ESCONDIDO, CA - The Bascom Group has acquired Juniper Terrace, a 43-unit apartment community located at 1580 South Juniper Street in Escondido, California for $7,700,000 or $179,070 per unit or $172.00 per square foot. Olga Alworth with Meridian Capital arranged the debt financing and Manufacturers Bank provided the new loan. Eric Comer with CBRE brokered the transaction.
This marks the ninth acquisition in Southern California for the Bascom Group in the past 12 months.
Built in 1973, the property is truly unique with a host of interior and exterior amenities. Sitting on four hillside acres, Juniper offers residents low-density, single-family home style living with oversized apartments and expansive views. The unit mix is 100% two bedroom, two bathroom units averaging 1,039 SF. The spacious floor plans, coupled with private two-car garages, produces the feel of a single-family home community. Juniper's outside amenities include a pool and jacuzzi, recreation room, and leasing office. Bascom's planned modernization program will remodel the interiors and enhance the amenities, exterior, and overall curb appeal.
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."
Escondido's apartment market continues to strengthen as rents increased 6.7% from 4Q14 to 4Q15. The vacancy rate is currently 3.3%. Roadblocks to home ownership and below-average vacancy rates will continue to push apartment rents higher and drive the demand for modernized, rental housing throughout Escondido and San Diego County.
Lee Nguyen, Senior Vice President for Bascom, adds "We're acquiring a well located, stabilized building that is ready for renovations in an expanding north San Diego economy. Our San Diego projects have performed well over the years so we are excited about the project."
Source: The Bascom Group / #Apartments #Multifamily