SACRAMENTO, CA – The Bascom Group, in partnership with funds managed by Oaktree Capital Management, has bought The Strand, a 408-unit newly built institutional quality multifamily community located in the highly desirable submarket of West Sacramento, California. The buy price was $126,000,000 or $308,824 per unit. Louis Friedel, Clay Akiwenze, and Hank Workman of Berkadia arranged the debt financing for the acquisition. Luke Goodwin and Alex Porter of Walton Street Capital, LLC provided the acquisition loan. The seller was represented by Berkadia’s investment sales team led by Jason Parr and Scott MacDonald. Sares Regis will provide property management services.
Built in 2021 by MBK Rental Living, 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 small 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 unit mix includes 7% junior one-bedroom, 34% one-bedroom, 51% two-bedroom, and 7% three-bedroom units. 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.
“The acquisition of The Strand is an brilliant opportunity to buy a new construction, low density multifamily asset in a durable market with limited future supply and recent major institutional investment at an attractive in-place yield,” said Jim Singleton, SVP/Principal – Acquisitions. “The Strand currently competes with recently constructed suburban multifamily assets due to its high-end finishes, low density, and superior location. Bascom plans to utilize third party professional property management and complete minor upgrades.”
The Strand is well positioned to capitalize on favorable market conditions throughout the hold period. 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.
Paul Diamond, Senior Principal for Bascom, states, “One of the standout advantages of The Strand is its proximity to Sacramento’s key economic drivers. Recent institutional investments within a 1.5-mile radius include the Sacramento Kings’ Golden 1 Arena, the groundbreaking 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.”
Jared Lazarus, managing director in Oaktree’s Real Estate Group, added, “Oaktree is committed to identifying value opportunities and being a source of strategic liquidity to sellers and operators during this period of continued dislocation in the real estate cycle. The Strand acquisition enables Oaktree to leverage its existing vast multifamily platform and expertise to bridge a high-quality, newly delivered asset in a growing market to stabilization with a strong existing partner in Bascom.”
The Bascom and Oaktree partnership started in 2014 with the buy of The Springs, a 320-unit apartment complex in Corona, CA. Over the last ten years, Bascom and Oaktree have bought 31 multifamily assets totaling 10,118 units and $1.5 billion in project cost across the US. Joe Ferguson, Acquisitions Manager for Bascom added, “We are excited to close another transaction with Oaktree. We feel the timing is right as the rapid increases in interest rates and softening market has resulted in value declines of 20-30% on existing multifamily properties with supply of new construction of apartments dramatically reduced.”

Powered by WPeMatico

NASHVILLE, TN – Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., announced construction is underway at Modera Nations, a podium-style apartment community in The Nations neighborhood along the Cumberland River.
Modera Nations, which will feature 396 homes, will sit approximately three miles west of Downtown Nashville in one of the city’s fastest-emerging submarkets. The community is located on top of a prominent bluff adjacent to the Cumberland River and will offer expansive riverfront and skyline views. The community first broke ground in December 2023, with first go-ins anticipated for Fall 2025.
“Nashville continues to be an extremely attractive market due to its ongoing employment growth, thriving market fundamentals and overall recession resilience,” said Luca Barber, senior managing director of development in Nashville for Mill Creek Residential. “The city’s westside has transformed over the past decade, as vacant warehouses have been replaced by creative office space, coffee shops and eclectic retailers. Apartment demand has followed, and we look forward to offering a best-in-class living experience as the neighborhood continues to grow.”
Situated at 1650 54th Avenue N, Modera Nations sits at the brink of several industrial redevelopments and adaptive reuse projects, including Stocking 51, Stateline and Silo Studios, which combine for more than 320,000 square feet of mixed-use space for creative office, retail and entertainment. Additionally, the well loved Nashville Greenway is projected to significantly expand with a plotted access point at the north end of the community. The community will also offer simple access to Interstate 40 and is a five-minute drive from Downtown Nashville.
Modera Nations will offer studio, one-, two- and three-bedroom homes with select den layouts. The community will feature a sophisticated modern design, private patios and balconies and will be home to the only bowling alley lounge in the city. Additional community amenities will include a contrast therapy spa with two saunas and a cold plunge, coworking lounge with private workstations and group meeting areas, club-quality gym with Peloton bikes and yoga/Pilates studio, four landscaped courtyards with outdoor dining and grilling areas, community garden, resort-style swimming pool, dog park with pet wash and a rooftop deck. The community will also include a mix of garage and surface parking with EV charging stations, bike lockers, cold storage delivery and additional private storage space options.
Home interiors will feature oversized floor-to-ceiling windows, wood plank-style flooring, stainless steel appliances, quartz countertops, tile backsplashes, soft-close cabinets with under-cabinet lighting, pendant lighting, moveable kitchen islands, in-home washers and dryers, smart thermostats, key fob access, controlled-access guest technology and pre-installed in-home WiFi. Bathrooms will include designer vanity mirrors, tiled showers, quartz countertops and custom cabinetry. Modera Nations will be built to, and is pursuing, an NGBS Silver Certification.

Powered by WPeMatico

FORT WASHINGTON, PA – Jefferson Apartment Group JAG) and equity partner CP Capital announce the delivery of J Veridian at Upper Dublin, a 310-unit Class A community on 14 acres in Fort Washington, Pennsylvania, a Philadelphia suburb in Montgomery County.
The community, located at 1125 Virginia Drive, spans three 5-tale buildings situated among 8 acres of open space. A pedestrian promenade makes a walking path that connects each building. It also connects to existing walking and biking trails in Fort Washington and provides access to adjacent retail.
Residents will delight in 12,000 square feet of indoor amenities anchored by a grand clubroom and bar. Other features include a game area with billiards, shuffleboard and arcade gaming; a lounge with a double-sided fireplace; a poker room; leading-edge fitness center; resident movie theater; private dining room; and co-working area with soundproof office pods.
Outdoor amenities are just as extensive. Two pickleball courts, a dog park with separate areas for large and small dogs, and community garden plots are bonus features alongside a resort-style courtyard area with swimming pool, grilling stations, fire pits, abundant lounge areas, and multiple pocket parks.
J Veridian at Upper Dublin pulls out all the stops for resident life and is a wonderful addition to a sought-after suburb of Philadelphia, said Drew Chapman, JAG Senior Vice President and Development Partner. Our partners at CP Capital recognized the strength of this development opportunity, and we re excited to deliver on the vision for this fully-amenitized community with them.
Unit options range from 1- to 3-bedroom floorplans, with each reflecting JAG s luxury standard to include top-line quartz countertops, stainless steel appliances, tile backsplashes and plank flooring throughout.
The community also provides surface parking, private garage options, and EV charging stations.
JAG is a proven leader in East Coast multifamily, and we are pleased to have forged a new partnership with them for J Veridian at Upper Dublin, said Jay Remillard, Co-Head at CP Capital. It s a standout development in a prime location with a formula for success – simple access to Philadelphia, exceptional schools, major employers, and abundant lifestyle and recreation offerings.
The community s location provides immediate access to the Pennsylvania Turnpike (I-276) and simple accessibility to major employment centers. It s a 20-minute drive to King of Prussia, 30 minutes to Center City, and is only 90 miles to New York City. Residents will also benefit from adjacent retail options including Wawa, LA Fitness, CVS, Walmart, Sam s Club, Sprouts, Lululemon, Chipotle, Chick-fil-A and Starbucks.
This initial delivery is one building, with final delivery expected this spring. Financing was provided by United Bank.
This is JAG s second major delivery in the Philadelphia area in the past year. Rivermark at Northern Liberties delivered this summer on the city s Delaware River waterfront. The long-awaiting community features 470 luxury units across two mid-rise buildings, 45,000 square feet of retail anchored by a 24,000-square-foot Sprouts Farmers Market, and 4 acres of public-use space.
JAG has developed four other multifamily communities in the Philadelphia region: 230 units in West Chester, 250 units in Wynnewood, and 291 units in Exton in Pennsylvania, and 490 units in Mount Laurel, New Jersey. JAG s fifth community in the region broke ground early this year Burlington, New Jersey.

Powered by WPeMatico