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Investment Group Closes Three Multifamily Deals Totaling $52 Mil

IRVINE, CA-The Bascom Group has closed escrow on three apartment complexes, all located in the city of West Covina. The company buys multifamily and industrial product throughout Southern California.

By Joel Cone | Updated on December 28, 2000

IRVINE, CA-The Bascom Group, a local investment company specializing in multifamily and industrial properties throughout Southern California, has purchased three apartment complexes in the San Gabriel Valley area of Los Angeles for more than $52 million. The transactions closed on December 19.

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.

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