Bascom Buys 2 in LA
Walker Dunlop Capital Markets arranged debt financing for the acquisition.
The Bascom Group has acquired a multifamily portfolio in Los Angeles for $52.5 million, or $375,000 per unit. The seller was NMS Properties, according to Yardi Matrix. The two adjoining properties are in the city’s Northridge neighborhood in Central San Fernando Valley.
The 102-unit NMS Northridge, located at 9710 Zelzah Ave., offers two-bedroom units that average 900 square feet. The four-building property was constructed in 1987, with unit amenities including vaulted ceilings and above-standard ceiling heights, private balconies/patios, microwaves and washer/dryer in select units. Resident amenities include controlled access, private entry, a fitness center, a clubhouse, a swimming pool and four laundry facilities.
The 26-unit NMS Superior, located at 17809 Superior St., offers mostly one- and two-bedroom units. Some apartment features include dishwashers, stainless steel appliances, hardwood-style floors and private balconies in select suites. Resident amenities include controlled access, a fitness center, a sauna, a recreation room with billiards table, a swimming pool and hot tub.
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Bascom intends to rebrand the properties to appeal to a younger, tech-savvy resident base, according to a release. It also intends to upgrade the amenities at both properties, with the effort including interior unit renovations.
The properties are situated next to each other at the intersection of Zelzah Avenue and Superior Street, adjacent to California State University – Northridge.
Brightspire Capital provided the debt financing for the acquisition, which was arranged by Mark Strauss and Rob Quarton with Walker Dunlop Capital Markets. Apartment Management Consultants will provide property management services for the newly acquired portfolio.
Bascom has acquired 95 multifamily properties with 15,808 units in Southern California, with 39 of those properties and 5,952 units located in Los Angeles County.