The first property, the 150-unit Arrow Gardens Apartments, is located at 10511 Arrow Route in Rancho Cucamonga and sold for $11.385 million. Built in 1984, the complex consists of 16 two-story buildings with one- and two-bedroom units and an average unit size of 832 sf. Amenities include swimming pool, tennis court, volleyball court, laundry facilities and covered carports. Rents range from $685 to $845 per month.
Bascom plans to renovate the property with more than $1 million in capital improvements, including renovation of unit interiors and building exteriors, landscaping, and upgrading the complex entrances and fitness room, as well as better signage.
The second property, the 136-unit Arrow Pointe Apartments, is located at 1826 West Arrow Route in Upland and sold for $9 million. Built in 1987 the complex consists of six two-story buildings with one- and two-bedroom units and an average 809-sf unit size . Amenities include swimming pool, spa, volleyball court and laundry facilities. Rents range from $700 to $825 per month. Bascom plans to spend more than $860,000 making similar improvements to this complex.
Sellers of the properties are RDPH Properties Inc. and PHTRE LP, both of which are based in Lake Forest. Larry Andrews of Sperry Van Ness' Ontario office represented both the buyer and sellers in the transaction. Lyon Management Group of Newport Beach will provide property and construction management services on both properties.
In addition to its multifamily portfolio, Bascom also owns three million sf of industrial space throughout the region. The group invests through the Southern California Industrial Fund, a joint venture with the Megellan Group of Los Angeles.
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