IRVINE, Calif., July 2, 2013 /PRNewswire/ – The Bascom Group, LLC has acquired Campbell Plaza Apartments, a 121-unit garden style community located at 710 Nido Drive, Campbell, California for $27,600,000 or $228,099 per unit. Bascom worked with Brian Eisendrath of CBRE to arrange the financing for the purchase. California Bank and Trust provided the debt financing for the acquisition.
Built in 1972, the property consists of eight two-story buildings sprawling across nearly four acres in infill Silicon Valley. The unit mix is comprised of 46% one-bedroom, 50% two-bedroom and 4% three-bedroom units with fully equipped kitchens, balconies or patios, as well as abundant storage space. The property is ideally located in an urban infill setting in Silicon Valley – minutes away from the technology capital of the world, offering renters with excellent proximity to major employers, transportation corridors, shopping, dining, and entertainment.
Chad Sanderson, Principal for Bascom, comments, “Campbell Plaza represents a great opportunity for Bascom to own in a strong location, near to one of the best job centers in the country. During our ownership period, we are going to focus on enhancing the property’s offering to tenants by upgrading the unit interiors and amenities.”
Jerome Fink, Managing Partner of Bascom, adds, “Campbell Plaza is the seventeenth multifamily acquisition that we have completed in the past twelve months. This property plays strongly into our core business model which is to identify well located properties with value-add upside.”
About The Bascom Group, LLC: The Bascom Group, LLC (http://www.bascomgroup.com) 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 has completed over $8.0 billion in multi-family and commercial value-added transactions since 1996 including more than 220 multifamily properties and 60,000 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 Investors, 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.
If you would like to schedule an interview with one of the partners, please call Chad Sanderson (949-955-0888 ext 23) or e-mail at [email protected]
Contact: Chad Sanderson
Tel: 949-955-0888 ext 23