EVANSTON, Ill., July 27, 2021 /PRNewswire/ — Spirit Investment Partners ("Spirit") of Stamford, CT in partnership with Irvine, California based The Bascom Group, LLC ("Bascom") have acquired the 415 Premier apartments in Evanston, Illinois for $49,110,000 or $222,217 per unit. The acquisition closed on July 21, 2021. Dan Cohen of CBRE represented the seller. Peter Marino, also of CBRE, arranged the acquisition financing through Rialto Capital Management.
Built in 2008, 415 Premier is a luxury 221 unit, 17-story high rise with a 245-space parking deck located directly adjacent to the Howard CTA station providing extreme connectivity to all points in and around Chicago via the Red, Purple and Yellow lines. The building contains a mix of spacious studios, one- and two-bedroom apartments, with most units containing unobstructed views of Lake Michigan and the downtown Chicago skyline.
Scott Zwilling, a principal of Spirit Investment Partners, comments, "We’re excited to add another great asset to our Chicago portfolio. "This deal is perfectly aligned with our contrarian mindset of seeking tremendous value in resilient urban core markets that are being overlooked in response to fear caused by the COVID-19 pandemic. We’re content to let everyone else chase overpriced deals in the Sunbelt markets."
Ian Hafner, a principal with Spirit, further comments, "This property was one of the best performing assets in the submarket throughout the pandemic. With a few planned improvements to common areas and unit interiors, we’re confident the property will continue to flourish for renters who seek a high quality of life, easy commutes and a more reasonably priced housing option."
Spirit and Bascom have been active this year completing hundreds of millions of dollars in dispositions while aggressively pursuing a deep pipeline of new acquisitions.
About Spirit Investment Partners: Spirit is a Stamford, CT based real estate investment company founded by David Nachman, Scott Zwilling and Ian Hafner. Spirit’s mission is to democratize the luxury living experience by delivering differentiated living experiences to the middle market. Spirit has completed over $1 billion million in multifamily transactions since 2012 totaling nearly 5,500 units located in 11 states. For additional information, please visit www.spiritinvestors.com.
About Bascom: Bascom is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Jerry Fink, David Kim, and Derek Chen, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Since 1996, Bascom has completed over $18.9 billion in multifamily value-added transactions encompassing 337 multifamily properties and over 87,000 units. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom’s subsidiaries and joint ventures include the Bascom Value Added Apartment Investors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Partners Ventures, Bascom Milestone Ventures, and the Realm Group. Bascom’s subsidiaries also include Premier Workspaces, one of the largest privately held executive suite, coworking and shared workspace companies in the U.S. For additional information, please visit www.bascomgroup.com.
Contact: David Nachman
SOURCE The Bascom Group