Bascom buys Atlanta apartment complex

The private equity real estate firm has picked up an upscale residential development adjacent to the city’s Central Perimeter business district.

Orange County, California-based The Bascom Group has reportedly acquired the Hampton Hill apartment complex in the Atlanta suburb of Sandy Springs, Georgia. Financial terms of the transaction were not disclosed.

The 236-unit high-end apartment complex sits on 19.7 acres totaling approximately 243,000 square feet of rentable space. The complex also features amenities such as a swimming pool, tennis court, health and fitness center and clubroom.

The residential deal follows Boston-based Intercontinental Real Estate Corporation’s acquisition this week of the Lakeside Commons office complex, also located in Central Perimeter. It paid $102.8 million (€68 million) for the 514,000-square-foot property, which includes two class A office developments and a structured parking facility.

Bascom, founded by managing principals Derek Chen, Jerome Fink and David Kim, targets value-added investments in the multifamily residential sector. It has plans to renovate the Sandy Springs complex with upgrades to the fitness center and public amenities, as well as interior improvements to carpeting, flooring and fixtures.

The Central Perimeter submarket, one of the busiest business districts in metro Atlanta, is home to the headquarters of InterContinental Hotels Group, United Parcel Service and Newell Rubbermaid.