Bascom Group Finds Green Pastures in Redlands
An Inland Empire community is the firm's 37th multifamily buy in just the past 12 months.
By Dees Stribling
Del Flora Apartments
Redlands, Calif.—In a $22.2 million deal, The Bascom Group has acquired Del Flora Apartments, a 152-unit garden-style property in Redlands, Calif. The community was built in 1989 and consists of 23 buildings, situated on 7.4 acres.
Located at 30598 Independence Ave., Del Flora offers one- and two-bedroom apartments that account for 37 percent and 63 percent of the property’s units, respectively. Common amenities include a pool, fitness center, clubhouse and tennis court.
According to Bascom senior principal Chad Sanderson, Del Flora is an attractive choice for Inland Empire renters, offering proximity to major employers like the University of Redlands and its 4,500 students. “Del Flora has great potential as jobs and economic fundamentals in the region continue to strengthen,” he noted.
Redlands, a city in San Bernardino County, has experienced substantial growth over the past decade and a half. Since 2000, its population has grown from about 63,500 to 70,000, according to Census Bureau estimates.
Bascom is in a buying mode. Del Flora marks the 37th apartment acquisition for the Irvine, Calif.-based private equity firm in the past 12 months. The investor typically seeks value-added and distressed properties and repositions them through capital improvements.
Tyler Martin of ARA Newmark arranged the sale, while  with CBRE’s Brian Eisendrath and Annie Rice secured a $16.9 acquisition loan from CIT Bank.
