IRVINE, CA - The Bascom Group, LLC, has acquired Amabel Townhomes, a 13-unit community located at 309 Amabel Street, Los Angeles, California, for $2,300,000 or $176,923 per unit and $179 per square foot. Debt financing was provided by Banc of California and arranged by Jonathan Wintner and Olga Alworth of Meridian Capital Group. This is the first acquisition under Bascom's new Private Capital Platform, which focuses on buying smaller, value-add multifamily properties in infill locations in Southern California with accredited investors.
Built in 1988, the property consists of two apartment buildings located in the integrating northeast Los Angeles submarket. The unit mix is comprised of all two-story two bedroom, one and a half bathroom townhome units. The average unit size is approximately 975 square feet with additional exterior storage space for each unit and parking for each bedroom. With original interior finishes still in place, renovation plans include modernizing units with an upgrade package that will compete with class "A" properties in surrounding neighborhoods. The property's location provides tremendous access to major job centers and nightlife hubs in Los Angeles, with the Heritage Square Gold Line Station blocks from the property. York Street, Downtown, Chinatown, Old Town Pasadena, Little Tokyo, the Arts District, and South Park are all accessible via the metro rail system.
Utilizing equity from accredited individuals and family offices, the new platform will acquire smaller, value-add deals and apply the same reposition and oversight procedures that are used at the institutional property size level. James D'Argenio, Principal for Bascom, comments, "The Southern California multifamily market is very fragmented with the majority of apartment housing stock under 50 units. Many of these properties were built in the 1960s through 1980s and are located in highly desirable infill locations. We have another value-added community under contract for the new platform and can hopefully pick up a few more this year."
Lee Nguyen, Senior Vice President - Operations for Bascom further adds, "We are excited about the acquisition and looking forward to kicking off renovations. We plan on upgrading the units to provide new quality finish including new appliance package, new countertops, cabinet faces, hardwood flooring and other cosmetic upgrades."