November 2, 2016
Irvine, CA-based The Bascom Group, LLC and funds managed by Oaktree Capital Management, L.P. acquired the 196-unit luxury Springs at Continental Ranch Apartments in Tucson, AZ for $20.9 million from New York-based AION Partners. The acquisition was made as part of a $250-million JV.
Berkadia’s Art Wadlund and Clint Wadlund represented the buyer and seller. ACORE Capital provided debt financing, which was arranged by CBRE’s Brian Eisendrath, Brandon Smith, and Annie Rice.
Eisendrath notes, “over the past 12 to 18 months, we’ve seen a reduction of available bank debt for multifamily assets. As a result of the capital pull-back, financing originators must tap into strong relationships with capital providers in the space and make a strong market for an asset — especially for value-added deals or those in secondary or tertiary markets.”
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