ORLANDO, FL – The Bascom Group has bought a 320-unit apartment community within the Orlando MSA in Florida. The property, Enclave at Lake Ellenor, was bought for $68,500,000 or $214,06 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 bought by Bascom in partnership with East Hill Capital and Leste Group. Starwood Property Trust 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.
Bascom’s Senior Vice President & Principal, Jim Singleton, stated, “Enclave at Lake Ellenor was a unique opportunity to buy a centrally located, ultra-low-density property with significant unrealized renovation potential in the rapidly growing Orlando market. Enclave is perfectly positioned within reach of business hubs, world-class attractions, and educational centers. Orlando benefits from a diverse and well-educated workforce, business-friendly government, and competitive tax climate, making the city an ideal location for businesses.”
Leste Real Estate US Managing Director Josh Patinkin, who led the investment in the 97.8 percent leased property for Leste Group, said, “We’re pleased to support the strategic renovation of this apartment property in Orlando’s quick-growing suburban market with our joint venture partners. This acquisition reflects Leste’s ability to identify multifamily workforce housing where our equity capital can be deployed to upgrade property contributing both to improved quality of life for residents of residential housing communities in the nation’s Sunbelt, and the generation of long-term value creation opportunities for our investors.”
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 presenting a significant discount to the price point of new construction. Aside from unit renovations, Bascom will enhance property exteriors and implement amenity additions, while improving operational efficiencies and strengthening their presence in the Florida market. Orlando’s affordable, low-density housing, pro-business environment, no state taxes, and tourist rebound since the pandemic have established the MSA as one of the most resilient apartment markets in the country.
Bascom’s Senior Vice President of Operations, Tony Ferrell, added, “Enclave at Lake Ellenor is extremely well-positioned for the team to implement institutional management and do a strategic renovation plot. Bascom will renovate unit interiors with new appliances, countertops, backsplash, cabinetry work, as well as plumbing and light fixtures. In addition, Bascom will modernize the clubhouse, fitness center, and pool areas. As the Orlando economy continues to rebound from the effects of the pandemic, in-migration trends are projected to persist, making this a fantastic opportunity for us.”

Powered by WPeMatico

SAN MARCOS, TX – Los Angeles-based Orion Real Estate Partners announced that it has bought The Timbers, a garden-style apartment community in San Marcos, Texas. Orion bought the 155-unit apartment community from The Jacobson Company who owned it since 2016 and plans to invest approximately $1.7mm in interior and exterior improvements.
The Property sits on a nine-acre, irreplaceable hilltop site overlooking downtown San Marcos and Texas State University (TXST), home to 38,000 students. San Marcos is well positioned as an increasingly attractive and affordable alternative to Austin, home to over 2.1 million people with notable employers such as Apple, Facebook, Oracle, Google, Dell, and Tesla. The Timbers is located just 30 minutes away from downtown Austin.
This is Orion’s sixth acquisition in the central Texas corridor, spanning from Austin to San Antonio, and the firm is focused on expanding its portfolio in the area. Orion has a favorable long-term outlook on central Texas and expects that the corridor will continue to outperform the nation in both job and population growth.
CBRE Multifamily Capital provided an acquisition loan through East West Bank, and Orion engaged Peak Campus, a national leader in student-housing, to provide property management services.

Powered by WPeMatico

LELAND, NC – Leading commercial real estate firms Goodegg Investments and Mesos Capital announced the joint acquisition of Waterleaf at Leland, a 248-unit class-A apartment community located in Leland, North Carolina. The teams are led by Julie Lam and Annie Dickerson at Goodegg Investments, and Pancham Gupta and Rajan Gupta at Mesos Capital.
“We are proud to add Waterleaf at Leland to our growing portfolio in the Carolinas. We continue to see strong performance across our assets in both North Carolina and South Carolina, including in Leland and the greater Wilmington MSA – performance driven by strong population growth, job growth, job diversity, and superior quality of life,” commented the investment leads.
“With the incredibly strong growth we’re seeing in Leland and Wilmington as a whole,” they continued, “we are confident we can optimize this asset and provide quality living for the residents, all while Leland continues to grow and thrive.”
Waterleaf at Leland is a newly built class-A 248-unit institutional-quality apartment complex delivered in April 2021. The property is located within the master-plotted Westgate community in Leland – the fastest growing city in North Carolina and one of the strongest submarkets of the Wilmington MSA.
Waterleaf at Leland features a range of top-of-the-line amenities, including an expansive resort-style saltwater pool with outdoor fireplace, clubhouse with coffee bar, state-of-the-art 24-hour fitness center with yoga and spin room, pickleball court, business center, car wash, dog park, community bike and kayak barn, private garages available, and valet trash.
Interior unit amenities include luxurious open-concept gourmet kitchens, granite countertops, tile backsplashes, 9-foot ceilings, custom hardwood cabinets, modern lighting, stainless steel appliances, wood-vinyl plank flooring, and private porches.
This is the 11th asset across multiple markets in both North Carolina and South Carolina to be added to the collective portfolio for Goodegg Investments and Mesos Capital. Together, this team owns and operates over 8,000 multifamily units worth over $900M across Texas and the Southeast and is uniquely positioned to lead the optimization and growth of this property.

Powered by WPeMatico