IRVINE, CA - The Bascom Group has acquired Casanova Grove Apartments, a 76-unit infill apartment community located in the serene coastal California city of Monterey, California. The $16.7 million sale ($219,737/unit) closed on September 14, 2017. Anthony Lugo represented the buyer. Erich Pryor and Thomas Sherlock with Talonvest Capital arranged the loan from NXT Capital.
Casanova Grove is less than two miles from the Pacific Ocean with Pacific Coast Highway just a mile away, providing exceptional local and regional access. The charming coastal location is home to a plethora of renowned attractions including Monterey Bay Aquarium, Mazda Raceway Laguna Seca, 17-Mile Drive, and the Pebble Beach Resorts.
The local economy is strong, with a high median household income and neighborhoods bordering Casanova Grove with median home price values from $532,500 to $2,975,000. Major employers in the area include Dole, CTB McGraw Hill Education, and the Naval Postgraduate School, all of which are easily accessible to Casanova Grove tenants.
James Singleton, Vice President of Bascom, comments "Casanova Grove was a rare off-market acquisition opportunity with tremendous operational and physical upside. The seller owned and self-managed the property since 2000. We are excited about the location and the opportunity to purchase one of a handful of larger apartment communities in a highly supply constrained multifamily market."
Chris MacLeod, Vice President of Bascom, also added "The Monterey region presents tremendous opportunity. Roadblocks to home ownership accompanied by limited apartment supply in the market will help drive demand for modernized rental housing."
Casanova Grove marks Bascom's 23rd multifamily property closed in Central California and its 168th multifamily property closed in California. Over the past 12 months Bascom has acquired $1 billion in multifamily transactions throughout the United States.
Tim Whiting, Vice President of Bascom, comments "We plan to implement a comprehensive renovation plan, allowing Casanova Grove to compete with higher-end existing multifamily product in the immediate area. Community improvements will include amenity upgrades, exterior redesigns, and interior renovations."