Source: The Bascom Group / #Apartments #Multifamily
IRVINE, CA - The Bascom Group has acquired The Square Apartments, a 112-unit garden style apartment community located at 12517 Brookshire Avenue, Downey, California. The $25.5 million sale closed on July 14, 2015. This marks Bascom's 13th recent California acquisition. Shane Shaeffer and Adrienne Barr of Berkadia were the brokers for the sale. Brian Eisendrath, Brandon Smith and Annie Rice of CBRE Capital Markets arranged the $18.8 million loan with California Bank & Trust.
The community was built in 1965 and consists of 15 two-story buildings situated on 3.4 acres. Rental offerings include a range of one-bedroom through three-bedroom floor plans, with one-bedrooms accounting for 27% of the total units, two-bedroom and three-bedroom units accounting for 38% and 36% respectively. The Square offers an attractive floorplan mix coupled with large units. Bascom plans to implement a modest renovation program to update the property interiors and modernize the look of the exteriors.
Chad Sanderson, Principal for Bascom states, "The Square is a very well located property with access to strong job centers, schools, and numerous retailers. The area continues to gentrify as evidenced by the ongoing retail development projects along with the growing number of young professsionals and families relocating to the City of Downey."
Tim Whiting, Senior Vice President of Bascom, comments, "The property consists of a majority of two and three-bedroom floorplans. It is one of the few properties in the area that offers residents large floor plans with garages. This is an ideal property for families located within walking distance to neighborhood parks and quality schools."