Spirit Bascom Ventures Acquires a 838-Unit Multifamily Portfolio in Nashville

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Feb 11, 2016, 08:30 ET

STAMFORD, Conn., Feb. 11, 2016 /PRNewswire/ -- Spirit Bascom Ventures, an affiliate of Irvine, California based The Bascom Group ("Bascom"), together with funds managed by Oaktree Capital Management, L.P. ("Oaktree"), closed on a purchase of two multifamily assets totaling 838 units in Nashville, Tennessee. This was the second transaction in three months for the $400 million venture ("Venture II"). The portfolio includes Bellevue West, a 560-unit community located at 100 Ridgelake Parkway, in Nashville and Highlands at the Lake, a 278 unit community located at 100 Arbor Lake Boulevard in Hermitage, Tennessee. The sale closed on February 2, 2016. Vincent Lefler of JLL represented the seller on the transaction. The debt financing was sourced by Brian Eisendrath and Annie Rice of CBRE Capital Markets. San Francisco-based ACORE Capital, a commercial real estate finance company focused on originating, acquiring and managing commercial real estate loans and other debt investments, provided financing to acquire the portfolio.

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Both properties were built in 1986 and have very little deferred maintenance which will allow for a highly accretive value add strategy to move upmarket with a high end interior unit renovation program. The upgraded interior unit spec will rival new luxury product that incorporates the use of vinyl wood flooring, and modern kitchens and bathrooms featuring a name brand stainless steel appliance package and contemporary cabinet lighting and plumbing fixtures.

Bellevue West, located in the highly desirable Bellevue submarket, is less than 15 minutes from both downtown Nashville/West End and the established suburban employment center of Brentwood. The local topography creates naturally high barriers to entry that has limited new supply. The asset is a low density site with a best-in-class amenity package featuring a resort sized clubhouse, fitness center and pool deck situated amongst lakes and rolling hills.

Highlands at the Lake is located in the fast growing Hermitage submarket that benefits from its direct access to downtown Nashville and the airport corridor job center along Interstate 40. The property offers direct waterfront access to popular recreation activities at Percy Priest Lake.

David Nachman, a principal of Spirit Bascom Ventures, explains, "We are excited to be participating in the dynamic growth of the Nashville market with these two assets poised for transformative repositionings." Scott Zwilling of Spirit Bascom Ventures, adds, "As new development pushes pricing higher we continue to see attractive opportunities to redevelop Class B properties our markets."

About Spirit Bascom Ventures: Spirit Bascom Ventures, a joint venture between Spirit Investment Partners and The Bascom Group, LLC was formed to acquire distressed and value added 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, with a regional portfolio consisting of 3,000 multifamily units concentrated in the Northeast, Southeast Midwest. 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 over $8.6 billion in multi-family and commercial value-added transactions since 1996 including more than 250 multifamily properties containing over 63,000 units. Bascom currently ranks among the top 50 multifamily owners in the US. 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, 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.

About Oaktree: Oaktree is a leader among global investment managers specializing in alternative investments, with $97 billion in assets under management as of December 31, 2015. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Headquartered in Los Angeles, the firm has over 900 employees and offices in 17 cities worldwide. For additional information, please visit Oaktree's website at http://www.oaktreecapital.com/.

About ACORE Capital: ACORE Capital, LP is a commercial real estate finance company focused on originating, acquiring and managing first mortgages, B-notes, mezzanine and preferred equity throughout the United States and Canada. ACORE, which is an acronym for Alpha Commercial Real Estate, specializes in providing borrowers with customized financing solutions at competitive rates and flexible terms. For investors, ACORE is focused on generating alpha through attractive commercial real estate debt investments coupled with superior risk management. ACORE currently has $1.6 billion in committed capital. ACORE is led by commercial real estate finance veterans Boyd Fellows, Stew Ward, Chris Tokarski and Warren de Haan. For more information, please visit www.acorecapital.com.

Contact: David Nachman
Tel: 212.331.8353
Email

SOURCE The Bascom Group