Bascom Group Marks New Mexico Entry with Acquisition of Overlook Apartments in Albuquerque

In a strategic move to expand its diverse property portfolio while venturing into new territories, The Bascom Group has auspiciously stamped its mark in Albuquerque, New Mexico, with the acquisition of the Overlook Apartments, a sprawling and charismatic garden-style residence situated at the tranquil 6200 Eubank Boulevard.

This 344-unit, picturesque abode not only climbs the first rung of Bascom’s foothold in New Mexico but also embarks on a promising trajectory following their recent key acquisitions, including Avenida Lakewood and Texan26 in Colorado and Texas, respectively. As Bascom fortifies its presence across various states, such calculated expansion demonstrates the vigor and deliberation of their investment strategies in the multifamily space.

Providing depth to this financial venture, Northmarq’s trenchant duo, Brandon Harrington and Tyler Woodard, orchestrated the debt financing, with TPG Real Estate Finance Trust participating as the lender. The synchronized effort of Northmarq’s investment sales team ensured the transaction remained seamless, further bolstered by the operational support lined up post-acquisition, including Apartment Management Consultants for property management and SD-CAP for construction management.

In the astute words of Tom Gilfillan, Bascom’s Vice President, “The Overlook adds another well-positioned asset to the Bascom portfolio, and the first in the state of New Mexico.” The property’s location is indeed a lure — nestled in an enviable infill where new housing is scarce and local amenities, superior schooling options, and recreational activities abound.

The Overlook’s intricate tapestry is interwoven with attributes that speak volumes about its potential. From the dual vast swimming pools and spas to the dog park and state-of-the-art fitness center, residents are treated to an affluent community experience. And that’s just the beginning, as Paul Zakhary, Senior Vice President of Portfolio Operations at Bascom, underscores how “The Overlook has been well-maintained while demonstrating consistent rental demand.” The planned renovations, a mix of contemporary and classic, promise to further elevate the living experience, discreetly addressing the affordability without compromising on the quality.

It’s plain to see that with this acquisition, Bascom is not merely purchasing a property but curating an environment that will foster community and growth in Albuquerque’s multifamily market. The strategy denotes a discerning prospect for existing and potential residents and signifies Bascom’s unwavering commitment to their portfolio enhancement, cementing their thought leadership in the multifamily sector.