The Bascom Group, LLC (“Bascom”), in partnership with Leste Group and East Hill Capital Partners, has acquired their third deal together, a 448-unit garden style apartment community in Orlando.
The Chatham Square acquisition brings the Partnership’s total investment into Florida over the past year to over $330,000,000 and 1,200 units.
Accounts managed by KKR provided the debt financing for the acquisition, and Dustin Stolly, Daniel Matz, and Daniel Morin of Newmark arranged the financing. The Newmark investment sales team of Scott Ramey, Brad Downing, Ryan Moody, and Paul Grant brokered the transaction. SD-Cap will provide renovation management and Cushman and Wakefield will provide the property management.
Bascom’s Senior Vice President & Principal, Jim Singleton, stated, “Chatham Square provides an exceptional value-add opportunity in the rapidly expanding Orlando market. Originally built as Disney corporate housing within the Little Lake Bryan master plan, Chatham Square offers residents spacious floorplans and abundant greenspace, characteristics that are in high demand by renters.”
Located in a premier in-fill location adjacent to Walt Disney World, Chatham Square’s proximity to Interstate 4 allows for easy access to major employment, retail, dining, and entertainment centers throughout Orlando. The property is situated within a short commute of multiple key demand drivers in South Orlando, including Walt Disney World, Lockheed Martin, SeaWorld, Universal Resort, Orlando International Airport, and 13.1 million SF of office and flex space in the South Orlando Commercial Core. Orlando continues to be an attractive destination thanks to its business-friendly environment, no state-income tax, access to major transportation networks, and high quality of life.
Chatham Square features two- and three-story residential buildings and spacious one-, two-, three-, and four-bedroom floorplans. The property grounds provide residents a sprawling low-density feel with lush landscaping, bountiful public spaces, mature oak groves, and views of Little Lake Bryan. Chatham’s abundant amenity set includes two clubhouse areas, resort style swimming pool, fitness center, tennis court, sand volleyball court, outdoor pool table, garages, and more.
“Chatham Square’s irreplicable location and differentiated, low-density, product offering is what attracted us to this value-add multifamily investment opportunity. Located in Southwest Orlando, Chatham will benefit from being in one of the tightest housing markets in the country. We are glad to be expanding our trusted partnerships with Bascom and Leste through this transaction,” said Duff Bedrosian, Managing Partner at East Hill Capital Partners.
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