Search
 

Inland Empire Apartments Bring $20.4 Mil

IRVINE, CA-The Bascom Group LLC, a real estate investment firm based in Irvine, bought two apartment complexes in the Inland Empire, with a total of 386 units, and plans to renovate them.

By Joel Cone | Updated on April 10, 2001

IRVINE, CA-The Bascom Group LLC, a locally-based real estate investment firm specializing in multi-family product throughout the Southern California region, has purchased two apartment complexes in the Inland Empire in transactions totaling $20.4 million.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.