The Bascom Group LLC, an Irvine, California-headquartered private equity firm, has acquired the Overlook Apartments, a multifamily property located in Albuquerque, New Mexico.
The 344-unit property was built in 1988 and consists of garden-style apartments. The property marks Bascom’s first multifamily acquisition in New Mexico. The financial terms of the acquisition were not disclosed, while the Bascom Group reported Apartment Management Consultants will provide property management services and SD-CAP will provide construction management.
“The Overlook has been well-maintained while demonstrating consistent rental demand,” said Paul Zakhary, senior vice president of portfolio operations. “As part of our strategic renovation program, Bascom intends to renovate unit interiors with new appliances, countertops, backsplash, cabinetry, as well as enhancing the property’s exteriors and community amenities. Most of the units remain in classic condition, giving our team room to add desirable elements while providing residents an affordable housing option.”
Bascom Group specializes in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies.