Author Archives: ipgocorp

Senators Scott, Chairman Shelby call for Secretary of Housing and Urban Development to address substandard housing conditions

Posted on by

(RECAP: Senator Scott (R-SC), Chairman of the Banking Committee Subcommittee on Housing, Transportation and Community Development, and Chairman Shelby (R-AL), Chairman of the Committee on Banking, Housing and Urban Affairs, are demanding Housing Secretary Castro provide answers for the appalling conditions that persist at some of our nation’s federally funded public housing properties. Following a hearing called by Scott last month, it was learned that despite having tens of millions in leftover funding, HUD has allowed the number of inspectors to decline by half, waived requirements for re-inspections of properties that initially failed inspections, and there have been federal violations regarding annual inspections of underperforming properties. Secretary Castro refused to appear, or have any HUD staff testify, at the hearing and has not commented on the troubles faced by his department.)

Powered by WPeMatico

Fed leaves rates unchanged as all eyes turn toward December

Posted on by

(RECAP: With financial markets anticipating a rate hike before the end of the year, the Federal Reserve on Wednesday held interest rates steady again, while continuing to acknowledge that the case for a go is getting stronger. In lieu of a rate hike, the group released a statement acknowledging economic improvements that aren’t yet enough to generate a policy tightening. Though the market anticipates a December hike, it believes the Fed will be on hold for further moves well into 2017.)

Powered by WPeMatico

Bascom/Oaktree Venture Acquires 196-Unit Luxury Apartment Community in Tucson, Arizona

Posted on by

TUCSON, AZ – The $250 million venture by The Bascom Group and funds managed by Oaktree Capital Management has bought Springs at Continental Ranch Apartments, a 196-unit luxury community located in Tucson, Arizona. 

ACORE Capital provided debt financing, which was arranged by Brian Eisendrath, Brandon Smith, and Annie Rice of CBRE.  Art Wadlund & Clint Wadlund of Berkadia represented the buyer and seller on this transaction. The onsite property management will be overseen by Arizona based Morrison, Ekre & Bart Management Services (MEB). 

Built in 1999, Springs at Continental Ranch consists of 19 two-tale buildings with two resort-style swimming pools and a relaxing spa.  Other amenities include a state-of-the-art 24-hour fitness center, controlled access gated entry, common area Wi-Fi, barbecue grills, theatre room, and private garages.  Springs at Continental Ranch is positioned in an brilliant northwest Tucson location, just west of Interstate 10.

Mark Brotherton, Portfolio Manager of Bascom affiliate Bascom Arizona Ventures, comments, “Springs at Continental Ranch provided us with an exceptional opportunity to buy another ‘A’ quality multifamily property in a highly desirable location, well below replacement cost, with significant upside with our value-add program.  Springs at Continental Ranch is our 15th acquisition since August 2012 in the state of Arizona, and our second in Northwest Tucson in the last 30 days. We are very excited about our newest acquisition and look forward to commencing our value-add program as soon as possible.”

Bill Wright, Asset Manager of Bascom affiliate Bascom Arizona Ventures, adds, “Bascom will recapitalize the property with exterior and interior renovations which will equip Springs at Continental Ranch with one of the best amenity packages in the submarket.  We look forward to making value for our new residents.” 

“As a smaller market, Tucson is sometimes overlooked, but the jobs-to-permits ratio is amongst the highest in the nation with more than three jobs made for every housing unit built.  We believe Tucson is poised for meaningful rent gains as a result of strong, high-quality job growth coupled with a limited new supply pipeline,” said Mark Jacobs, Managing Director at Oaktree.  

Powered by WPeMatico