Bascom Expands in L.A. County with Downey Purchase
- Aug 14, 2015
By Alex Girda, Associate Editor
Irvine-based The Bascom Group recently expanded its multifamily portfolio with a purchase in the southeastern end of L.A. County. Bascom acquired the community known as The Square from BB & K NNC Brookshire Square LLC led by a managing member of NNC Apartment Ventures. The $25 million deal was arranged by Berkadia Senior Director Shane Shafer and Managing Director Adrienne Barr.
Located at 12517-12567 Brookshire Ave. in Downey, The Square is a 112-unit multifamily community. The unit mix at the property consists of one-, two- and three-bedroom apartments with in-unit features such as fully equipped kitchens, balconies of patios, ceiling fans, cable and internet access, fireplaces, and vaulted ceilings. The resident amenity package includes a common laundry room, as well as a central garage. Around 97 percent occupied at the time of the sale, slightly under the county average, the community is set to undergo a number of improvements as rents continue their rise in the area.
Built in 1965, the multifamily asset offers access to the Imperial Highway and Interstate Routes 105,710, 605 and 5. Major employers in the Downey area include Kaiser Permanente Downey Medical Center, Downey Unified School District and Los Angeles County Office of Education. The nearby Downey Landing Shopping Center offers residents proximity to retailers such as Best Buy, Staples, Old Navy and Bed Bath and Beyond.