Bascom/Oaktree Venture Acquires Reserve at Heritage Oaks

TALLAHASSEE, FL—A $250-million venture launched recently by The Bascom Group, LLC and funds managed by Oaktree Capital Management, LP has acquired the 444-unit The Reserve at Heritage Oaks apartment community here.

The deal closed on July 31 with CIT Bank providing debt financing for the property acquisition. The debt financing was sourced by Andrew Feinberg, David Harte, and Marc Schulder of Ackman-Ziff. Matt Wilcox of ARA represented the seller on the transaction. No financial terms of the purchase were announced.

This is the third multifamily acquisition recently closed by the Bascom/Oaktree venture, which launched with the purchase of The Springs Apartments, a 320-unit garden style community in Corona, CA on June 24. The venture also acquired The Edge at Traverse Point, a 296-unit garden style community in Henderson, NV on July 24.

The Reserve at Heritage Oaks is located in the southeast submarket of Tallahassee. Built in two phases between 2000 and 2005, the community features units averaging 1,182 square feet in a  mix of one-, two-, and three-bedroom layouts. The luxury community is situated on a maturely landscaped 65-acre site with a dedicated jogging trail and features other amenities such as two club houses, two resort style pools with hot tubs, a fitness center, multiple playgrounds, a tennis court, and detached garages.

The Irvine, CA-based venture will commence a full value add improvement program to upgrade all of the unit interiors with stainless steel appliances, laminate hardwood floors, and contemporary urban finishes and fixtures. The program will also include a complete overhaul of the amenity package that will include converting the second clubhouse to a dedicated fitness center.