REDLANDS, CA - The Bascom Group has acquired Del Flora Apartments, a 152-unit garden style apartment community located at 30598 Independence Avenue, Redlands, CA 92374. The $22.15 million sale closed on July 28, 2016 and marks Bascom's 37th apartment acquisition in the past twelve months.
Tyler Martin with ARA Newmark was the broker for the sale. Brian Eisendrath and Annie Rice with CBRE arranged the $16.94 million loan with CIT Bank, N.A.
The community was built in 1989 and consists of 23 buildings, situated on 7.4 acres. Rental offerings include a range of one-bedroom and two-bedroom floor plans accounting for 37% and 63% of the units respectively. Common area amenities include a pool, fitness center, clubhouse, and tennis court. The property is well located, proximate to highly ranked schools, major employers, retail, and transportation corridors.
Chad Sanderson, Senior Principal of Bascom, states "Del Flora is an attractive choice for Inland Empire renters. Located in one of the top Inland Empire sub-markets, the property offers tenants access to some of the best schools in the area as well as proximity to the University and other major employers. Del Flora has great potential as jobs and economic fundamentals in the region continue to strengthen."
Julie Schoenbachler, Senior Vice President of Operations at Bascom, comments "Del Flora has a good unit mix with very open and inviting floor plans. We feel that the great schools on either end of the property and the low density feel make this an attractive property for families."
Source: The Bascom Group / #Apartments #Multifamily