Source: The Bascom Group / #Apartments #Multifamily
IRVINE, CA - The Bascom Group, LLC has acquired Four Winds Apartments, a 138-unit garden style community located at 8121 Broadway Avenue, Whittier, California for $13,400,000 or $97,101 per unit. Debt financing was arranged by Brian Eisendrath of CBRE.
Built in 1967, the property consists of nine apartment buildings on a sprawling 5.0-acre lot located in infill Los Angeles. The unit mix is comprised of 1% studio, 22% one-bedroom, 60% two-bedroom and 17% three-bedroom units with fully equipped kitchens and balconies or patios in select apartment homes. Common area amenities include a large entry courtyard, fitness center, clubhouse, as well as two pool areas.
The property is well located in an urban infill setting with direct access to the greater Los Angeles Metro area. With excellent proximity to major employers, transportation corridors, shopping, dining and entertainment along the busy Southwest Industrial Corridor, Four Winds is an attractive choice for Southern California renters.
Chad Sanderson, Principal for Bascom, comments, "We are excited to make our second Southern California multifamily acquisition in the last two months. While we continue to grow our presence nationally, we remain focused on investment opportunities in our own backyard." Adds David Kim, Managing Partner of Bascom, "We see Four Winds as an excellent opportunity to invest in a strong infill location at an attractive price point." Lee Nguyen, Vice President of Operations further comments, "Bascom plans to provide the property with a needed capital infusion that will reenergize the asset and bring new life to the community."