Spirit Bascom Ventures acquires 169-unit Avalon Crystal Hill Apartments for $33.05 million

Spirit Bascom Ventures, a joint venture between New York City-based Spirit Investment Partners, LLC and Irvine, California-based The Bascom Group, LLC, has acquired the Avalon Crystal Hill Apartments, located at 1 Crystal Hill Dr. for $33.05 million. The class A apartment community contains 169 units. The seller was Avalon Bay Communities. Mark Dellilo and Jeff Bastow from BlueGate Partners represented the seller. Gary Mozer, Katie Rodd and Michael Anderson-Mitterling of George Smith Partners secured debt financing of $27.1 million from Natixis Real Estate Capital. The 2001 built property features units averaging 1,275 s/f in a combination of townhomes, lofts and mid-rise flat layouts. The buyers will commence a full value add improvement program to upgrade all of the unit interiors. "The asset has been well maintained and has great modern layouts, but the finishes and amenities are tired and in need of a major redesign to keep the property at the cutting edge of design and functionality that renters expect today," said David Nachman, a principal of Spirit. Scott Zwilling, principal of Spirit, said, "We are excited to add another quality asset to our growing Northeast portfolio. With nearly $100 million in acquisitions in the Spirit Bascom Ventures partnership over the past twelve months, we are looking to rapidly expand our footprint of compelling, value add opportunities along the Eastern seaboard."