BAKERSFIELD, Calif., June 12, 2012 /PRNewswire/ -- Irvine, California-based The Bascom Group, LLC has acquired the Autumn Glen and Serena Vista Apartments, a two-property portfolio, consisting of 250 units in Bakersfield, California, for $18.7M. The sale closed on June 8, 2012 and expanded Bascom's presence in Bakersfield to 487 units and expands the Central Valley portfolio to 10 properties totaling 1,401 units, ranking Bascom as the largest owner in Bakersfield and the Central Valley. The onsite property management will be overseen by AMC.
Andrew Newton, Principal of Bascom, commented, "These properties mark the 15th acquisition Bascom has completed in the past year and continues our plan of acquiring and repositioning value added multifamily communities in our target markets. Although institutional investors have been reluctant to invest in secondary markets, Bakersfield has multifamily occupancies in the high 90%s range and strong recent rental growth."
Autumn Glen is an apartment community consisting of 120 units. Built in 1970 the community is organized into 35 low-density buildings. The community is spread over 6.7 acres, creating a comfortable density level of 17.9 units to the acre. The property has an excellent unit mix featuring 34% 2BD, 44% 2BD Townhomes and 22% 3BD units with an average size of 930 square feet. Units include private balconies and patios, walk-in closets, central A/C and heating, ceiling fans, gas stoves, and refrigerators. Community amenities include a swimming pool with spa, laundry facilities, and children's playground.
Serena Vista Apartments is an apartment community consisting of 130 units. Built in 1972 the community is spread over 6.3 acres, creating a comfortable density level of 20.7 units to the acre. The property has an excellent unit mix featuring 23% 1BD, 42% 2BD and 35% 3BD units with an average size of 919 square feet. Units include central A/C and heating, ceiling fans, electric stoves and ovens, and spacious kitchen pantries. Community amenities include secure gated access, fully equipped fitness center, clubhouse, swimming pool, children's playroom, picnic areas, laundry facilities, and 2 children's playgrounds.
About The Bascom Group, LLC: The Bascom Group, LLC (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 $6.5 billion in multi-family and commercial value-added transactions since 1996 including more than 200 multifamily properties and 55,000 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 subsidiaries also include Premier Business Centers (www.pbcenters.com), the largest privately held executive suite company in the U.S.
For additional information regarding this acquisition, please contact:
Principal - Acquisitions
The Bascom Group
26 Corporate Park Drive, Suite 200
Irvine, CA 92606
Tel: 949-955-0888 ext. 17
This press release was issued through eReleases® Press Release Distribution. For more information, visit http://www.ereleases.com.
SOURCE The Bascom Group, LLC