Base Equities & Alex, Brown Form Strategic Partnership

In a bi-coastal deal, Los Angeles-based Base Equities and Baltimore-based Alex, Brown Realty (ABR) are pulling together a strategic partnership, focusing on smaller-balance deals ($1 million – $5 million), with a total commitment set at $26 million.

The emphasis is on value-add for multifamily projects, which coincides with apparent market optimism in this space, per a recent survey from Allen Matkins.

Addressing an underserved corner of the multifamily market, a focus on value-add will allow for nimble responses to any upcoming deals.

The Base Preferred Equity Fund I continues its efforts as a strategic provider of small-balance preferred equity as it works toward a target goal of $50 million for this go-to-market strategy, according to Michael Bastan, a co-founder of Base Equities.

The previous experience of Base Equities’ principals includes nearly $1 billion of real estate debt on value-add transactions and has acquired more than $350 million of real estate and non-performing loans, nationwide.