IRVINE, CA PRNewswire/ -- The Bascom Group, LLC, in joint venture with BRT Realty Trust, has acquired Ivy Ridge, a 207-unit community located in Marietta, Georgia for $8,100,000.
The purchase price represented a 47% discount to the seller's prior total cost basis and a 29% discount to the seller's loan balance.
Bascom worked with Jeff Gould and Lonnie Halpern from BRT Realty Trust for the equity financing. Debt financing was arranged by Gary E. Mozer and Josh Roseman from George Smith Partners. Kevin Geiger, Brad Simmel, and Shea Campbell from CBRE represented the seller for the transaction.
Commented Chad Sanderson (middle right photo), Principal for Bascom, "This represents another acquisition in the Atlanta metro of a distressed, lender-driven sale.
“lthough the Class B and C properties have been hit hard by unemployment and the broader economic challenges in Atlanta, we are bullish on the prospects for a recovery over the next five years."
Jerome Fink (lower left photo), Managing Partner of Bascom, added, "Ivy Ridge is the eighth new acquisition that we have completed in the past 18 months. Ivy is a great example of what we are targeting: properties with solid in place numbers with additional value add potential."
Ivy Ridge consists of 100% two and three-bedroom units with large floor plans that have an average unit size of approximately 1,361 square feet. Unit interiors feature private balconies and patios, walk-in closets, washer/dryer connections, and attractive hardwood vinyl flooring. Built in 1973, the property is spread over approximately 17.31 acres and offers a full amenity package, which includes a pool, fitness center, laundry room, and children's playground.
If you'd like to schedule an interview with one of the partners, please call Chad Sanderson (949-955-0888 ext 23) or e-mail at csanderson@bascomgroup.com.
Web Site: http://www.bascomgroup.com
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