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Bascom Group Acquires 320-Unit Multifamily Property in Florida for USD 68.5m.

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MANews-(C)2009-2022

California-based private equity firm The Bascom Group, LLC has acquired a 320-unit apartment community within the Orlando MSA in Florida, the firm said.

The property, Enclave at Lake Ellenor, was acquired for USD 68.5m or USD 214,063 per unit through a partnership with East Hill Capital's Duff Bedrosian and Leste Group, a Miami based investment manager.

Enclave is the second property acquired by Bascom in partnership with East Hill Capital and Leste Group.

Starwood Property Trust (NYSE: STWD) provided the debt financing for the acquisition and was arranged by Charles Foschini, Christopher Apone, Shannon Wilson, and Scott Wadler of Berkadia.

SD Cap will provide renovation management and Cushman and Wakefield will provide the property management.

Enclave at Lake Ellenor is located in Orlando, an area experiencing substantial growth due to Florida's rapidly growing economy.

The property's proximity to major roads, such as Interstate 4 and the Florida Turnpike, allows convenient access to retail, entertainment, dining, and major employment centers throughout the Orlando metro.

Bascom plans to renovate the units while...

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