Source: The Bascom Group / #Apartments #Multifamily
FONTANA, CA - The Bascom Group acquired the Courtyard Senior Apartments, a 344-unit independent living senior apartment community located at 8185 Palmetto Avenue in Fontana, California for $31,150,000, or $90,552 per unit. Gary Mozer and Katie Rodd of George Smith Partners arranged the debt financing with One West Bank providing the new loan. Stephen Peters with Melody West was the broker for the sale.
This marks Bascom's 14th recent California acquisition and comes on the heels of the closing earlier this month of The Square Apartments, a 112-unit garden style apartment community located at 12517 Brookshire Avenue, Downey, California for $25.5 million.
Built in 1989, Courtyard Senior Apartments consists of four elevator serviced three-story buildings situated on eight and a half acres in the rapidly growing community of Fontana. The unit mix is comprised of 62% one-bedroom one-bath, 10% two-bedroom one-bath, and 28% two-bedroom two- bath units with fully equipped kitchens and patios or balconies. The property is ideally located in central Fontana— residents are just minutes away from local area amenities including the new Fontana Senior Center, Main Street Fontana, Fontana Central Library, Kaiser Regional Hospital, and Walmart.
Scott McClave, Senior Principal for Bascom, comments, "Courtyard Senior Apartments is one of the best values we've seen in Southern California for some time. It represents our third independent senior living community and is a great opportunity for Bascom to expand our presence in this growing market segment. We are excited about the opportunity to enhance the resident experience by upgrading the property through an improved amenity package and services."
Julie Schoenbachler, Senior Vice President for Bascom, adds "Bascom plans to implement a renovation program to address many deferred issues associated with the senior apartment community and create a strong enhancement program after understanding the residents' needs and desires."