IRVINE, Calif., Nov. 9, 2015 /PRNewswire/ — The $400 million venture ("Venture II") between The Bascom Group, LLC ("Bascom") and funds managed by Oaktree Capital Management, L.P. ("Oaktree") has acquired Axis at Nine Mile Station, a 336-unit multifamily community located at 3257 South Parker Road, Denver Colorado. The sale closed on October 30, 2015. Terrance Hunt and Jeff Hawks of ARA Newmark represented the seller on the transaction. The debt financing was sourced by Brian Eisendrath and Annie Rice of CBRE Capital Markets. Los Angeles-based Mesa West Capital provided financing to acquire the property.
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"Mesa West was pleased to provide the financing to the Bascom Group and Oaktree on a well located asset within a strong Denver submarket," said Steve Fried, Principal at Mesa West Capital.
This is the first acquisition of Venture II following a successful closing of the initial venture between The Bascom Group, LLC and Oaktree Capital. Venture I resulted in the acquisition of eight multifamily properties across the U.S., totaling $350 million in total capitalization.
Built in 1980, Axis at Nine Mile Station is located in Denver, Colorado, which has consistently been one of the country's top-performing apartment markets over the past five years. Its unit mix consists of 2% Studio, 32% 1-bedroom, and 66% 2-bedroom units. The concentration of retail, amenities, transit, and job centers surrounding the property makes the location one of the most desirable in the Denver Metro. The existing Nine Mile Station on the Southeast and Blue Line Light Rail is adjacent to the property, allowing residents direct light rail access to the Denver Tech Center Business Corridor, Downtown Denver, and Denver International Airport in the spring of 2016. In addition, the city is also implementing a redevelopment called the Nine Mile Renewal Plan, which aims to significantly upgrade the retail area surrounding the light rail station. Axis at Nine Mile Station is only minutes from several major retail destinations such as Park Meadows Mall and Cherry Creek shopping district, and less than a mile from Cherry Creek State Park and Reservoir, which consists of 3900 acres and 35 miles of walking and biking trails.
Paul Zakhary, Director of Operations for Bascom explains, "The location of Axis at Nine Mile with the neighboring light rail station and freeway interchange provides excellent all-weather linkage to the major employment and transportation centers in Metro Denver. The mid-rise construction along with the adjacent planned redevelopment will also provide the urban feel and walkability that today's renter is seeking."
Scott McClave adds, "Bascom is excited about the long term prospects of Denver as it has evolved into a world class city. Over the past ten years we have invested in excess of over a billion dollars in Denver and look forward to our ongoing presence there. Axis represents the continuation of that legacy and presents a great opportunity for us to transform the property to something special."
About Bascom Group: The Bascom Group, LLC (http://www.bascomgroup.com) 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 has completed over $10 billion in multi-family and commercial value-added transactions since 1996 including more than 260 multifamily properties containing over 68,000 units. Bascom's subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, MHF RM Holdings, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates and the Realm Group. Bascom's subsidiaries also include Premier Business Centers, the largest privately held executive suite company in the North America.
About Mesa West Capital: Mesa West Capital (www.mesawestcapital.com) is a privately held debt fund manager and portfolio lender with more than $3 billion in assets under management. With offices in Los Angeles and New York City, Mesa West has been one of the leading providers of commercial real estate debt since its founding in 2004. Mesa West provides non-recourse first mortgage loans for core/core-plus, value-added or transitional properties throughout the United States. Our lending portfolio includes all major property types with loan sizes ranging from $10 million up to $200 million. Since inception, the firm has sourced and closed more than 200 transactions totaling in excess of $6 billion.
About Oaktree: Oaktree is a leader among global investment managers specializing in alternative investments, with $100 billion in assets under management as of September 30, 2015. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Headquartered in Los Angeles, the firm has over 900 employees and offices in 17 cities worldwide. For additional information, please visit Oaktree's website at http://www.oaktreecapital.com/.
Contact: Scott McClave
Tel: 949-955-0888 ext 12
Email: Email