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Bascom Northwest Picks Up 60-Unit Property

SAN RAMON, CA-The San Francisco-based apartment division of Irvine, CA-based Bascom Group buys the Village Commons Apartments here for $7.76 million, betting that the property will benefit from condo converters who are taking some 700 rental units off the market.

By Brian K. Miller | Updated on May 19, 2005

SAN RAMON, CA-Bascom Northwest Ventures LLC has acquired Village Commons Apartments, a 60-unit property here located across from the San Ramon Golf Club. Built in 1969, Village Commons was 99% leased at the time of sale. Bascom Northwest acquisitions director Court Durling tells GlobeSt.com that in addition to planned improvements to the complex he expects the property to benefit from three Class A apartment communities in the area exiting the rental market this year as for-sale condominiums. The conversions account for nearly 700 of the market’s 3,727 units, he says.Village Commons unit mix is 67% 1-bedroom flats (535 sf to 650 sf) and 33% 2-bedroom, 1.5-bath town homes (1,000 sf). Common amenities include a pool, recreational building, and two laundry facilities. Stratus Real Estate has been retained to manage the property. “A lot of the comps we’ve seen are at $150,000 per door,” says Durling. “That should allow us to execute a rehab and still have a lower cost basis than other properties that have traded.”Bascom Northwest Ventures is an affiliate of The Bascom Group LLC, an Irvine, CA based private real estate Investment Company. So far this year, Bascom Northwest has spent $170 million acquiring 2,200 apartment units in the Bay Area, Seattle and Salt Lake City.

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