IRVINE, Calif., Oct. 8, 2015 /PRNewswire/ — The Bascom Group, LLC ("Bascom") has acquired Courtyard on 68th, a 38-unit apartment community located at 4823 68th Street in San Diego, California for $7,600,000 or $200,000 per unit or $194.00 per square foot. Thomas Sherlock and Kim Leslie of Talonvest Capital arranged the debt financing with Manufacturers Bank providing the new loan. Rita Lancaster-Hannah with ACRE brokered the transaction.
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Built in 1971, the property consists of a two-story building situated on 1.03 acres. The unit mix is 100% two bedroom, two bathroom units ranging in size from 950 square feet to 1,200 square feet. Courtyard is located one mile from San Diego State University in a high demand rental market that provides residents access to the major employment centers of California's second largest municipality. Bascom will implement a renovation plan that will enable Courtyard to compete with existing high-end rental product nearby.
James D'Argenio, Principal for Bascom, comments, "Due to minor deferred maintenance, we can put most of our capital dollars into upgrades that will remodel interiors and enhance the community to compete with newer, rental product."
Lee Nguyen, Senior Vice President for Bascom, adds "We're acquiring a well located, stabilized building that is ready for renovations in an expanding San Diego economy. Our San Diego projects have performed well over the years so we are excited about the project."
About Bascom: The Bascom Group, LLC (http://www.bascomgroup.com) is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Jerry Fink, David Kim and Derek Chen, is one of the most active and seasoned buyers and operators of apartment communities in the United States. Bascom has completed over $9.8 billion in multi-family and commercial value-added transactions since 1996 including more than 260 multifamily properties containing over 70,000 units. Bascom has ranked among the top 50 multifamily owners in the US. Bascom's subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, Bascom Portfolio Advisors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, MHF RM Holdings, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, and the Realm Group. Bascom's subsidiaries also include Premier Business Centers, the largest privately held executive suite company in the US. For additional information, please visit www.bascomgroup.com.
Contact: James D'Argenio
Tel: 949-955-0888 ext 19
Email