IRVINE, Calif., Sept. 10, 2010 — The Bascom Group, LLC ("Bascom") acquired The Parc at Dunwoody Apartments for $10.0MM ($32,051 per unit). Bascom purchased the property, all-cash, at a foreclosure sale on September 7, 2010. Parc at Dunwoody is a 312-unit Class B property constructed in 1980 and renovated in 2007 and 2008. The property is located in the exclusive Sandy Springs subdivision of Atlanta, Georgia.
"This is a very attractive basis for a renovated property in one of the highest income submarkets in Atlanta," says Chad Sanderson, S.V.P. of Business Development. Bascom has been actively buying properties around the U.S. This closing marks the third transaction in a little over thirty days. Our last three acquisitions have included a Class A asset in bankruptcy, a Class C foreclosure needing extensive renovation, and this asset a foreclosure auction purchase."
The acquisition for Bascom was managed by Chad Sanderson, Tim Whiting, Han Jang and Brent Schertzer. Bascom currently owns and operates 10 properties totaling 3,378 units in Metro Atlanta.
The Parc at Dunwoody is spread over 26.23 acres and consists of 1, 2, & 3 bedroom units with an average unit size of 878 square feet. The property was constructed in 1980 with renovations undertaken from 2007 to 2008 and has extensive amenities including two swimming pools, two saunas, renovated fitness center, three lighted tennis courts, playground, picnic area with grills, laundry facility, business center and wireless Internet in clubhouse and main pool area. Unit interiors feature fully equipped kitchens, frost-free refrigerators, ceiling fans, window blinds, cable-ready connections, patio/balcony, and exterior storage room. Select units offer washer/dryer connections, vaulted ceilings, walk-in closets and fireplaces.
Parc is located in Sandy Springs, a premier submarket of Atlanta. Located just north of Atlanta, Sandy Springs is an affluent suburb of Fulton County and the third largest city of Atlanta. Situated between Georgia Highway 400 and Roswell Road (40,000+ vehicles daily) in northern Atlanta, the area is home to several large employers, corporate headquarters, and premier retail destinations. Sandy Springs is known to have some of Atlanta's strongest demographics and high-end living with an average household income exceeding $106,000.
About The Bascom Group, LLC:
Bascom (http://www.bascomgroup.com) is a private equity firm headquartered in Irvine, California, specializing in value-added multifamily real estate investments. Bascom sources value-added apartment properties and repositions them by adding extensive capital improvements and reducing expenses by realizing operational efficiencies through the implementation of institutional-quality property management. To date, Bascom has completed transactions totaling over $6.0 billion. Bascom has been an active buyer of value-added and distressed multifamily properties in California, Colorado, Washington, Hawaii, Nevada, Arizona, Utah, Georgia, and Texas, acquiring nearly 53,000 units (200 properties) to date.
For additional information, please contact:
Chad Sanderson
Senior Vice President – Business Development
The Bascom Group, LLC
26 Corporate Park Drive, Ste 200
Irvine, CA 92606
949.955.0888 Ext. 23
Email: Email
http://www.bascomgroup.com
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