IRVINE, Calif., Aug. 5, 2016 /PRNewswire/— The Bascom Group, LLC ("Bascom") has acquired Del Flora Apartments ("Del Flora"), a 152-unit garden style apartment community located at 30598 Independence Avenue, Redlands, CA 92374. The $22.15 million sale closed on July 28, 2016 and marks Bascom's 37th apartment acquisition in the past twelve months. Tyler Martin with ARA Newmark was the broker for the sale. Brian Eisendrath and Annie Rice with CBRE arranged the $16.94 million loan with CIT Bank, N.A.
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The community was built in 1989 and consists of 23 buildings, situated on 7.4 acres. Rental offerings include a range of one-bedroom and two-bedroom floor plans accounting for 37% and 63% of the units respectively. Common area amenities include a pool, fitness center, clubhouse, and tennis court. The property is well located, proximate to highly ranked schools, major employers, retail, and transportation corridors.
Chad Sanderson, Senior Principal of Bascom, states "Del Flora is an attractive choice for Inland Empire renters. Located in one of the top Inland Empire sub-markets, the property offers tenants access to some of the best schools in the area as well as proximity to the University and other major employers. Del Flora has great potential as jobs and economic fundamentals in the region continue to strengthen."
Julie Schoenbachler, Senior Vice President of Operations at Bascom, comments "Del Flora has a good unit mix with very open and inviting floor plans. We feel that the great schools on either end of the property and the low density feel make this an attractive property for families."
About Bascom: The Bascom Group, LLC 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 $11.7 billion in multi-family and commercial value-added transactions since 1996 including more than 292 multifamily properties containing over 78,000 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, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, MHF RM Holdings, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Partners Ventures, 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