Bascom Group Re-Enters Florida Market with $79M Apartment Acquisition
The Bascom Group has acquired a 405-unit apartment community within the Fort Lauderdale metro area. The property, Sunny Lake Apartments, traded for $79.2 million or $195,679 per unit. Bascom invested in the property with JV partners Leste Group and East Hill Capital Partners with Leste participating as the majority equity investor.
Bridge Investment Group provided the debt financing for the acquisition and was arranged by Stuart Wernick, Andrew Garrison, and Sam Ziolkowski of Walker & Dunlop. Cushman & Wakefield will provide property management services and interior renovations.
Sunny Lake is Bascom’s third acquisition in the state of Florida.