Bascom Closes on 138-Unit Community in Whittier, Calif.
- Apr 07, 2014
Irvine, Calif.—The Bascom Group LLC has announced that it has acquired Four Winds Apartments in the South Los Angeles County city of Whittier, Calif. for a price of $13.4 million or $97,101 per unit. The 138-unit, garden-style community is located at 8121 Broadway Avenue in Whittier and marks The Bascom Group’s second purchase in Southern California in that past two months. Debt financing for the acquisition was arranged by CBRE’s Brian Eisendrath.
The community was built in 1967 and consists of nine buildings situated on 5 acres. Rental offerings include a spread of studio through three-bedroom floor plans, with studio’s accounting for 1 percent of the total units, one-bedroom units accounting for 22 percent and two- and three-bedrooms accounting for 60 and 17 percent, respectively.
Residences feature fully equipped kitchens and balconies or patios in select units. Community amenities include a large entry courtyard, clubhouse, fitness center and two swimming pools. The community, located in an urban infill setting near Interstates 605 and 5, allows for convenient commutes to major employment and entertainment hubs located throughout the greater Los Angeles and Orange County metro areas.
“We are excited to make our second Southern California multifamily acquisition in the last two months,” says Chad Sanderson, principal for The Bascom Group. “While we continue to grow our presence nationally, we remain focused on investment opportunities in our own back yard.”
Lee Nguyen, vice president of operations at Bascom, says that Bascom intends to infuse capital into the property, which he hopes will “reenergize the asset and bring new life to the community.”