The Bascom Group has acquired a 405-unit apartment community within the Fort Lauderdale metro area. The property, Sunny Lake Apartments, traded for $79.2 million or $195,679 per unit. Bascom invested in the property with JV partners Leste Group and East Hill Capital Partners with Leste participating as the majority equity investor.
Bridge Investment Group provided the debt financing for the acquisition and was arranged by Stuart Wernick, Andrew Garrison, and Sam Ziolkowski of Walker & Dunlop. Cushman & Wakefield will provide property management services and interior renovations.
Sunny Lake is Bascom's third acquisition in the state of Florida.
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Bascom's Senior Vice President & Principal Jim Singleton said the investment "was a great opportunity for Bascom to re-enter into the Florida market at an attractive basis. The Fort Lauderdale MSA has strong multifamily fundamentals and is positioned well for continued economic growth. The market has experienced double digit rent growth as well as over 30% growth in home values year over year."
Sunny Lake is in the Lauderhill submarket, which is close to the Downtown Fort Lauderdale district. Bascom plans to modernize the existing interiors, common areas, and implement operational efficiencies at Sunny Lake.
"There is excellent value-add potential at Sunny Lake," Bascom's Senior Vice President of Operations Tony Ferrell said. "The low-density units and excess of amenity space is primed for capital improvement to create a more holistic community experience for its residents."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
