Congratulations to Paul Diamond, Joe Ferguson, James Singleton and the team at The Bascom Group on the acquisition of the Strand in Sacramento!
The Bascom Group, LLC, in partnership with funds managed by Oaktree Capital Management, L.P.,?has acquired The Strand, a 408-unit newly built institutional quality multifamily community located in the highly desirable submarket of West Sacramento, California. The purchase price was $126,000,000 or $308,824 per unit. Louis Friedel, Clay Akiwenzie, and Hank Workman of Berkadia arranged the #debt financing for the acquisition. Luke Goodwin and Alex Porter of Walton Street Capital provided the #acquisition loan.?The seller was represented by Berkadia’s investment sales team led by Jason Parr and Scott MacDonald.?Sares Regis Group will provide property management services. Built in 2021 by MBK Real Estate Companies, The Strand is a recently built garden-style community with exceptional connectivity to #Sacramento’s major economic drivers. The property is ideally situated within The Rivers community, a prestigious pocket of West Sacramento with $1m+ homes, river adjacent walking trails, and nearby retail. The Strand residents benefit from a unique combination of suburban living and a short 10-minute commute to the #downtown urban core. The Strand’s 408 units are complemented by ample surface parking which is extremely rare given the communities proximity to the urban core. The #property’s most notable amenity offerings include two pools and spas, indoor and outdoor fitness centers, a clubhouse, a dog park, and EV charging stations. One of the standout advantages of The Strand is its proximity to Sacramento's key economic drivers. Recent institutional #investment within a 1.5-mile radius include the Sacramento Kings’ Golden 1 Arena, the brand new CalSTRS building, the Sacramento Railyards, Sutter Health Park, and the I Street Bridge replacement project. The Sacramento market continues to demonstrate attractive #multifamily fundamentals, and we are excited to strengthen our footprint in one of California’s most economically robust regions. The Strand is well positioned to capitalize on favorable market conditions. New multifamily deliveries in the Sacramento market are projected to significantly decrease and population growth is projected to remain steady. With a durable #employment base and relative affordability, the Sacramento MSA attracts companies and individuals seeking a recession resistant environment. In addition to such attractive market conditions, recent and future institutional #investment in the area suggests the area is poised for future growth. The Bascom and Oaktree partnership began in 2014 with the purchase of The Springs, a 320-unit #apartment community in Corona, CA.?Over the last ten years, the partnership has acquired 31 multifamily #properties totaling 10,118 units and $1.5 billion in project cost across the US. #propertydevelopment?#realestate?#cre?#commercialrealestate?#investmentproperty?#multifamilyinvesting?#realestateinvesting?#realestateinvestor?#propertymanagement?#cashflow?#multifamilyrealestate?#investmentproperty