Bascom Acquires Suburban Atlanta Apartment Complex
- Mar 06, 2008
In a market where rents are likely to increase as the employment base continues to grow, Orange County-based The Bascom Group L.L.C. acquired an upscale apartment community in the Atlanta suburb of Sandy Springs, Ga., for an undisclosed price. Bascom purchased the Hampton Hill apartment community located at 7889 Roswell Road in Atlanta. The sale closed on March 3. The acquisition for Bascom was overseen by Chad Sanderson, Nicholas Genesta, and Josh Needle. Debt financing was arranged by Robert LaChapelle, Matthew Forgione, Troy Tegeler, and Brian Eisendrath from CBRE Melody. Worthing Southeast Corp. will be providing property management services. The 236-unit property (pictured) is located on a 19.7-acre site. It was built in two phases during 1985 and 1986 with almost 243,000 rentable square feet. Common area amenities include a swimming pool, tennis court, health and fitness center and clubroom. “We liked the price per unit on the deal and the strong submarket that it is in,” Chad Sanderson, senior vice president of business development for The Bascom Group, told CPN today. “The Sandy Springs submarket has fantastic demographics and relatively high household incomes.” It is also located next to one of Metro Atlanta’s largest office submarkets, the 27 million square foot Central Perimeter market. This market is home to more than 115,000 employees and 4,000 companies, Sanderson said. “Being in the 400 corridor, you have linkages to the entire city,” he added. “We felt the location was very strong.”Bascom plans to complete a modest renovation of the property that will include improvements and upgrades to the fitness center and other public amenities. Interior improvements will include upgraded carpeting, flooring, upgraded fixtures, and new paint when units turn. Bascom is a private equity firm based in Orange County. Bascom’s apartment program is active in value-added properties and repositionings. Since its founding in 1996, the firm has completed value-added transactions totaling over $5.5 billion including more than $750 million in 2007.