Spirit Bascom Ventures Acquires 198-Unit Mixed Use Property in Washington D.C. Metro

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Feb 07, 2018, 08:30 ET

STAMFORD, Conn., Feb. 7, 2018 /PRNewswire/ -- Spirit Bascom Ventures, LLC, a joint venture between Stamford, Connecticut based Spirit Investment Partners, LLC and Irvine, California based The Bascom Group, LLC, has acquired Tribeca at Camp Springs, a 198-unit residential community plus 18,880 sf of ground floor commercial space that was built by Wood Partners in 2008. The community is located at 4701 Old Soper Road in the Washington D.C. Metro area of Camp Springs Maryland. The sale closed on January 30, 2018. CIT Group provided debt financing to acquire the property. The debt financing was sourced by Jamie Leachman of HFF. Walter Coker and Brian Crivella of HFF represented the seller on the transaction.

Scott Zwilling, a principal of Spirit Investment Partners, explains, "We are excited about acquiring a quality asset in the Washington D.C. market. We hope this is the first of many in the area." David Nachman, a principal of Spirit Investment Partners, also added, "With the migration of capital towards value added apartments, we have seen many more opportunities in the past year to acquire Class A assets such as the Tribeca at Camp Springs."

The 2008 built transit oriented property is situated inside the Beltway and directly adjacent to the Branch Avenue Metro station offering an easy commute to Washington D.C. and other local job centers.

The property features oversized residential units that include a full host of modern features and quality appointments such as 9'+ ceiling heights, large gourmet kitchens, crown moldings throughout, private balconies, large walk-in closets, and structured parking. The community offers an array of amenities including a large clubhouse with billiards room, a resort style pool with outdoor kitchen, a fitness center, dog park, and putting green. The commercial space is fully leased to a mixture of local amenity retailers providing services to the tenants and greater community.

About Spirit Bascom Ventures: Spirit Bascom Ventures, LLC a joint venture between Spirit Investment Partners, LLC and The Bascom Group, LLC was formed to acquire transitional multifamily assets in the Northeast, Southeast and Midwest markets. Spirit is a Stamford, CT based real estate investment company, owned and operated by principals David Nachman, Scott Zwilling and Ian Hafner. Spirit has completed over $500 million in multifamily transactions since 2012 and has a current portfolio of over 3,000 units located in 8 states. 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 United States. Bascom has completed multifamily transactions totaling over $13 Billion since its formation in 1996. Total transaction volume includes the acquisition of 311 communities, comprising 81,538 units, for an aggregate project cost of $7.7 Billion and the disposition of 227 communities, for an aggregate sales price above $5.9 Billion. Bascom currently owns and operates a portfolio of 78 multifamily communities, totaling 18,781 units, in thirteen states. Bascom has engaged or completed over $893 million in renovations across the 311 individual properties. In the aggregate, the actual completed renovation costs for the portfolio were slightly below the original planned budgets. Bascom's subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, Bascom Portfolio Advisors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, MHF RM Holdings, Bascom Northwest Ventures, Bascom Arizona Ventures, Milestone Ventures, and the Realm Group. Bascom's subsidiaries also include Premier Business Centers, the largest privately held executive suite company in the US. For additional information, please visit www.spiritinvestors.com and www.bascomgroup.com.