IRVINE, Calif., July 21, 2015 /PRNewswire/ — The Bascom Group, LLC ("Bascom") has acquired The Square Apartments ("The Square"), a 112-unit garden style apartment community located at 12517 Brookshire Avenue, Downey, California. The $25.5 million sale closed on July 14, 2015. This marks Bascom's 13th recent California acquisition. Shane Shaeffer and Adrienne Barr of Berkadia were the brokers for the sale. Brian Eisendrath, Brandon Smith and Annie Rice of CBRE Capital Markets arranged the $18.8 million loan with California Bank & Trust.
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The community was built in 1965 and consists of 15 two-story buildings situated on 3.4 acres. Rental offerings include a range of one-bedroom through three-bedroom floor plans, with one-bedrooms accounting for 27% of the total units, two-bedroom and three-bedroom units accounting for 38% and 36% respectively. The Square offers an attractive floorplan mix coupled with large units. Bascom plans to implement a modest renovation program to update the property interiors and modernize the look of the exteriors.
Chad Sanderson, Principal for Bascom states, "The Square is a very well located property with access to strong job centers, schools, and numerous retailers. The area continues to gentrify as evidenced by the ongoing retail development projects along with the growing number of young professsionals and families relocating to the City of Downey."
Tim Whiting, Senior Vice President of Bascom, comments, " The property consists of a majority of two and three-bedroom floorplans. It is one of the few properties in the area that offers residents large floor plans with garages. This is an ideal property for families located within walking distance to neighborhood parks and quality schools."
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 $9.5 billion in multi-family and commercial value-added transactions since 1996 including more than 250 multifamily properties containing over 66,000 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: Chad Sanderson
Tel: 949-955-0888 ext 23
Email