody Village.
The oversized units include a full host of modern features and appointments such as French doors to private balconies, attached garages, crown molding, walk-in closets, and kitchens with dishwashers and disposals. The luxury community is situated within a low density site with an array of amenities including a large clubhouse, a resort style pool with gardens, a fitness center, and trailhead leading to a hiking path through Overlook Park and the Chattahoochee River.
The Venture will commence a full value add improvement program to upgrade all of the unit interiors with stainless steel appliances, laminate hardwood floors, and contemporary urban finishes and fixtures. The program will also include a complete overhaul of the amenity package that will include creating a resort style pool experience and reconcepting the main club room and fitness center to better engage its residents through relevant and functional design. Post renovation, the property will be better positioned to compete directly with the new Class A product in the marketplace.
Ian Hafner, a principal of Bascom affiliate Spirit Bascom Ventures, explains, "We are excited to transform this well located asset that will enable it to compete more directly with the newer Class A communities." Scott Zwilling of Spirit Bascom Ventures, adds, "This marks the fourth recent Spirit Bascom Ventures acquisition. We continue to see many attractive value add opportunities along the East Coast and continue to build up our acquisition pipeline."
About Spirit Bascom Ventures: Spirit Bascom Ventures, a joint venture between Spirit Investment Partners and The Bascom Group, LLC, was formed to acquire distressed and value added multifamily assets in the Northeast, Southeast and Midwest markets. Spirit is a New York City based real estate investment company, owned and operated by principals David Nachman, Scott Zwilling and Ian Hafner, with holdings in the Northeast, Midwest, and Southeast. 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 $8.6 billion in multi-family and commercial value-added transactions since 1996 including more than 250 multifamily properties containing over 63,000 units. Bascom currently ranks 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, 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.spiritinvestors.com and www.bascomgroup.com.
About Oaktree: Oaktree is a leader among global investment managers specializing in alternative investments, with $93.2 billion in assets under management as of September 30, 2014. 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/.
SOURCE Spirit Bascom Ventures