Bascom Group Acquires 320-Unit Multifamily in Orlando for $69M
The Bascom Group, LLC, has acquired Enclave at Lake Ellenor, 320-unit apartment community in Orlando for $68.5 million ($214,063 per unit). The property is 98% leased.
Enclave is the second property acquired by Bascom in partnership with East Hill Capital and Leste Group. Starwood Property Trust provided the debt financing for the acquisition and was arranged by Berkadia. SD Cap will provide renovation management while Cushman & Wakefield will provide the property management.
“Enclave at Lake Ellenor was a unique opportunity to acquire a centrally located, ultra-low-density property with significant unrealized renovation potential in the rapidly growing Orlando market,” said Bascom SVP and principal Jim Singleton.
According to Bascom, Orlando’s affordable, low-density housing, pro-business environment, no state taxes and tourist rebound since the pandemic have established the MSA as one of the most resilient apartment markets in the country.
- ◦Sale/Acquisition