Source: The Bascom Group / #Apartments #Multifamily
SAN FRANCISCO, CA - Bascom San Francisco has acquired the 109-unit Villa Del Rey Apartments at 1801 W. Garvey Avenue, Alhambra, CA 91803. The property was purchased as part of a $32,600,000 portfolio with two other Southern California retail properties.
Michael E. Washington - KW Commercial – Pasadena represented the buyer and David K. Hyun - Coldwell Banker George Realty – Arcadia represented the seller on the transaction. Debt financing was provided by Comerica Bank and arranged by Troy Tegeler, Trevor Breaux and Jeff Tong of CBRE Capital Markets. American Management Consulting ("AMC") has taken over management of the community as of the closing date.
Villa Del Rey is a three-story apartment community containing 109 apartment homes. Completed in 1972, the property consists of two buildings and is located on 2.86 acres. The property was 96% occupied at closing. It showcases convenient on-site amenities such as a pool and fitness center, laundry facilities and central courtyard with water features. Homes at Villa Del Rey have efficient floorplans with fireplaces and private patios and many with views of the San Gabriel Mountains. The community is located approximately 10 miles east of Downtown Los Angeles.
Calvin Ruan, Principal for Bascom San Francisco, LLC, comments, "The principals of Bascom San Francisco continue their focus on the greater Los Angeles market for new opportunities along with markets closer to their San Francisco based office including the Bay Area and Sacramento." Paul Diamond, Senior Vice President-Operations, added "The acquisition of Villa del Rey continues our desire to own and operate strong, infill locations in California. The San Gabriel Valley is a very desirable apartment market with limited new construction and strong demand."