Source: The Bascom Group / #Apartments #Multifamily
NEWPORT BEACH, CA - The Bascom Group of Irvine, California and Village Partners of Newport Beach, California announced the formation of a joint venture called Village Partners Ventures, LLC. Village Partners Ventures will target transit-oriented and mixed-use multifamily development opportunities in Southern California with plans to invest $200 million over the next four years.
Village Partners Ventures will implement its vision utilizing a talented multi-disciplinary development team with a broad understanding of the target demographics and sub-market dynamics. Village Partners Ventures will capitalize on the region-wide shift towards expanding public transportation in Southern California, filling the current market gap in transportation-oriented multifamily development.
The new venture has under contract and is processing entitlements on a six acre transit oriented development site near the I-210 tech corridor in the San Gabriel Valley. The new venture is also negotiating to acquire a number of other sites including a smaller transit oriented development site in north Orange County.
"We are excited to be working with Bascom, whose entrepreneurial culture and successful track record of investing in value add multifamily makes them an ideal partner to help execute the business plan of acquiring, entitling, and developing multifamily sites in Southern California," said Don Henry, Principal of Village Partners, Inc. Michael Morris, Principal of Village Partners, Inc., added "We believe the timing is right as many urban infill markets have had limited, if any, new multifamily development resulting in vacancy rates at all-time lows and escalating rental rates due to strong demand."