LITHONIA, GA-The Irvine, CA-based Bascom Group continues its multifamily acquisition campaign in the Atlanta area with the $10-million acquisition of the 280-unit Evans Mill apartment community. The price represents $35,714 per unit.

The seller of the property, located at 2795 Evans Mill Rd., was Lane Co. Investment and Development which was represented by Bill Shippen and Derek Bloom, of Apartment Realty Advisors. Chad Sanderson, Erich Pryor and Paul Zakhary represented Bascom. Debt and equity financing was arranged by Robert LaChapelle, Matthew Forgione, Brian Eisendrath and Troy Tegeler, of CBRE Melody. RAM Partners will provide property management services for the property.

"The previous owner spent significant capital to improve the property," Sanderson tells GlobeSt.com. "We felt for the price per unit, it was an attractive acquisition."

The property is located less than a half mile from Interstate 20 and two miles from the office/retail/residential area of Stonecrest, which is anchored by the 1.2-million-sf Mall at Stonecrest. It is also less than two miles from DeKalb Medical Center at Hillendale.

The property, on 24.5 acres, was constructed in 1971 and renovated in 2003. It is comprised of 19 units with one bedroom and one bathroom, 72 units with two bedrooms and one bathroom, 157 units with two bedrooms and 1.5 bathrooms and 32 units with three bedrooms and 2.5 baths. Units range in size from 726 sf to 1,276 sf and asking rents range from $630 to $830. It is currently 80% occupied, Sanderson says.

Bascom renovation plans include improvements and upgrades to the amenity package, leasing center, landscaping, public amenities and playground. Interior improvements will include upgraded carpeting, flooring counter resurfacing, upgraded fixtures and new paint.

Other recent acquisitions in the Atlanta area include the 207-unit Autumn Chase for $11 million and the 654-unit Crescent at Windy Hill for $21 million. Both are located in Marietta. The company also recently acquired the 218-unit Highland South apartment complex in Jonesboro for $7.5 million.

"We currently own about 2,000 units in that market and we are planning to continue pursuing other acquisition opportunities. We see effective rent growth in that market," Sanderson says.