The Avante, formerly know as CentreStone is an “Institutional Grade” apartment community in the Kent Valley, which is home to millions of square feet of industrial, office and R&D space. Bascom purchased the 382 unit property from a professional operator that had completed many costly exterior upgrades including new siding, windows and sliding glass doors. In spite of these upgrades, the property lacked curb appeal and needed some interior enhancements. Bascom executed a $3.55M or $9300 per unit renovation, which included renovating the main leasing office, clubhouse and landscaping. In addition, significant unit interior upgrades included the addition of in-unit washers and dryers. As a result of Bascom's renovations, rents increased by over 21% and The Avante was sold in January of 2008 for $38,500,000, which yielded a 38.07% XIRR and a 2.22 multiple.
Babson Capital -Mezz