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Bascom Group Acquires 300-Unit Complex

IRVINE, CA-The Bascom Group LLC pays $17.7 million for the San Bernardino multifamily property, which it plans to renovate. Investors are still eyeing the Inland Empire's multifamily sector, as population growth in the region is still healthy.

By Erin Cassin | Updated on December 04, 2001

IRVINE, CA-The Bascom Group LLC of Irvine has added another multifamily acquisition to its portfolio, as it has purchased a San Bernardino apartment complex for $17.7 million.

The 300-unit property, known as the Verde Mont Villas Apartments, is located at 6155 Palm Ave. Completed in 1990, the complex consists of 22 two-story buildings and fourteen one-story buildings. Amenities include a clubhouse, two swimming pools, spas, playgrounds, barbecues and individual garages. Rents here currently range from $690 to $890.

The Bascom Group plans to upgrade the complex, having already secured MacBeth Apartments Systems Inc. to oversee renovation services. Improvements will include interior upgrades, new gating, property repairs and fitness room renovations.

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