Bascom Closes Offering of Discretionary Fund - Targets $500 Million of Multifamily Acquisitions

IRVINE, Calif., Feb. 16, 2022 /PRNewswire/ -- The Bascom Group, LLC ("Bascom") has successfully closed the offering for its fifth fully discretionary multifamily real estate investment fund. The fund, Bascom Value Added Apartment Investors V, LLC ("Fund V"), raised equity commitments of $150 million. This equity, with leverage, provides up to $500 million of buying power for multifamily acquisitions in the U.S.

According to Bascom Principal, Chad Sanderson, "We had very strong interest in Fund V and were able to raise the $150 million maximum offering amount. Fund V included high net worth individuals, family offices, and institutions. The bulk of Fund V investors are from RIAs (Registered Investment Advisors) and are repeat investors from previous Bascom-sponsored funds." Sanderson continues, "Fund V is designed to acquire value add, distressed, and opportunistic multifamily properties between $10 million and $90 million."

To date, Fund V has acquired thirteen multifamily properties with a total cost of $460,000,000 and is targeting one to two additional acquisitions. "Our goal is to have Fund V fully invested this year," comments Jerry Fink, Managing Partner of Bascom. "Our discretionary Fund V structure allows us to not only be disciplined buyers, but to close quickly when we identify attractive investment opportunities. A number of the acquisitions were acquired off-market, avoiding the highly competitive bidding process."

"Fund V includes properties ranging from older workforce housing to newer, higher-quality multifamily communities. We plan to complete a renovation plan targeting unit interiors, building exteriors, and community amenities, in addition to implementing an institutional-quality management team," adds David Kim, Managing Partner of Bascom. "Even in this low cap rate environment, we see an opportunity to improve operating performance by leveraging our team's expertise in renovations and operating efficiencies."

"We are continually evaluating all our markets and targeting inefficiently priced properties for our Fund investments," explains Bascom's Acquisitions Manager Joe Ferguson. "The Fund has allowed us to spend more time finding the best relative risk-adjusted returns and maximizing property operations."

The Fund has acquired thirteen apartment communities to date including Dolce Villagio Townhomes, Tempe, Arizona; Arium Towne Lake, Cypress, Texas; Sierra Charles, Sierra Vista, Arizona; Spectra at Katie, Las Vegas, Nevada; Spectra East, Las Vegas, Nevada; Spectra at 4000, Las Vegas, Nevada; Suncrest Townhomes, Las Vegas, Nevada; 415 Premier, Evanston, Illinois; Echo Pointe, La Mesa, California; Renew at Decatur, Las Vegas, Nevada; Sierra Point, Sun Valley, Nevada; Sun Chase, Las Vegas, Nevada and; NMS Northridge and NMS Superior, Northridge, California.

About The Bascom Group, LLC: 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 Jerry Fink, David Kim, and Derek Chen, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Since 1996, Bascom has completed over $20.5 billion in multifamily value-added transactions encompassing 349 multifamily properties and over 90,000 units. 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.

For more information on Fund V, please call Chad Sanderson (949-955-0888 ext. 123) or email at [email protected]

SOURCE The Bascom Group