DEAL OF THE DAY: Bascom Finds Value in Golden State, Again
An age-restricted asset is the company's 14th recent California buy.
Fontana, Calif.—The Bascom Group has completed its 14th recent California acquisition with the purchase of an age-restricted independent living community in Fontana. Courtyard Senior Apartments, a 344-unit asset, was acquired for $31.2 million, or $90,552 per unit.
Gary Mozer and Katie Rodd of George Smith Partners arranged the debt financing with One West Bank providing the new loan. Stephen Peters with Melody West was the broker for the sale.
Courtyard Square was built back in 1989. It consists of four three-story, elevator buildings situated on eight-and-a-half acres in central Fontana. The property is minutes from the the new Fontana Senior Center, Main Street Fontana, Fontana Central Library, Kaiser Regional Hospital and Walmart.
As is typical Bascom fashion, a value-add play is in the works.
“Courtyard Senior Apartments is one of the best values we’ve seen in Southern California for some time,” said Scott McClave, senior principal at Bascom. “It represents our third independent senior living community and is a great opportunity for Bascom to expand our presence in this growing market segment. We are excited about the opportunity to enhance the resident experience by upgrading the property through an improved amenity package and services.”
Earlier this month Bascom closed on The Square Apartments, a 112-unit community in Downey, Calif., that was acquired for $25.5 million.
