Juniper Terrace Latest Asset to Be Acquired by Bascom
- Apr 25, 2016
Escondido, Calif.–Juniper Terrace in Escondido is the latest property to become part of The Bascom Group’s multifamily portfolio. The company purchased the asset for $7.7 million, in a deal arranged by a CBRE team led by Eric Comer. Financing for the property was provided by Olga Alworth with Meridian Capital through Manufacturers Bank.
Located at 1580 South Juniper St. in Escondido, the community offers 43 residential units. The 43-year-old asset consists of low-density, single-family home-style units with an average size of 1,039 square feet. All units are two-bedroom, two-bathroom apartments that offer expansive views of their surroundings, a four-acre hillside plot of land.
Residents have access to an amenity package consisting of a pool with a Jacuzzi, a rec room, as well as a leasing office. According to the press statement announcing the transaction, Bascom is ready to put the property through an extensive upgrade program. “Due to minor deferred maintenance, we can put most of our capital dollars into upgrades that will remodel interiors and enhance the community”, Bascom Principal James D’Argenio pointed out.
With the submarket currently in improvement in terms of rents- averages have gone up in Escondido by 6.7 percent year-over-year. The property is poised to benefit from strengthening market conditions in the San Diego market and increased demand that has already pushed vacancy to 3.3 percent.
Image courtesy of The Bascom Group