Bascom Closes on 121-Unit Asset in San Jose Suburb
- Jul 03, 2013
Campbell, Calif.—The Bascom Group has acquired a 121-unit garden-style community known as Campbell Plaza in the San Jose suburb of Campbell. The purchase price was $27.6 million. Brian Eisendrath at CBRE Group Inc. worked to arrange financing for the purchase. Debt financing was provided by California Bank and Trust.
“Campbell Plaza represents a great opportunity for Bascom to own in a strong location, near one of the best job centers in the country,” says Chris Sanderson, principal at Bascom. “During our ownership period, we are going to focus on enhancing the property’s offering to tenants by upgrading the unit interiors and amenities.”
Built in 1972, the property consists of eight two-story buildings situated on four acres. Units include fully equipped kitchens, balconies or patios, as well as storage space. Amenities include a pool, spa, covered parking, a fitness center and community room.
SBV Communities buys 106-units in Greensboro
Greensboro, N.C.—SBV Communities has completed its fourth multifamily acquisition in Greensboro, N.C., with Lexington Commons, a 106-unit asset. The company is a Class B & C investor with properties in 14 markets.
“Our recent experience in Greensboro has made us pretty bullish on the city,” says Chris Thomson, director of multifamily acquisitions at SBV Communities. “We believe we will be able to add and derive significant value from our purchases. Lexington Commons is no exception. We expect our activity level in Greensboro to continue and are actively seeking additional opportunities.”
HFF secures financing for Laramar Group
Tampa, Fla.—HFF announced that it has arranged financing for Arbor Lakes, a 356-unit, garden-style multi-housing community in Tampa, Fla.
HFF worked exclusively on behalf of The Laramar Group to secure the loan through Redwood Commercial Mortgage Corp., a subsidiary of Redwood Trust Inc.
The property is located at 6161 Memorial Highway near Veterans Expressway and Interstate 275 and the Westshore business district northwest of downtown Tampa. The property includes studio, one- and two-bedroom units. Community amenities include a resort-style swimming pool with sundeck, 24-hour fitness center, playground, picnic area and Internet café.
The HFF debt placement team representing the borrower was led by director Elliott Throne along with senior managing director Jay Marshall.
“Redwood provided Laramar with a great all-in-one loan structure. Even in the rising interest rate environment, Redwood was able to maintain proceeds and deliver a solid execution,” Throne says.