Bascom Acquires Alhambra Apartments
The property was purchased as part of a $32.6 million portfolio.
By Dees Stribling, Contributing Editor
Alhambra, Calif.—Bascom San Francisco has acquired the 109-unit Villa Del Rey Apartments at 1801 W. Garvey Ave. in Alhambra, Calif. The property was purchased as part of a $32.6 million portfolio that also included two Southern California retail properties, with the specific price of each undisclosed.
Villa Del Rey is a three-story apartment community with 109 units. Completed in 1972, the asset consists of two buildings located on 2.86 acres. The property, which is about 10 miles east of downtown Los Angeles, is 96 percent occupied.
Common amenities include a pool and fitness center, laundry facilities and central courtyard with water features. Units at Villa Del Rey have floorplans with fireplaces and private patios, and many sport views of the San Gabriel Mountains.
Bascom senior vice president-operations Paul Diamond noted that the “acquisition of Villa del Rey continues our desire to own and operate strong, infill locations in California.” He further characterized the San Gabriel Valley is a “very desirable apartment market with limited new construction and strong demand.”
Michael E. Washington of KW Commercial – Pasadena represented the buyers, Bascom, and David K. Hyun of Coldwell Banker George Realty represented the sellers, Japanese Village Plaza LTD. Commerica Bank provided debt financing, which was arranged by Troy Tegeler, Trevor Breaux and Jeff Tong of CBRE Capital Markets. American Management Consulting has taken over management of the property.
