Lucky Thirteenth for The Bascom Group in California
- Jul 21, 2015
The Bascom Group recently completed its 13th California acquisition, proving that you really can’t have too much of a good thing. The company paid $25.5 million for a garden-style residential asset in the city of Downey, known as The Square Apartments.
Berkadia representatives Shane Shaeffer and Adrienne Barr brokered the transaction while financing for the acquisition was provided by Brian Eisendrath, Brandon Smith and Annie Rice of CBRE Capital Markets. The financing measure consisted of an $18.8 million loan sourced from California Bank & Trust. Property management company Fusion handled management duties for the community until the time of the sale.
Located at 12535 Brookshire Ave, the apartment community offers a total of 112 residential units on a 3.4-acre lot. The complex is comprised of 15 two-story buildings that offer three different floorplans. 38 percent of units at the property are two-bedroom apartments, while 36 percent offer three-bedrooms. The remaining 27 percent are one-bedroom units. The property offers tenants good access to the nearby Imperial Highway, schools, retail and dining.
The Bascom Group is looking to carry out an improvement program at The Square Apartments. According to rentv.com, the 1965-built community will see its interiors and exterior modernized and improved.