Bascom Group Buys SoCal Community
- Aug 01, 2018
The Bascom Group has purchased Island Apartments, a 78-unit community in Pico Rivera, Calif., for $12.6 million, which equates to $160,897 per unit. Brentwood Realty Partners arranged the sale of the transaction and Talonvest secured $9.7 million in financing through California Bank & Trust.
Situated at 8222 Rosemead Blvd., Island Apartments is near interstates 5 and 605, 11 miles from downtown Los Angeles. The area is surrounded by many dining and shopping option and is close to employment centers in Southeast Los Angeles and Orange County, including Kaiser Permanente, Los Angeles County’s Sheriff’s Department, Commerce Casino, Presbyterian Intercommunity Hospital and El Rancho Unified School District.
Built in 1957, the property comprises a mix of studio and one-bedroom units, averaging 417 square feet, featuring private balconies and patios. Community amenities include a swimming pool, laundry facilities and 79 parking spaces. The buyer aims to upgrade the property’s interiors with lighting fixtures, appliances, countertops and paint schemes.
“The property and submarket have seen very little to no new construction of multifamily communities over the past several years. We see this purchase as a great opportunity to complete some modest improvements, yet still offer tenants an attractive and affordable place to live,” said Jim Singleton, vice president of acquisitions at The Bascom Group, in prepared remarks.
In May, The Bascom Group acquired Sunset Cove Apartments for $33 million. The 48-year-old infill community is located in Costa Mesa, Calif.
Image courtesy of Yardi Matrix