TODAY'S DEALS: Bascom Buys California Asset for $20.4M
The Bascom Group acquires a 128-unit community; and Walker & Dunlop provides a $7.5 million financing under Fannie Mae’s early rate-lock program.
Fullerton, Calif.—The Bascom Group LLC has acquired Veranda Apartment Homes, a 128-unit community located in Fullerton, Calif. The transaction was valued at $20.4 million. The property was sold by Fifth Street Partners & Angelo Gordon. CBRE Group Inc. worked to arrange financing for the acquisition. Veranda Apartment Homes represents Bascom’s tenth acquisition in the past 18 months.
“We just don’t see many opportunities to buy major multifamily properties in Orange County,” says Chad Sanderson, principal at Bascom. “Given the spread between current rents and the rents of some of the newer properties in the area, we see a clear opportunity to build on the foundation laid by the seller. We have a renovation plan to invest additional capital into interior upgrades along with exteriors, additional amenities, and interior courtyards.”
Veranda Apartment Homes was built in 1985, and consists of nine buildings and structured parking. The asset is comprised of 84 percent two-bedroom units.
Walker & Dunlop provides $7.5M financing under Fannie Mae’s early rate-lock
Corona, Calif.–Walker & Dunlop LLC announced that it recently provided $7.5 million in financing for Parkridge Meadows, a garden-style residential apartment community located in Corona, Calif.
The refinance loan was structured with a 10-year term and a 30-year amortization under Fannie Mae’s Early Rate Lock Program. The loan was underwritten to a 75 percent loan-to-value with a 1.3 Debt-Service Coverage ratio. Walker & Dunlop rate locked the transaction within 17 business days of receiving the signed application from the borrower.
Parkridge Meadows is an 89-unit apartment development built in 1984, situated on over four acres. The multifamily property offers one- and two-bedroom floor plans in 12 residential buildings and one single family residence located adjacent to the apartments.
Units feature ceiling fans and patios or balconies. Property amenities include an outdoor swimming pool, spa, barbeque area and a laundry facility. Parkridge Meadows was over 97 percent leased at closing.