Bascom Nabs 138-Unit Apartment Community in SoCal
- Apr 04, 2014
Whittier, Calif.—The Bascom Group has acquired Four Winds Apartments, a 138-unit garden-style community located about 12 miles southeast of Los Angles in Whittier, Calif. The purchase price was $13.4 million, or $97,191 per unit. As is common with Bascom purchases, CBRE’s Brian Eisendrath provided debt financing.
The 1967-built property features nine apartment buildings on a 5-acre lot. The unit mix consist of 1 percent studios, 20 percent one-bedrooms, 60 percent two-bedrooms and 17 percent three-bedrooms.
“We see Four Winds as an excellent opportunity to invest in a strong infill location at an attractive price point,” says David Kim, managing director of Bascom.
The company has plans to provide the property with a capital infuse to freshen things up.
Charles Dunn completes $2.7M sale of Los Angeles asset
Los Angeles—An eight-unit asset has traded hands for $2.7 million in Los Angles. Charles Dunn handled the sale of 1937 Pelham Ave. in L.A.’s Westwood submarket. The buyer was Chateau Pelham LLC, the seller was 1937 Pelham LLC. The closing cap rate was 4.2 percent. The 1961-built property consists of four one-bedroom units and four two-bedroom units.
“The buyer owns other multifamily properties in the area and wanted to expand his portfolio. With such a low turnover of apartment buildings in the prime Westside market, this was a rare opportunity for the buyer to acquire a luxuriously renovated turnkey property that will appreciate in value as rents continue to rise in the local area,” says Ramin Gheitanchi of Charles Dunn, who specializes in the west Los Angeles market.
Centerline Capital arranges $4M Fannie Mae financing for acquisition in Boston area
New York—Centerline Capital Group announced it has provided a $4 million Fannie Mae loan to facilitate the acquisition of a multifamily apartment property located in Lynn, Mass.
Constructed in 1900, South Common Apartments is a 72-unit multifamily property, located at 132-138 South Common Street and 1-4 Fosdick Terrace. The property’s site and buildings are contiguous but separate addresses are noted for each building and entryway.
The borrower is a Massachusetts limited liability company that was formed to acquire the property. Terms of the loan are 10-years with a 30-year amortization.
“The seller has invested approximately $144,000 in capital improvements over the last six years including installation of new roofs for three of the buildings, new hot water systems, common area carpet, common area painting, smoke detector re-wire, boiler replacement, and interior renovation of approximately 13 percent of the units,” notes Rick Warren, managing director, Mortgage Banking at Centerline Capital Group. “The property is currently 97% occupied and in good condition.”
“The South Common Apartment complex is located in Lynn, a suburban market 10 miles north of the city of Boston,” adds Darrell Clark, senior vice President, Mortgage Banking at Centerline. “Close proximity to the Massachusetts Bay and the Atlantic Ocean makes Lynn a desirable place to live and within easy commuting distance to downtown Boston.”
South Commons consist of four, three-story apartment buildings. The unit mix includes 12 studio units, 35 one-bedroom, one-bathroom apartments, 22 two-bedroom, one-bathroom units and three three-bedroom, one-bathroom apartments.
“Lynn is also stable submarket that has exhibited strong occupancy and moderately increasing rents. These factors and underlying real estate fundamentals made this a good deal for Centerline,” Clark says.