Bascom Group Nabs $94M Orange County Community
The company plans to upgrade and modernize the 406-unit infill asset, which was built in 1972.
Santa Ana, Calif.—The Bascom Group LLC acquired Villas at Tustin Apartments, a 406-unit infill apartment community located in the heart of Orange County. Sean Deasy and Ryan Fitzpatrick of HFF were the listing brokers for the $94-million sale, which represents $231,527 per unit. Charles Halladay and Jamie Kline of HFF arranged a $66.5-million loan with California Bank & Trust.
Located at 2414 N. Tustin Avenue, Santa Ana, Calif., the property provides easy access to the 55, 22, 91 and 5 freeways and nearby major employment centers in Orange, Tustin, Irvine, and Anaheim. Big companies such as Xerox, T-Mobile, and CoreLogic have regional offices or headquarters in the South Coast Metro. The community is minutes from major retail centers including Tustin Marketplace, The District at Tustin Legacy, and South Coast Plaza. According to Yardi Matrix, the property operated at 98.5 percent occupancy last month. Property amenities include a fitness center, swimming pool and spa.
The company plans to modernize the interiors and exteriors of the 1972 community. “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,” said Lee Nguyen, senior vice president of Bascom, in prepared remarks.
This is Bascom’s 21st Orange County multifamily asset and its 166th multifamily property closed in California. Over the past 12 months Bascom has acquired $1.3 billion in multifamily properties throughout the United States.
Image courtesy of Bascom Group