REAL ESTATE INVESTMENT
Bascom Group | December 28, 2021
The Bascom Group, LLC ("Bascom") has acquired a 320-unit apartment community within the Orlando MSA in Florida. The property, Enclave at Lake Ellenor ("Enclave"), was acquired for $68,500,000 or $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 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 was a unique opportunity to acquire 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."
Bascom's Senior Vice President & Principal, Jim Singleton.
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.
Enclave at Lake Ellenor is extremely well-positioned for the team to implement institutional management and execute a strategic renovation plan. 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 great opportunity for us."
Bascom's Senior Vice President of Operations, Tony Ferrell.
Bascom is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Jerry Fink, David Kim, and Derek Chen, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Since 1996, Bascom has completed over $20.4 billion in multifamily value-added transactions encompassing 347 multifamily properties and over 89,600 units. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom's subsidiaries and joint ventures include the Bascom Value Added Apartment Investors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Partners Ventures, and the Realm Group.
About Leste Group
Founded in 2014, Leste Group is a global independent alternative investment manager guided by core values of respect, creativity, and teamwork. The firm offers investors a diverse range of strategies across real estate, credit, venture, liquid markets and other alternative asset classes. Leste Group's investment teams leverage institutional-grade processes, a nimble, entrepreneurial approach, capital markets expertise, and exclusive networks to source unique opportunities and drive consistent risk-adjusted returns.
REAL ESTATE TECHNOLOGY
Rentgrata | November 09, 2021
RentPath, a Redfin company, and leading marketing technology and services platform for the rental industry announced an exclusive partnership with apartment industry innovator, Rentgrata.
As RentPath continues on its mission to provide the most immersive, informative and information-rich experience for apartment hunters, the integration with Rentgrata will allow its users to connect with current residents of apartment communities, directly from the property listing. This innovative feature is particularly relevant in the post-Covid era as it enables prospective renters to gain familiarity with locations, sight unseen.
Rentgrata and RentPath share a commitment to giving prospective residents rich and meaningful insight on their journey to finding a new place to live. Moving to a new place is a huge decision and we are so pleased to be able help inform that decision for RentPath's millions of users by connecting them to potential new neighbors. With direct access to residents, they can ask the questions that are truly important to them.
- Ben Margolit, Rentgrata's CEO and co-founder
This integration is the latest in a number of exciting moves for RentPath, which was acquired by Redfin, a pioneer in the real estate industry, in early April 2021.
We are thrilled to partner with Rentgrata, The social proof that comes from direct resident referrals in our listings represents the latest in a number of innovations we are introducing to provide the richest, most informative and immersive experience for our users. Getting insight into the experience of existing residents brings a powerful trust signal for potential renters. We believe this will help renters lease with confidence, and drive even better conversions for our customers. Everyone benefits.
- Jon Ziglar, RentPath's CEO
This addition to RentPath's rental search experience is one of several exciting innovations in recent weeks. Jon Ziglar and the RentPath team are attending National Multifamily Housing Council's OPTECH Conference in Washington DC this week and will be sharing updates with attendees. The RentPath team is located at booth #235 at the event and will be providing more information about this new partnership throughout the conference.
RentPath is the only marketing and automation platform that engages prospective residents through the entire renter journey, maximizing leads and occupancies with unparalleled ROI. Through its broad network of rental listing sites including rent.com, ApartmentGuide.com and Rentals.com, RentPath connects property owners and managers with over 10 million high-intent, in-market renters per month. In addition, the RentPath platform powers a full suite of best-in-class digital marketing solutions across search advertising, social media, email marketing, web chat, resident communication, reputation management and more. RentPath's holistic solutions simplify the rental search experience for renters while driving occupancies and efficiencies for property managers and owners. RentPath is a Redfin Company.
Rentgrata is the first renter insights platform that creates connections and builds community for multifamily communities. As the only messaging platform for prospective and current residents to connect and share feedback, Rentgrata facilitates real conversations, while delivering data that helps multifamily professionals better understand renter needs. By helping apartment buildings feel more like communities, Rentgrata reduces resident turnover and increases NOI, while offering residents the chance to capitalize on referral incentives and connect in new ways.
prnewswire | September 29, 2020
StepStone Real Estate ("SRE") announced today the final closing of StepStone Real Estate Partners IV ("SREP IV"), its fourth in a series of funds focused on special situations secondaries and recapitalizations of real estate vehicles. SREP IV's $1.4 billion final closing exceeded the $1 billion target for the fund and notably, approximately $870 million of the commitments closed after the advent of the COVID-19 pandemic. Latham & Watkins LLP served as legal advisors for the formation of the fund. SREP IV is double the size of its predecessor, SREP III, which had its final closing in February 2017 with $700 million in primary commitments and invested capital of approximately $1.2 billion, including capital from co-investors.