Bascom Snags San Diego Rental Property
- Oct 13, 2015
A San Diego State University-area apartment community was recently acquired by The Bascom Group in a deal worth approximately $7.6 million. The buyer worked with Talonvest Capital representatives Thomas Sherlock and Kim Leslie to receive debt financing provided by Manufacturers Bank. Local real estate firm ACRE handled the transaction through Rita Lancaster-Hannah.
Known as Courtyard on 68th, the apartment community is located at 4823 68th St. in San Diego. The two-story building totals 38 apartments and occupies a 1.03-acre site. All units are two-bedroom, two-bathroom apartments ranging in size between 950 and 1,200 square feet.
Demand in the area is high, which is indicative of the price that Bascom paid for the 44-year-old asset. The per-unit price boils down to $200,000, while the per-square-foot rate was $194. Rates are high due to the property’s proximity to SDSU.
Following the acquisition, the new owner is ready to carry out an improvement plan that will reposition the property at the higher end of the market’s spectrum.
“Due to minor deferred maintenance, we can put most of our capital dollars into upgrades that will remodel interiors and enhance the community to compete with newer, rental product,” said in prepared remarks James D’Argenio, Principal for Bascom.