Bascom Group Picks Up Santa Fe Asset
LaSalle Debt Investors provided acquisition financing.
The Bascom Group has acquired San Miguel Court Apartments, a 96-unit multifamily community in Santa Fe, N.M. The previous owner was a private individual, according to Yardi Matrix data. The transaction involved a $10.2 million loan, Santa Fe County records show. CBRE arranged the acquisition financing with LaSalle Debt Investors as lender.
Completed in 1974, the garden-style property comprises one-, two- and three-bedroom floorplans, ranging from 600 to 950 square feet. Residences feature in-unit washers and dryers, walk-in closets, air conditioning and ceiling fans. Common-area amenities include four laundry facilities and a playground, along with 140 parking spaces, the same data source shows. Apartment Management Consultants will serve as property manager.
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Paul Zakhary, senior vice president of portfolio operations with Bascom, said in prepared remarks the firm plans significant amenity improvements at the community, such as a new fitness center, resident clubhouse, dog park, covered barbecue stations and outdoor games, among others. Additional upgrades are to include landscaping and unit interior renovations. SD-CAP will provide construction management services.
Located at 2029 Calle Lorca, in an Opportunity Zone, the property is close to St. Francis Drive and roughly 3 miles south of downtown Santa Fe. The community is also adjacent to the Plaza Del Sol shopping mall and near various other shopping and dining options along the St. Michaels Drive retail corridor.
CBRE Executive Vice President Ryan Greer and Vice President CJ Connelly arranged the debt financing for the transaction.
Bascom’s fast acquisition pace
The Bascom Group entered New Mexico earlier this year with the purchase of The Overlook Apartments, a 344-unit multifamily community in Albuquerque. The seller was also a private owner, and the transaction involved a $27.3 million CMBS loan held by Fannie Mae.
San Miguel Court Apartments marks Bascom’s third acquisition in 2024. The second involved a 204-bed student housing property in Austin, Texas, that changed hands in an off-market deal.
