TORRANCE, CA - The Bascom Group has acquired Harvard Villa Apartments, a 64-unit infill apartment community located in the desirable South Bay Los Angeles city of Torrance, California. The $14.0 million sale ($218,750/unit) closed on April 27, 2017. Hooman Emanuel of Emanuel Real Estate Group represented the buyer. Erich Pryor, Eric Snyder, and Thomas Sherlock with Talonvest Capital arranged the $11.45 million loan from TCF National Bank. James D'Argenio and Chang Liu sourced and managed the acquisition for Bascom.
Harvard Villa is less than five miles from the Pacific Ocean and located near several interstates that provide outstanding local and regional access, including Interstate 405, 110, 710, 105, and Pacific Coast Highway. Significant employers within a 30-minute commute from Harvard Villa include Honda North America, Boeing Satellite Systems, Raytheon, AT&T Entertainment Group, Harbor-UCLA Medical Center, Xerox, Mattel, and the Port of Los Angeles. Toyota's former 110-acre corporate campus, located a block from Harvard Villa, is currently being marketed for sale. Several major technology and automotive companies have been pursuing the site, including Amazon, Tesla, and Space X.
James D'Argenio, Senior Principal with Bascom, comments "Harvard Villa was a rare off-market acquisition opportunity with tremendous operational and physical upside. The seller was a long-term, private owner. Bringing in professional third party management will boost resident services immediately. We are excited about the area's potential for job creation and revitalization when Toyota's campus is sold, redeveloped, and occupied with a new user."
Harvard Villa marks Bascom's 37th multifamily property closed in Los Angeles County and its 167th multifamily property closed in California. Over the past 12 months Bascom has acquired $1.3 billion in multifamily properties throughout the United States.
Lee Nguyen, Senior Vice President of Bascom, comments "The South Bay region continues to be a strong draw to younger generations of tenants. To appeal to this group, we plan to give a modern update to the unit interiors and property exterior. Harvard Villa presents a strong value-add opportunity in a location we are very excited about."
Source: The Bascom Group / #Apartments #Multifamily