Source: The Bascom Group / #Apartments #Multifamily
LONG BEACH, CA - The Bascom Group, LLC has acquired Rose Villas Apartments, an 18-unit community located at 1207 Rose Avenue, Long Beach, California for $2,705,610 or $150,312 per unit and $204 per square foot. This is the third 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. Debt financing was provided by CTBC Bank Corp. (USA). Mashcole Property Management has been hired for third party property management. Kevin Kawaoka with NAI Capital represented both sides in the transaction.
Built in 1987, the property is a two-story building with a courtyard located in the rapidly developing submarket of Long Beach. The unit mix is comprised of four one-bedroom, one-bath units and fourteen two-bedroom, two-bath units. The average unit size is approximately 722 square feet with gated parking for each bedroom onsite. With original interior finishes still in place, renovation plans include modernizing units with an upgrade package that will compete with well-finished properties in the surrounding neighborhoods. The property's location allows residents easy access to Long Beach's downtown district and up-and-coming neighborhoods like the Broadway corridor, which continues to attract boutique eateries, bars, and coffee shops looking to serve young professionals and "creative-types" moving to the area.
Utilizing equity from accredited individuals and family offices, Bascom's Private Capital Platform is acquiring smaller, value-add deals and applying the same reposition and oversight procedures that are used at the institutional property size level. James D'Argenio, Principal for Bascom, comments, "Long Beach is experiencing a wave of economic development and revitalization that makes Rose Villas an ideal acquisition for our new Platform. We target infill, Southern California markets where large scale investment is being made in the community." Lee Nguyen, Senior Vice President - Operations for Bascom, further adds, "The apartment fundamentals in Long Beach are something that we value highly. Occupancy levels are in the high nineties, making it one of the tightest rental markets in Southern California, and are projected to remain stable or increase slightly over the next two years."