IRVINE, CA - The Bascom Group has acquired Atrium Apartments, a 39-unit apartment community in El Monte, California. Atrium was built in 1963 and is located at 3733 Gibson Road, El Monte, CA 91731. Bascom purchased Atrium for $9,700,000, or $248,718 per unit or $312.00 per square foot. Priscilla Nee and Eric Chen with CBRE brokered the transaction. James D'Argenio and Chang Liu sourced and managed the acquisition for Bascom.
Since 1996, Bascom and its affiliates have acquired 331 multifamily properties throughout the United States, totaling more than 85,000 units. Atrium marks Bascom's 39th multifamily property closed in Los Angeles County and its 169th multifamily property closed in California. In the past twelve months, Bascom has completed over $1.5 billion in multifamily transactions throughout the United States.
Bascom's Senior Principal, James D'Argenio, stated, "We have an attractive acquisition basis relative to other apartment offerings we've tracked in Southern California over the past year. The seller delivered the building in excellent condition with a proven upgrade plan that we'll continue during our ownership."
Tim Whiting, Senior Vice President of Portfolio Operations, added, "The San Gabriel Valley was extremely resilient during the economic recession and very little new multifamily construction has been delivered since then. The sustained transformation of downtown Los Angeles will continue to put rental pressure on neighboring submarkets, like the San Gabriel Valley, as renters search for quality, workforce housing near major business districts."
Located in El Monte, Atrium provides ideal access to major economic centers and dynamic cores, including downtown Los Angeles, Arts District, Pasadena, Commerce, City of Industry and Long Beach. Since 2014, El Monte has facilitated 2.88 million square feet of commercial development projects in a concerted effort to transform El Monte into a leading, local economy in the San Gabriel Valley. The San Gabriel Valley is a dynamic region with a host of major job producing industries, including education, healthcare, manufacturing, and tourism. Atrium will continue benefitting from the region's economic growth and strong multifamily fundamentals fueled by robust population growth and rising median household income. A diverse industry base combined with El Monte's growth agenda will continue lifting the demand for quality, workforce housing.