Bascom Closes 138-Unit Apartment Community in Whittier, California
IRVINE, Calif., April 4, 2014 /PRNewswire/ -- The Bascom Group, LLC has acquired Four Winds Apartments, a 138-unit garden style community located at 8121 Broadway Avenue, Whittier, California for $13,400,000 or $97,101 per unit. Debt financing was arranged by Brian Eisendrath of CBRE.
Built in 1967, the property consists of nine apartment buildings on a sprawling 5.0-acre lot located in infill Los Angeles. The unit mix is comprised of 1% studio, 22% one-bedroom, 60% two-bedroom and 17% three-bedroom units with fully equipped kitchens and balconies or patios in select apartment homes. Common area amenities include a large entry courtyard, fitness center, clubhouse, as well as two pool areas. The property is well located in an urban infill setting with direct access to the greater Los Angeles Metro area. With excellent proximity to major employers, transportation corridors, shopping, dining and entertainment along the busy Southwest Industrial Corridor, Four Winds is an attractive choice for Southern California renters.
Chad Sanderson, Principal for Bascom, comments, "We are excited to make our second Southern California multifamily acquisition in the last two months. While we continue to grow our presence nationally, we remain focused on investment opportunities in our own backyard." Adds David Kim, Managing Partner of Bascom, "We see Four Winds as an excellent opportunity to invest in a strong infill location at an attractive price point." Lee Nguyen, Vice President of Operations further comments, "Bascom plans to provide the property with a needed capital infusion that will reenergize the asset and bring new life to the community."
About The Bascom Group, LLC: The Bascom Group, LLC (http://www.bascomgroup.com) is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom has completed over $8.5 billion in multi-family and commercial value-added transactions since 1996 including more than 240 multifamily properties containing over 64,500 units. Bascom currently ranks among the top 50 multifamily owners in the US. Bascom's subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, Bascom Portfolio Advisors, Shubin Nadal Associates, Spirit Investors, Bascom Northwest Ventures, Bascom Arizona Ventures, and the Realm Group. Bascom's subsidiaries also include Premier Business Centers, the largest privately held executive suite company in the US.
If you would like to schedule an interview with one of the partners, please call Chad Sanderson (949-955-0888 ext 23) or e-mail.
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SOURCE The Bascom Group