Bascom buys foreclosed apartment complex

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The Bascom Group LLC on Wednesday purchased the recently foreclosed Highland Orchard apartment community in Conyers, Ga., for approximately $5.6 million. The property, located at 1190 Millcrest Walk, is a 182-unit, two-story complex located on a 21-acre site. Constructed in 1984, the property has a total rentable floor area of 191,310 and features a swimming pool, playground areas, on-site carwash, and mature landscaping. The property is comprised of 133 two-bedroom/two-bathroom units (which accounts for 73 percent of the unit mix) and 49 two-bedroom/one-bathroom units (which accounts for 27 percent of the unit mix). Unit sizes range from 1,000 to 1,070 square feet with an average of 1,052 square feet. A private equity fund sold the property after foreclosing on it. Bascom is a private equity firm based in Orange County, Calif., and has acquired more than 33,000 units at more than 134 properties. ...