POMONA, NY-Spirit Bascom Ventures, a joint venture between New York City based Spirit Investment Partners and Irvine, CA based the Bascom Group has acquired the Avalon Crystal Hill apartments here for $33 million, GlobeSt.com has learned EXCLUSIVELY. The Class A apartment community, located 45 minutes north of midtown Manhattan, contains 169 units, as well as a large clubhouse, fitness center and pool area. The seller was Avalon Bay Communities.
The property was marketed on behalf of Avalon Bay by Mark Dellilo, founding member and managing partner, and Jeff Bastow, managing director at BlueGate Partners'. Spirit Bascom represented itself in the deal. This purchase represents the second multifamily transaction for Spirit Bascom, which recently closed on the Jefferson at 55/77 Water, located in historic South Norwalk, CT, for $43.3 million.
The 2001 built property's units average 1,275 square feet in a combination of townhomes, lofts and midrise flat layouts. All units include in-suite washer/dryers and balconies overlooking the Hudson River Valley. The community has a full host of modern amenities, including a 5,000 square foot resident club house with a fireplace and double height ceilings, a modern fitness center featuring an indoor basketball court, an outdoor sport court, playground and resort style swimming pool and sundeck.
The buyers will engage in a full value-add improvement program to upgrade all of the unit interiors with stainless steel appliances, stone countertops, hardwood floors and contemporary urban finishes as well as overhauling the full amenity package to create design that is common in contemporary apartment communities.
"The asset has been well maintained and has great modern layouts, but the finishes and amenities are tired and in need of a major redesign to keep the property at the cutting edge of design and functionality that renters expect today," admits David Nachman, a principal of Spirit Bascom.
Adds Scott Zwilling, principal of Spirit Bascom Ventures, "We are excited to add another quality asset to our growing Northeast portfolio. With nearly $100 million in acquisitions in the Spirit Bascom Ventures partnership over the past twelve months, we are looking to rapidly expand our footprint of compelling, value add opportunities along the Eastern seaboard."
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
