IRVINE, Calif., April 3, 2017 /PRNewswire/ -- The Bascom Group, LLC ("Bascom") has acquired Villas at Tustin Apartments ("Villas at Tustin"), a 406-unit infill apartment community located in the heart of Orange County, California. The $94.0 million sale ($231,527/unit) closed on March 28, 2017. Sean Deasy and Ryan Fitzpatrick of HFF were the listing brokers for the sale. Charles Halladay and Jamie Kline of HFF arranged the $66.5 million loan with California Bank & Trust.
Villas at Tustin was constructed in 1972 and is located at 2414 N. Tustin Avenue, Santa Ana, California. Chad Sanderson, Senior Principal for Bascom states "Villas at Tustin is one of the best investment opportunities we have seen in Orange County. Villas is in a great location with easy access to the 55, 22, 91, and 5 freeways. This is extremely attractive to potential tenants. We are excited to modernize Villas at Tustin's interiors and exteriors to allow the property to compete with newly-constructed Class A properties."
Villas at Tustin marks Bascom's 21st multifamily property closed in Orange County and its 166th multifamily property closed in California. Over the past twelve months Bascom has acquired $1.3 billion in multifamily properties throughout the United States.
Villas at Tustin is conveniently located near major employment centers in Orange, Tustin, Irvine, and Anaheim. Several notable companies house regional offices or are headquartered in the South Coast Metro, including Xerox, T-Mobile, and CoreLogic. Villas at Tustin is minutes from major retail centers, including Tustin Marketplace, The District at Tustin Legacy, and South Coast Plaza, which offer a combined 5.3 million square feet of retail space.
Lee Nguyen, Senior Vice President of Bascom, comments "The South Coast Metro continues to be a strong draw to younger generations of tenants. To appeal to this group, we plan to give a modern update to Villas at Tustin's unit interiors and property amenities. Villas at Tustin presents a strong value-add opportunity in a location we are very excited about."
About Bascom: The Bascom Group, LLC 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, founded by principals Jerry Fink, David Kim, and Derek Chen, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Bascom has completed over $13 billion in multi-family and commercial value-added transactions since 1996 including more than 306 multifamily properties containing over 80,000 units. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom's subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, Bascom Portfolio Advisors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, MHF RM Holdings, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Venture Partners, and the Realm Group. Bascom's subsidiaries also include Premier Business Centers, the largest privately held executive suite company in the U.S. For additional information, please visit www.bascomgroup.com.
Contact: Chad Sanderson
Tel: 949-955-0888 ext. 23
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SOURCE The Bascom Group, LLC