Source: The Bascom Group / #Apartments #Multifamily
SAN DIEGO, CA - The Bascom Group acquired Courtyard on 68th, a 38-unit apartment community located at 4823 68th Street in San Diego, California for $7,600,000 or $200,000 per unit or $194.00 per square foot.
Thomas Sherlock and Kim Leslie of Talonvest Capital arranged the debt financing with Manufacturers Bank providing the new loan. Rita Lancaster-Hannah with ACRE brokered the transaction.
Built in 1971, the property consists of a two-story building situated on 1.03 acres. The unit mix is 100% two bedroom, two bathroom units ranging in size from 950 square feet to 1,200 square feet.
Courtyard is located one mile from San Diego State University in a high demand rental market that provides residents access to the major employment centers of California's second largest municipality. Bascom will implement a renovation plan that will enable Courtyard to compete with existing high-end rental product nearby.
James D'Argenio, Principal for Bascom, comments, "Due to minor deferred maintenance, we can put most of our capital dollars into upgrades that will remodel interiors and enhance the community to compete with newer, rental product."
Lee Nguyen, Senior Vice President for Bascom, adds "We're acquiring a well located, stabilized building that is ready for renovations in an expanding San Diego economy. Our San Diego projects have performed well over the years so we are excited about the project."