The apartment complex is located at 333 South Catalina St., and was built in 1987. It consists of a five-story building with one and two bedroom apartments units averaging in size at 905 sf. There is a recreation room, sauna, swimming pool and spa. The building is equipped with central heat and air-conditioning, underground parking, elevators, fireplaces and private balconies. Rents range from $700 to $1,175, and the property management is provided by Sherman Oaks-based Stratus Management Inc.

The building was 97% occupied at the time of the sale. The capitalization rate on the deal measured 5.5%. The apartment building sits on a 51,554-sf lot and offers 115,925 sf of gross rentable space. There are currently 147 parking spaces available in the subterranean parking facility, but most of those are tandem. The new owners plan to re-stripe the parking area and hope to increase the parking capacity.

Bascom Group is generally short-term holders of properties, turning around sites within four to five years after significant cost reduction. A representative from Bascom says the company plans to invest $2.25 million in renovations to the building, including interior unit renovations and upgrades, a remodel of the leasing office and hallway upgrades.