Bascom Group and Oaktree Acquire 408-Unit Apartment Complex for $126M
- Editor
- Jan 28
- 2 min read
What's Happening: The Bascom Group, in partnership with Oaktree Capital Management, has acquired The Strand, a 408-unit multifamily community in West Sacramento, California for $126 million. The newly built property, completed in 2021, offers a mix of unit types and amenities in a desirable location near Sacramento's urban core.
The Key Moves:
Bascom and Oaktree paid $308,824 per unit for the newly constructed garden-style community.
The acquisition marks the 31st multifamily asset purchased by the Bascom-Oaktree partnership since 2014.
Bascom plans to utilize third-party property management and complete minor upgrades to the property.
By The Numbers :
The total project cost for the Bascom-Oaktree partnership's 31 multifamily acquisitions is $1.5 billion.
The partnership has acquired 10,118 units across their joint ventures since 2014.
Oaktree reports $205 billion in assets under management as of September 30, 2024.
Key Quotes:
Jim Singleton, SVP/Principal - Acquisitions: "The acquisition of The Strand is an excellent opportunity to acquire a new construction, low density multifamily asset in a durable market with limited future supply and recent major institutional investment at an attractive in-place yield."
Paul Diamond, Senior Principal for Bascom: "The Sacramento market continues to demonstrate attractive multifamily fundamentals, and we are excited to strengthen our footprint in one of California's most economically robust regions."
Jared Lazarus, managing director in Oaktree's Real Estate Group: "Oaktree is committed to identifying value opportunities and being a source of strategic liquidity to sellers and operators during this period of continued dislocation in the real estate cycle."
The Bottom Line: The acquisition of The Strand represents a strategic move by Bascom and Oaktree to capitalize on Sacramento's strong multifamily market fundamentals and recent institutional investments in the area. The partnership aims to leverage the property's prime location and high-end finishes to compete with recently constructed suburban multifamily assets.
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