Bascom Group, Carlyle Realty JV Buys MF Asset in Emeryville
- Mar 27, 2015
A joint venture of the Bascom Group and affiliates of Carlyle Realty Partners recently paid $45.1 million for Bridgecourt Apartments, a 220-unit Class A residential community in Emeryville. Colliers International’s Stephen Jackson and Mark Feldman arranged the deal, for which CBRE Capital Markets secured a $40.6 million acquisition loan from California Bank & Trust.
The new ownership is counting on the appeal of both Emeryville and the apartment community itself to a younger demographic. Located at 1325 40th Street, Bridgecourt offers a variety of retail options, competitive rental prices and convenient access to Bay Area destinations via public transportation.
The employment centers of San Francisco, San Jose, Oakland and Berkeley are nearby, making the community attractive to young professionals. Of note, Pixar Animation Studios is headquartered in Emeryville itself.
Bascom and Carlyle are planning upgrades to the 17-year-old property, including new lighting and appliances, that are intended to add value, Lee Nguyen, senior vice president at Bascom, said in a statement.