The buyer, The Bascom Group LLC, has paid $11.9 million for the property. Known as Oasis at Palmdale Apartments, it consists of 40 two-story buildings. Currently 96.8% occupied, it contains one, two and three-bedroom units.
More than $3 million in improvements are planned for the facility. The renovation process will include both exterior and interior upgrades, including improvements to the landscaping, office and fitness room.
The Bascom Group was represented by John Walsh of Marcus & Millichap. Walsh also represented the seller, Monterey Palmdale 336.
The deal comes shortly after another Orange County-based limited liability company has sold an apartment community in Temecula. The company, CTF-6 Vintage View LLC by CT California Fund LLC of Newport Beach, sold the property for $18 million. The 220-unit complex is located at 29500 Mira Loma Dr.
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