Bascom Group acquires Overlook Apartments in Albuquerque to expand multifamily portfolio

The Bascom Group, LLC, a renowned private equity firm specializing in multifamily, commercial, and non-performing loans and real estate investments, has acquired the Overlook Apartments. This 1988-built, 344-unit garden-style multifamily property is situated at 6200 Eubank Boulevard in Albuquerque, New Mexico. The acquisition signifies Bascom’s initial foray into the New Mexico multifamily housing market.

Financing and Representation Details

Brandon Harrington and Tyler Woodard from Northmarq played a pivotal role in arranging the debt financing for this acquisition. TPG Real Estate Finance Trust emerged as the lender for this strategic investment. The selling party was represented by Northmarq’s investment sales team, led by Trevor Koskovich, Jesse Hudson, Cynthia Meister, Ryan Boyle, and Logan Baca. Additionally, Apartment Management Consultants and SD-CAP have been designated for property management and construction management services, respectively.

The Growing Portfolio of Bascom

This acquisition follows close on the heels of Bascom’s recent purchases, including Avenida Lakewood, a 230-unit Active Adult apartment community in Colorado, and Texan26, a 204-bed student community in Texas.

Strategic Expansion: The Bascom Group Secures Overlook Apartments, Enhancing Real Estate Portfolio. Photo courtesy of PRNewswire/The Bascom Group.

Tom Gilfillan’s Perspective on the Acquisition

Tom Gilfillan, Vice President of Bascom, highlights the strategic location of the Overlook Apartments, emphasizing its proximity to employment centers, schools, retail amenities, and recreation options. He points out that the Albuquerque market continues to show promising multifamily fundamentals, making it an attractive investment location.

Community Amenities and Strategic Location

The Overlook, located in the Northeast Heights submarket of Albuquerque, offers a low-density garden-style community with a mix of one- and two-bedroom units. It boasts amenities like swimming pools, spas, dog park, clubhouse, business center, fitness center, and barbecue areas. Residents also benefit from access to highly rated public schools and proximity to major employers like Netflix Studios, Intel Corporation, Sandia National Labs, and the University of New Mexico.

Renovation and Upgrades Planned

Paul Zakhary, Senior Vice President of Portfolio Operations at Bascom, notes that the Overlook has shown consistent rental demand. Bascom plans to renovate the unit interiors and enhance the property’s exterior and community amenities. This strategic renovation aims to provide an affordable yet upgraded housing option for residents.

This acquisition by The Bascom Group reflects its strategic vision to expand its portfolio and offer quality housing in growing markets. The Overlook Apartments in Albuquerque is set to become a landmark property in Bascom’s diverse real estate collection.