IRVINE, CA - The Bascom Group, LLC has acquired Campbell Plaza Apartments, a 121-unit garden style community located at 710 Nido Drive, Campbell, California for $27,600,000 or $228,099 per unit. Bascom worked with Brian Eisendrath of CBRE to arrange the financing for the purchase. California Bank and Trust provided the debt financing for the acquisition.
Built in 1972, the property consists of eight two-story buildings sprawling across nearly four acres in infill Silicon Valley. The unit mix is comprised of 46% one-bedroom, 50% two-bedroom and 4% three-bedroom units with fully equipped kitchens, balconies or patios, as well as abundant storage space. The property is ideally located in an urban infill setting in Silicon Valley – minutes away from the technology capital of the world, offering renters with excellent proximity to major employers, transportation corridors, shopping, dining, and entertainment.
Chad Sanderson, Principal for Bascom, comments, "Campbell Plaza represents a great opportunity for Bascom to own in a strong location, near to one of the best job centers in the country. During our ownership period, we are going to focus on enhancing the property's offering to tenants by upgrading the unit interiors and amenities."
Jerome Fink, Managing Partner of Bascom, adds, "Campbell Plaza is the seventeenth multifamily acquisition that we have completed in the past twelve months. This property plays strongly into our core business model which is to identify well located properties with value-add upside."
The Bascom Group, LLC is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies.
Source: The Bascom Group / #Apartments #Multifamily