The Bascom Group Continues Brisk 2024 Acquisition Pace, Acquires 96-Unit Apartment Community In Santa Fe, New Mexico
IRVINE, Calif., March 11, 2024 /PRNewswire/ -- The Bascom Group, LLC ("Bascom") has acquired San Miguel Court Apartments (the "Property"), a 1974 built, 96-unit garden-style multifamily property located at 2029 Calle Lorca in Santa Fe, New Mexico. Ryan Greer and CJ Connelly of CBRE arranged the debt financing for the acquisition with LaSalle Debt Investors ("LaSalle") as the lender. Apartment Management Consultants ("AMC") will provide property management, and SD-CAP will provide construction management services.
With the unprecedented interest rate increases over the past year and subsequent decline in apartment values, San Miguel Court continues the brisk acquisition pace for Bascom in 2024, marking the firm's third acquisition this year. The purchase of San Miguel Court comes on the heels of recent Bascom acquisitions including, The Overlook, a 344-unit garden style multifamily property located in Albuquerque, New Mexico, and Texan26, a 204-bed student housing community in Austin, Texas.
San Miguel Court features a diverse unit mix, including one-, two- and three-bedroom units with in-home washers and dryers, hardwood-style flooring, stainless steel appliances, and large walk-in closets. The low-density property sits in a desirable infill location, offering residents access to a vibrant neighborhood, with proximity to major employment hubs, entertainment, shopping, dining, and recreational facilities.
Tom Gilfillan, Bascom's Vice President of Acquisitions, expressed enthusiasm about the addition of San Miguel Court to Bascom's portfolio: "We are thrilled to acquire San Miguel Court, an exceptional asset boasting highly efficient floorplans and ample greenspace within a desirable Santa Fe location. The property is conveniently situated near various key amenities such as shopping centers, highly acclaimed restaurants, and major employers. We are encouraged by the ongoing growth in Santa Fe, propelled by robust job expansion and a favorable economic environment, and we are enthusiastic about delivering high-quality living experiences to residents and contributing to the sustained development of the community."
Santa Fe's expanding economy, along with an appealing climate and exceptional quality of life, has fueled recent growth in both the population and labor force. In 2023, Santa Fe saw a significant surge, marked by a 3.9% increase in the labor force and the addition of 2,300 new jobs. Key contributors to Santa Fe's employment growth include the Los Alamos National Laboratory (LANL), a growing hub for scientific innovation and a major catalyst for economic expansion in New Mexico, the fast-emerging Film and Entertainment Industry, marked by new studio developments in Santa Fe's Midtown District, and the Christus St. Vincent Regional Medical Center, which recently broke ground on a 72,000 square-foot Cancer Center expansion, expected to open late 2024.
Santa Fe is widely considered one of the country's great havens for arts and culture, due to its numerous galleries, museums, and installations. Santa Fe is the capital of the state of New Mexico and the fourth-most populous city in the state. Tourism is another major element of the Santa Fe economy, with visitors attracted year-round by renowned five-star resort facilities and numerous outdoor activities.
Paul Zakhary, Bascom's Senior Vice President of Portfolio Operations, outlined Bascom's plans to enhance San Miguel Court, aiming to make it a top choice for multifamily living in the area: "Bascom plans significant community amenity improvements including a new fitness center, resident clubhouse, leasing office, dog park, and a large central park with covered BBQ stations, bench seating, outdoor games, and tot-lot. Complimenting the significant community amenity enhancements, Bascom is planning additional upgrades including exterior paint, aesthetic site lighting, landscaping, and unit interior renovations."
San Miguel Court stands out due to its advantageous infill location, offering easy access to highways, shopping centers, and major employment centers. Within a convenient 10-minute drive, residents can reach the historic Santa Fe Plaza, the developing Midtown District, and key employers such as Christus St. Vincent Hospital, the New Mexico State Capitol, and the Santa Fe office of the Los Alamos National Laboratory.
About Bascom: Bascom 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 Derek Chen, Jerry Fink, and David Kim, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Since 1996, Bascom has completed over $22.0 billion in multifamily value-added transactions encompassing 358 multifamily properties and over 105,000 units. Bascom's commercial transaction volume is $5.8 billion in total and amounts to over 23.4 million square feet. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom's subsidiaries and joint ventures include the Bascom Value Added Apartment Investors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Partners Ventures, and Realm Group. Bascom's subsidiaries also include Premier Workspaces, one of the largest privately held executive suite, coworking and shared workspace companies in the U.S. For additional information, please visit www.bascomgroup.com.
Contact: Tom Gilfillan
Tel: 949-955-0888 ext.124
Email: 374212@email4pr.com
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SOURCE The Bascom Group
