Bascom Group | January 18, 2022
The Bascom Group, LLC ("Bascom") has acquired a two-property, 140-unit multifamily portfolio located in the Northridge neighborhood of the City of Los Angeles. The properties, NMS Northridge and NMS Superior, boast large floorplans consisting of mostly two- and three-bedrooms with each unit receiving a private 2-car garage or two spaces of structured parking. The properties are centrally-located within the San Fernando Valley and sit adjacent to California State University – Northridge ("CSUN"). CSUN has an enrollment of 38,000 students and provides significant resident demand. Bascom purchased the 140-unit property for $52,500,000, or $375,000 per unit. Brightspire Capital (fka Colony Capital) provided the debt financing for the acquisition and was arranged by Mark Strauss and Rob Quarton of Walker Dunlop Capital Markets. Apartment Management Consultants (AMC) will provide property management services.
NMS Northridge and NMS Superior represent compelling acquisitions in a high-barrier-to-entry market. Market occupancies have been exceptionally high over the last decade and only a limited amount of new supply is currently under construction. Despite the pandemic-related challenges for many universities and the communities serving them over the past two years, we believe the Northridge submarket will see strong fundamental growth over the next several years driven by limited new housing supply and continued population growth."
Bascom Sr. Principal, Chad Sanderson.
The properties are located adjacent to California State University – Northridge, a 38,000-student university within California State University system. Although the properties' residents are not all students or university affiliates, the properties' proximity to the university provides consistent demand from a highly educated resident base of students, faculty, and other university affiliates and non-affiliates. Bascom's Senior Vice President of Operations.
The properties are just a short walk across the street from the CSUN student recreation center, which will be an incredible complement to our planned amenity upgrades on the properties. Other property upgrades will include unit interior renovations and a rebrand to appeal to a younger, tech-savvy resident base."
The Bascom Group has been one of the most active apartment buyers in Southern California since its inception in 1996, partnering with institutional and private capital. To date, Bascom has acquired 95 multifamily properties and 15,808 units in Southern California, with 39 of those properties and 5,952 units located in Los Angeles County. Over the past year, Bascom has completed over $1.85 billion in multifamily transactions.
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 $20.5 billion in multifamily value-added transactions encompassing 349 multifamily properties and over 90,000 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 Realm Group. Bascom's subsidiaries also include Premier Workspaces, one of the largest privately held executive suite, coworking and shared workspace companies in the U.S.
ERA | May 21, 2020
ERA King Real Estate Company and ERA Reardon Realty are both ranked in the brand's Top 20 Company Producers in Units with rankings of 11th and 20th, respectively.
The firm, now with an expansive footprint spanning seven counties with eight offices and 300 affiliated agents, ranked in the 2020 REAL Trends Top 500 with 2,151 transaction sides in 2019.
Since 2001, ERA King Real Estate has seen its annual transaction sides increase by more than 260% and volume by more than 450%.
ERA® Real Estate, a global franchising leader within the Realogy family of companies, today announced that four long-time franchisees have signed long-term renewals with the brand. The renewing companies have a combined affiliation tenure of 101 years. ERA King Real Estate Company and ERA Reardon Realty are both ranked in the brand's Top 20 Company Producers in Units with rankings of 11th and 20th, respectively. All four renewals, which also include High Pointe Real Estate and ERA Advantage Realty, Inc., showcased substantial growth since their affiliation with the ERA brand.
ERA King Real Estate Company was founded in 1969 by Jack King in Calhoun County, Ala, located in the east-central part of the state. His son Everett, joined by his wife and top agent Anna, later took over and affiliated with ERA in 1994. The ERA affiliation helped catapult ERA King Real Estate to the number one market share spot in the county. The firm, now with an expansive footprint spanning seven counties with eight offices and 300 affiliated agents, ranked in the 2020 REAL Trends Top 500 with 2,151 transaction sides in 2019. This equated to $419.2 million in sales volume. Since 2001, ERA King Real Estate has seen its annual transaction sides increase by more than 260% and volume by more than 450%. The Kings, who have helped shape the culture of the ERA brand through their passion and dedication, were recent unanimous inductees into ERA Real Estate's Hall of Fame. Along with the late ERA Real Estate President and CEO Brenda Casserly, the Kings are continuing and reinforcing the "Team ERA" battle cry that is emblematic of the brand's unique culture.
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ERA Real Estate is built on the foundation of creating an infrastructure that empowers affiliated companies to exceed their growth and profitability goals. The brand has a storied history of cultivating a strong, collaborative culture rooted in innovation that helps our affiliates grow their businesses. The recent renewals of four ERA's long-tenured brokerages are representative of the strength of the ERA network as well as the tangible value the ERA brand affiliation can deliver to companies over the years – and decades,
Sherry Chris, President and CEO of ERA Real Estate.
ERA Reardon Realty, under the leadership of broker/owner Rick Reardon, has been affiliated with ERA since 2000. As a top 20 company in the global network, ERA Reardon is the largest ERA affiliate in Michigan with more than 100 agents in seven offices across the state. The company generated 1,227 transaction sides in 2019 and $230 million in sales volume. The company has grown in sides and volume by more than 1050% and 2200%, respectively, since 2001. Reardon is a second-generation owner having taken over Gail Reardon Realty, which was founded in 1987 by his parents. His firm is recognized for its superior client service, agent-centric culture and commitment to supporting ERA's collaborative network.
ERA Reardon Realty's growth has also been fueled by the company's merger and acquisition strategy in collaboration with ERA. The most recent acquisition came in January when Reardon took an ownership stake in Midwest Properties ERA Powered in the Grand Rapids region, adding nearly 85 new agents and four new offices.
ERA is woven into the fabric of our company, and we would not want to be anywhere else. Through our 25 years with the ERA brand, we've successfully achieved the true value of a franchised partnership. Not only have we grown because of the guidance, resources and support we continually receive from ERA, but also from the incredible collaboration that exists. We firmly believe that the ERA network gives us a competitive advantage that is second to none,
Everett King, President at ERA King Real Estate Company, Inc.
ERA High Pointe Real Estate based in Manhattan, Kansas, was founded in 1982 and joined the ERA brand in 1993. Led by broker/owners Ricci Dillon and Andy Carson, the company finished 2019 in the top 25 of the most productive single-office ERA brokerages with 294 transaction sides equaling $64 million in sales volume, a 100% increase annually since 2001. Known for its strong community presence and proactive approach to real estate, ERA High Pointe values the entrepreneurial spirit of the ERA network and the brand's forward-thinking business solutions.
ERA Advantage Realty, Inc., which serves the Port Charlotte, Fla. market led by broker/owner Joel Ament, first joined the ERA brand in 1992. Since then, the company has ranked consistently as a Top 100 company within the ERA network and finished 2019 with $30 million in sales volume, a 66% increase since 2001. The company's slogan, "Always There for You," showcases the company's commitment to creating the best experience possible for homeowners and a dedication to providing its agents with the ERA tools and training they need to succeed.
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About ERA Real Estate
At ERA Real Estate, we don't adapt to change, we create it. We believe that our core business values of collaboration, innovation, diversity and growth are needed now more than ever. As a global leader in the residential real estate industry for more than 40 years, ERA was the first real estate franchise to expand internationally, the first to post listings online, and is the only national company that offers the Sellers Security® Plan (SSP) program. The ERA SPP program allows affiliated agents to give sellers of qualified homes the peace of mind that their home will sell, and for what price.
AppFolio, Inc. | June 10, 2020
AppFolio, Inc. a leading provider of industry-specific, cloud-based software solutions, services, and data analytics to the real estate and legal markets, has expanded AppFolio Property Manager and AppFolio Property Manager PLUS product capabilities in light of the evolving needs of their customers, given the unique challenges brought on by the COVID-19 crisis. AppFolio’s technology is designed to enable superior customer experiences and increase efficiency and productivity. The current disruption stemming from COVID-19 has accelerated the need for digital transformation in the real estate industry. AppFolio users were poised to adapt quickly to the rapidly changing environment, maintaining business continuity, and continuing to serve their many customers in these difficult times.