IRVINE, CA - The Bascom Group has acquired Villas at Tustin Apartments, a 406-unit infill apartment community located in the heart of Orange County, California. The $94.0 million sale ($231,527/unit) closed on March 28, 2017.
Sean Deasy and Ryan Fitzpatrick of HFF were the listing brokers for the sale. Charles Halladay and Jamie Kline of HFF arranged the $66.5 million loan with California Bank & Trust.
Villas at Tustin was constructed in 1972 and is located at 2414 N. Tustin Avenue, Santa Ana, California. Chad Sanderson, Senior Principal for Bascom states "Villas at Tustin is one of the best investment opportunities we have seen in Orange County. Villas is in a great location with easy access to the 55, 22, 91, and 5 freeways. This is extremely attractive to potential tenants. We are excited to modernize Villas at Tustin's interiors and exteriors to allow the property to compete with newly-constructed Class A properties."
Villas at Tustin marks Bascom's 21st multifamily property closed in Orange County and its 166th multifamily property closed in California. Over the past twelve months Bascom has acquired $1.3 billion in multifamily properties throughout the United States.
Villas at Tustin is conveniently located near major employment centers in Orange, Tustin, Irvine, and Anaheim. Several notable companies house regional offices or are headquartered in the South Coast Metro, including Xerox, T-Mobile, and CoreLogic. Villas at Tustin is minutes from major retail centers, including Tustin Marketplace, The District at Tustin Legacy, and South Coast Plaza, which offer a combined 5.3 million square feet of retail space.
Lee Nguyen, Senior Vice President of Bascom, comments "The South Coast Metro continues to be a strong draw to younger generations of tenants. To appeal to this group, we plan to give a modern update to Villas at Tustin's unit interiors and property amenities. Villas at Tustin presents a strong value-add opportunity in a location we are very excited about."