OC Value-Add Community Changes Hands
- Jun 20, 2018
The Bascom Group has purchased Sleepy Hollow Apartments, a 25-unit, low-density apartment community located in Anaheim Hills, Orange County. James D’Argenio and Chang Liu sourced and managed the $7.5 million transaction for Bascom. The company arranged the debt financing with Manufacturers Bank.
Located at 124 N. Tustin Ave., Sleepy Hollow Apartments is a 1964-built single-story community situated in a highly desirable infill location. The asset comprises two- and three-bedroom units averaging more than 1,000 square feet. Nearby transportation thoroughfares offer easy access to major employment and recreation centers.
“We are excited about the Sleepy Hollow acquisition due to its value-add potential, low-density, and Anaheim Hills location,” Senior Vice President of Operations Lee Nguyen said, in a prepared statement.
Bascom currently holds 18,305 units in its portfolio and has completed over $1 billion in multifamily transactions throughout the United States over the past 12 months. The company recently purchased another infill community in the same area, Sunset Cove Apartments for $33.3 million.
Image courtesy of The Bascom Group