MULTIFAMILY INFLUENCER: The Bascom Group
Over the past 12 months, the Bascom Group has completed more than $1 billion in transactions throughout the US, targeting value-add multifamily in infill areas with high barriers to entry.
Over the past 12 months, the Bascom Group has completed more than $1 billion in transactions throughout the US, targeting value-add multifamily in infill areas with high barriers to entry. Many of these assets are distressed and come with a number of issues that may give traditional investors pause. But they can be overcome with a well-planned strategy and effective implementation—which is Bascom’s sweet spot.
The Irvine, CA-based private equity firm was founded by principals Jerry Fink, David Kim, and Derek M.D. Chen, in 1996. All University of Wisconsin alumni, they named their company after “Bascom Hill,” the site upon which the university’s business school sits. Launched in the midst of the savings and loan meltdown, the firm’s initial business plan was to acquire and reposition 300- to 500-unit apartment buildings by implementing value-add renovations and community outreach programs. That same year the company acquired its first property, a 58-unit asset later called “Ontario Plaza.” From there, the firm went on to develop throughout California, Arizona, Hawaii, the Pacific Northwest, Colorado, Utah, Texas and other select markets across the US.
Bascom has closed more than $16.6 billion in multifamily and commercial transactions since 1996—including 602 multifamily community transactions and 160,968 units. The company has become one of the most active apartment buyers and operators in the US. Along the way, it’s been awarded several recognitions including WHW Corporate Volunteer of the Year in 2017 and the National Association of Home Builder’s Best Repositioning of a Multifamily Asset Finalist in 2016. That same year, it was also cited as Outstanding Corporation or Business by National Philanthropy Day and received the Young Entrepreneur of the Year Award by Ernst & Young.
It has also built a loyal employee base, in part through such initiatives as its volunteer program in which employees give 10 hours each quarter to a non-profit of their choice. In turn, the company matches those hours with additional vacation hours.
Derek Chen, who is also founder and chairman of Chenco Holding Co. in China, oversees corporate finance and strategic development for Bascom. Prior to founding Bascom, managing partner Jerome Fink was a senior acquisitions and sales manager with Pacific Mutual Life Insurance Co. David Kim, also a managing partner, was a senior analyst and development associate with Disney Development Co.