The Bascom Group, LLC has acquired San Miguel Court Apartments, a 1974 built, 96-unit garden-style multifamily property located at 2029 Calle Lorca in Santa Fe, New Mexico.
Ryan Greer and CJ Connelly of CBRE arranged the debt financing for the acquisition with LaSalle Debt Investors as the lender. Apartment Management Consultants (“AMC”) will provide property management, and SD-CAP will provide construction management services.
Tom Gilfillan, Bascom’s Vice President of Acquisitions, expressed enthusiasm about the addition of San Miguel Court to Bascom’s portfolio: “We are thrilled to acquire San Miguel Court, an exceptional asset boasting highly efficient floorplans and ample greenspace within a desirable Santa Fe location. The property is conveniently situated near various key amenities such as shopping centers, highly acclaimed restaurants, and major employers. We are encouraged by the ongoing growth in Santa Fe, propelled by robust job expansion and a favorable economic environment, and we are enthusiastic about delivering high-quality living experiences to residents and contributing to the sustained development of the community.”
Paul Zakhary, Bascom’s Senior Vice President of Portfolio Operations, outlined Bascom’s plans to enhance San Miguel Court, aiming to make it a top choice for multifamily living in the area: “Bascom plans significant community amenity improvements including a new fitness center, resident clubhouse, leasing office, dog park, and a large central park with covered BBQ stations, bench seating, outdoor games, and tot-lot. Complimenting the significant community amenity enhancements, Bascom is planning additional upgrades including exterior paint, aesthetic site lighting, landscaping, and unit interior renovations.”
San Miguel Court stands out due to its advantageous infill location, offering easy access to highways, shopping centers, and major employment centers. Within a convenient 10-minute drive, residents can reach the historic Santa Fe Plaza, the developing Midtown District, and key employers such as Christus St. Vincent Hospital, the New Mexico State Capitol, and the Santa Fe office of the Los Alamos National Laboratory.
With the unprecedented interest rate increases over the past year and subsequent decline in apartment values, San Miguel Court continues the brisk acquisition pace for Bascom in 2024, marking the firm’s third acquisition this year. The purchase of San Miguel Court comes on the heels of recent Bascom acquisitions including, The Overlook, a 344-unit garden style multifamily property located in Albuquerque, New Mexico, and Texan26, a 204-bed student housing community in Austin, Texas.
