With escrow closing last week, Bascom has now added the 258-unit Towne House Villas Apartments at 624 Glendora Ave., the 250-unit Daisy Apartments at 851 S. Sunset Ave., and the 100-unit Courtyards Apartments at 2817 E. Valley Blvd. to its multifamily portfolio. All three properties are located in the city of West Covina.
Bascom paid the sellers, Roy and Elda Herrerean, $23.3 million for the Towne House Villas. The group paid $21.2 million to Pacific Gulf Properties, the Newport Beach-based REIT currently liquidating its multifamily portfolio, for the Daisy Apartments complex. And, it paid $7.9 million to CT Realty Corp. of Newport Beach, for title to the Courtyards Apartments.
Built in 1964, the Towne House Villas Apartments consists of 65 two-story buildings with one-, two- and three-bedroom units, with an average size of 913 sf. Rents range from $560 to $945 a month. The Daisy Apartments complex, built in 1981, consists of 22 two-story buildings containing one-, two-, three- and four-bedroom units, with an average size of 927 sf. Rents at this property range between $750 and $1,028 a month. The Courtyards Apartments complex, built in 1976, has 10 two-story buildings with two- and three-bedroom units, with an average size of 941 sf. Rents there range from $859 to $1,010 a month.
In the past 36 months The Bascom Group has closed escrow on more than 4,800 units in Los Angeles, Orange, Riverside, San Bernardino and San Diego counties. The company has also been active in the regional industrial market, acquiring three million sf of product via the Southern California Industrial Fund, a joint venture with the Magellan Group of Los Angeles, The Bascom Group and its parent company Chenco International Investment Co. of Las Vegas. Bascom's capital base includes domestic institutional investors and private foreign investors.
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