SANTA ANA, CA - The Bascom Group, LLC has acquired Southtown at Main Apartments, a 44-unit apartment community with 4 retail tenant spaces located at 2140 South Main Street, Santa Ana, California for $8,550,000. A new loan was financed by CTBC Bank. Peter Hauser and Shane Shafer with Berkadia brokered the transaction.
Built in 1988, the property consists of a four-story building situated on 0.88 acres in the rapidly changing community of Santa Ana. The unit mix is comprised of 9% studios, 57% one-bedroom, and 34% two-bedroom units with fully equipped kitchens and patios or balconies. Southtown at Main also includes 4 ground floor retail spaces totaling 6,759 square feet. The property is ideally located in central Santa Ana— residents are just minutes away from retail, entertainment and employment. Southtown at Main Apartments is located 1.5 miles from the 55 freeway which connects residents to all of Orange County.
James D'Argenio, Principal for Bascom, comments, "We acquired a unique, Orange County apartment building at a great basis that is positioned well to compete with newer product after renovations."
Lee Nguyen, Senior Vice President for Bascom, adds "The Santa Ana submarket is transforming and providing an Orange County urban living option for young professionals. Bascom will focus renovation capital primarily on interiors and cosmetic exterior upgrades."
The Bascom Group is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom has completed over $9.5 billion in multi-family and commercial value-added transactions since 1996 including more than 250 multifamily properties containing over 69,000 units. Bascom has ranked among the top 50 multifamily owners in the US.
Source: The Bascom Group / #Apartments #Multifamily