Leste Group, Bascom Group & East Hill Capital Partners Expand Partnership and Presence in Florida with 448-Unit Multifamily Acquisition

News provided by

May 02, 2022, 08:47 ET

IRVINE, Calif., May 2, 2022 /PRNewswire/ -- The Bascom Group, LLC ("Bascom"), in partnership with Leste Group and East Hill Capital Partners, has acquired their third deal together, a 448-unit garden style apartment community in Orlando, Florida. The Chatham Square acquisition brings the Partnership's total investment into Florida over the past year to over $330,000,000 and 1,200 units. Accounts managed by KKR provided the debt financing for the acquisition, and Dustin Stolly, Daniel Matz, and Daniel Morin of Newmark arranged the financing. The Newmark investment sales team of Scott Ramey, Brad Downing, Ryan Moody, and Paul Grant brokered the transaction. SD-Cap will provide renovation management and Cushman and Wakefield will provide the property management.

Bascom's Tony Ferrell, Senior Principal - Operations, stated, "Chatham Square provides an exceptional value-add opportunity in the rapidly expanding Orlando market. Originally built as Disney corporate housing within the Little Lake Bryan master plan, Chatham Square offers residents spacious floorplans and abundant greenspace, characteristics that are in high demand by renters."

Located in a premier in-fill location adjacent to Walt Disney World, Chatham Square's proximity to Interstate 4 allows for easy access to major employment, retail, dining, and entertainment centers throughout Orlando. The property is situated within a short commute of multiple key demand drivers in South Orlando, including Walt Disney World, Lockheed Martin, SeaWorld, Universal Resort, Orlando International Airport, and 13.1 million SF of office and flex space in the South Orlando Commercial Core. Orlando continues to be an attractive destination thanks to its business-friendly environment, no state-income tax, access to major transportation networks, and high quality of life.

Chatham Square features two- and three-story residential buildings and spacious one-, two-, three-, and four-bedroom floorplans. The property grounds provide residents a sprawling low-density feel with lush landscaping, bountiful public spaces, mature oak groves, and views of Little Lake Bryan. Chatham's abundant amenity set includes two clubhouse areas, resort style swimming pool, fitness center, tennis court, sand volleyball court, outdoor pool table, garages, and more.

"Chatham Square's irreplicable location and differentiated, low-density, product offering is what attracted us to this value-add multifamily investment opportunity. Located in Southwest Orlando, Chatham will benefit from being in one of the tightest housing markets in the country. We are glad to be expanding our trusted partnerships with Bascom and Leste through this transaction," said Duff Bedrosian, Managing Partner at East Hill Capital Partners.

About Leste Group: Founded in 2014, Leste Group is a global independent alternative investment manager guided by core values of respect, creativity, and teamwork. The firm offers investors a diverse range of strategies across real estate, credit, venture, liquid markets and other alternative asset classes. Leste Group's investment teams leverage institutional-grade processes, a nimble, entrepreneurial approach, capital markets expertise, and exclusive networks to source unique opportunities and drive consistent risk-adjusted returns.

To learn more information on Leste Group, please visit www.leste.com

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 $20.74 billion in multifamily value-added transactions encompassing 351 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 the 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.

About East Hill Capital Partners: East Hill Capital Partners ("East Hill") is a Miami-based investment manager that was established to target needs-based, demographic and event-driven investment strategies that more closely correlate to underlying supply and demand fundamentals than to the broader economy. East Hill's preferred asset classes include multifamily, student housing, senior housing, and storage. The East Hill team comes from diverse backgrounds and experiences investing on behalf of global private equity firms and multi-billion-dollar family offices across Core, Core-Plus, Value-Add, and Opportunistic investment strategies. East Hill Capital Partners currently has over $375 million of Assets Under Management.

For more information, please visit www.easthillcapitalpartners.com.

Contact: Jim Singleton and Tom Gilfillan
Tel: 949-955-0888 ext. 116 and 124
Email: [email protected]

SOURCE The Bascom Group