JV Buys 198-Unit MD Asset
Spirit Investment Partners and The Bascom Group acquired Tribeca at Camp Spring, located in the Washington, D.C., metro area.
By Evelyn Jozsa
Spirit Bascom Ventures—a joint venture of Spirit Investment Partners and The Bascom Group—has purchased Tribeca at Camp Spring, a 198-unit apartment community in Camp Springs, Md. HFF represented the seller, Tonti Properties, in the transaction. The company also secured the debt financing through CIT Group for the acquisition of the property.
Tribeca at Camp Spring is a transit-oriented community, located at 4701 Old Soper Road. Situated inside the Beltway next to the Branch Avenue Metro Station, the asset is within 25 minutes of Washington D.C. Constructed in 2008, the property comprises a mix of one-, two- and three-bedroom units, averaging 1,257 square feet. Interior features include nine-foot ceilings, gourmet kitchens, crown moldings, private balconies and walk-in closets. Community amenities include:
- clubhouse with billiards room
- resort-style pool
- outdoor kitchen
- fitness center
- dog park
- putting green
The community also features 18,800 square feet of ground-floor commercial space, which is fully occupied by local amenity retailers. HFF’s Jamie Leachman sourced the debt financing and Walter Coker and Brian Crivella arranged the sale of the property on behalf of the seller.
In December, The Bascom Group purchased a 68-unit apartment community in Boulder, Colo., for nearly $19 million.
Image courtesy of The Bascom Group