Bascom and Oaktree Partner in $250 Million Venture, Closing The Springs, a 320-Unit Southern California Apartment Community
IRVINE, Calif., July 2, 2014 /PRNewswire/ — The Bascom Group, LLC (“Bascom”) and certain funds managed by Oaktree Capital Management, L.P. (“Oaktree”) have structured a new venture to acquire $250 million in value-added multifamily properties throughout the United States. The venture was launched with its first acquisition, The Springs Apartments (“Springs”), a 320-unit garden style community located at 650 Ebbcreek Drive, Corona, California. The Springs closed on June 25, 2014 for $43,200,000. Debt financing was provided by OneWest Bank and sourced by Brian Eisendrath of CBRE.