IRVINE, CA – The Bascom Group, has bought Tempo at Riverpark Apartments, a 235-unit infill apartment community located in the vibrant Riverpark community in Oxnard, California. The $75.25 Million acquisition ($320,213/unit) closed on March 13, 2018. Brian Eisendrath, Annie Rice, and Brandon Smith of CBRE arranged the debt financing for the buy.

Built in 2016, Tempo is in the heart of the 704-acre master-plotted Riverpark community and is within walking distance of numerous parks and jogging trails, newly built schools, and premium shopping and dining at The Collection. The Collection includes tenants such as Whole Foods, Target, REI, H&M, Century Cinemas, along with many other shops and eateries.

The property’s access to employers along the 101 Tech corridor, as well as the Port of Hueneme and Naval base at Point Magu, makes Tempo an attractive location and home for Oxnard residents. In addition, Ventura County has a very affluent demographic with the highest median income in Southern California at $79,637 per household and median home prices well above $600 thousand.

Scott McClave, Senior Principal of Bascom, comments “Tempo was a rare opportunity to buy a core asset in a very desirable coastal market in Ventura County at a discount to today’s replacement cost. The quality of the asset, proximity to employment, and market fundamentals were extremely attractive to us.” 

James Singleton, Vice President of Bascom, also added “We are excited about investing in the Oxnard multifamily market. The high barriers to multifamily development have made a limited apartment supply in a high-demand housing market that is experiencing strong growth.”

Since 1998, Bascom and its affiliates have bought 313 multifamily properties throughout the United States, totaling 82,557 units and currently holds 18,8860 units in its portfolio. Over the past twelve months Bascom has completed over $1.0 billion in multifamily transactions throughout the United States.

Paul Diamond, Senior Vice President of Operations for Bascom, comments “The community was built by a very reputable national developer and is well designed and built.   We plot to implement some property upgrades that will make Tempo a top choice among multifamily product in the immediate area.  The proximity to the Collection and Whole Foods makes this community a highly desirable location for renters.”

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DANIA BEACH, FL – American Landmark, one of the fastest-growing multifamily owner-operators in the country, has bought Sheridan Lake Club, a 240-unit multifamily community located in Dania Beach, Florida. The asset will be renamed Beach Walk at Sheridan, and will include approximately $4.2 million in property improvements.

American Landmark, and its debt and equity partner Electra America, are decisively acquiring value-add properties in brilliant locations across the Southeast. The firm, which already bought two properties this year, expects to complete $1.5 billion in multifamily acquisitions in 2018.This is their first acquisition in the Fort Lauderdale metropolitan area.

American Landmark plans to renovate unit interiors with contemporary amenities, featuring granite counters, wood-plank flooring, enhanced cabinets and plumbing fixtures, and washer/dryer. The company will also provide enhancements to community amenities that include a full expansion of the clubhouse and fitness center, dog park, meticulously detailed landscaping, and package lockers.

“The Fort Lauderdale MSA has many attractive key components for multifamily investment – namely, job and wage growth, population growth, gentrification of the downtown area and surrounding suburbs, lack of inventory, and affordability when compared to neighboring Miami,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “There are also considerable barriers to entry such as land and development costs, so Beach Walk at Sheridan is a rare opportunity to own an institutional-quality apartment community providing much-needed workforce housing to the area and it has a superior location very close to the beaches and waterways of Fort Lauderdale. Capitalizing on that supreme location is a right real estate play.”

Built in 2002, Sheridan Lake Club is located at 311 East Sheridan Street. One- and two-bedroom units include walk-in closets, lake views, private balconies, Wi-Fi, storage units, elevated ceilings, dishwasher, and range. Community amenities include a fitness center, grilling area resort-style pool, and courier service. The property is situated near vital transit routes, including Sheridan Street less than a minute away, A1A less than five minutes away, and Interstate 95 about five minutes away. Nearby employers include Fort Lauderdale-Hollywood International Airport just 20 minutes away and Joe DiMaggio Children’s Hospital less than 15 minutes away.

American Landmark is a national multifamily owner-operator specializing in multifamily acquisition, repositioning and property management.  It owns and operates properties in Georgia, Florida, North Carolina, and Texas. 

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BRADENTON, FL – Holliday Fenoglio Fowler announced the $110.5 million sale of and $76 million acquisition financing for Carlton Arms of Bradenton, a 900-unit, garden-style apartment community in Bradenton, Florida.

The HFF team marketed the property on behalf of the seller, a joint venture between The Mahaffey Apartment Company and Brighthouse Life Insurance Company. MetLife Investment Management advised Brighthouse on this investment. FLF Holdings bought the offering free and clear of existing debt. Additionally, HFF worked on behalf of the new owner to secure the 10-year, fixed-rate loan through Freddie Mac’s CME Program. The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.

Built in 1980, Carlton Arms of Bradenton has been owned and managed by The Mahaffey Apartment Company for 38 years. The property is located on a peninsula overlooking the Braden and Manatee Rivers at 5200 Riverfront Drive, and is one of the only waterfront multi-housing rental communities in the Sarasota/Bradenton MSA.

The property comprises a variety of efficiency, studio, one-, two- and three-bedroom floor plans averaging 880 square feet with a majority of the units featuring water views and large outdoor patios or balconies. Carlton Arms also features 12,519 square feet of 100-percent-leased retail space. Community amenities include two waterfront pools, two lighted tennis courts, two basketball courts, two clubhouses, a fitness room, on-site dog park, four guest suites for visitors, covered parking and five boat docks containing 50 boat slips. The residential units are 99.7 percent occupied.

The HFF investment advisory team included senior managing director Matt Mitchell and director Zach Nolan.

HFF’s debt placement team consisted of managing director Elliott Throne.

“The borrower benefitted from a very aggressive Freddie Mac financing structure within the Green Up program that will allow them to effectively do their renovation strategy on an asset that provides a truly unique waterfront lifestyle to its residents,” Throne said.

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