Bascom Group Buys South Bay Community
- May 03, 2017
By Ariela Moraru
Bascom Group LLC has acquired Harvard Villa Apartments, a 64-unit infill community located in the South Bay Los Angeles city of Torrance, Calif. The group’s James D’Argenio and Chang Liu sourced and managed the $14 million acquisition. Erich Pryor and Thomas Sherlock with Talonvest Capital secured a $11.5 million loan from TCF National Bank. Hooman Emanuel of Emanuel Real Estate Group represented the seller. The new owner plans to bring upgrades to the 1985 property.
Located at 20341 Harvard Blvd., less than 5 miles from the Pacific Ocean and near interstates 405, 110, 710, 105 and Pacific Coast Highway, Harvard Villa features one-bedroom and two-bedroom units. The asset is close to retail amenities including a local Walmart. According to Yardi Matrix, the two-story property had a 95 percent occupancy rate as of March 2017. Private owner Helen Ross purchased the asset at the end of 2005 for $6 million.
Top employers within a 30-minute commute include Honda North America, Boeing Satellite Systems, Raytheon, AT&T Entertainment Group, Harbor-UCLA Medical Center, Xerox, Mattel and the Port of Los Angeles. Toyota’s former 110-acre corporate campus, located a block from the property, is currently being marketed for sale, with the list of prospective buyers including Amazon, Tesla and Space X.
“Harvard Villa was a rare off-market acquisition opportunity with tremendous operational and physical upside. The seller was a long-term, private owner. Bringing in professional third-party management will boost resident services immediately. We are excited about the area’s potential for job creation and revitalization when Toyota’s campus is sold, redeveloped and occupied with a new user,” said Bascom’s Senior Principal D’Argenio in prepared remarks.
Harvard Villa marks the company’s 37th multifamily property closed in Los Angeles County and its 167th multifamily property closed in California. Recently, Bascom Group has acquired a $94 million community located in the heart of Orange County. The company has acquired $1.3 billion in multifamily properties throughout the United States in the past year.
Image courtesy of Bascom Group