Bascom Group, LLC and funds managed by Oaktree Capital Management, L.P. have joined forces to purchase The Strand in West Sacramento. This newly built multifamily community consists of 408 units and is of institutional quality. The total cost for the acquisition was $126 million, equivalent to $308,824 per unit.
Berkadia’s Louis Friedel, Clay Akiwenze, and Hank Workman secured the debt financing for this transaction while Luke Goodwin and Alex Porter from Walton Street Capital provided the acquisition loan. Jason Parr and Scott MacDonald led Berkadia’s investment sales team in representing the seller during this deal.
Sares Regis has been chosen as the property management company for The Strand by Bascom Group due to their expertise in managing similar properties.
According to Jim Singleton who serves as SVP/principal – acquisitions at Bascom Group: “The purchase of The Strand presents an exceptional opportunity to acquire a new construction multifamily asset with low density in a strong market that has limited future supply.” He also added that there have been significant investments made by major institutions recently which makes it even more attractive at its current yield level. To ensure smooth operations going forward third-party professional property management will be utilized along with minor upgrades being completed on site.
