HUNTINGTON BEACH, CA - The Bascom Group, LLC has acquired Huntington Villas Apartments, a 114-unit apartment community located at 16171 Springdale Street in Huntington Beach, California for $19,000,000, or $166,667 per unit. Gary Mozer and Katie Rodd of George Smith Partners arranged the debt financing with California Bank and Trust providing the new loan. Joe Berkson with Marcus & Millichap, was the broker for the sale.
Built in 1987, the property consists of two three-story buildings situated on two and a half acres in the dynamic Huntington Beach community. The unit mix is comprised of 3% studio, 87% one-bedroom, and 10% two-bedroom units with spacious floorplans, fully equipped kitchens, and patios or balconies. The property is ideally located in an urban infill setting of coastal Orange County—just minutes to local area amenities including the Huntington Pier, Bella Terra Shopping Center, Central Park Library, area hospitals, and Bolsa Chica State Beach.
Scott McClave, Principal for Bascom, comments, "Huntington Villas represents a great opportunity for Bascom to purchase a rare asset in a vibrant coastal Orange County location. We are excited about the opportunity to add value to the community."
Chad Sanderson, Principal for Bascom, adds "Huntington Villas is the sixth multifamily acquisition that we have completed in our second private equity fund. 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. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management.