ANAHEIM HILLS, CA - The Bascom Group has acquired Sleepy Hollow Apartments, a 25-unit infill apartment community located in the sought-after community of Anaheim Hills, California. The $7,540,000 acquisition ($301,600/Unit or $285.00/SF) closed on June 15, 2018. Bascom arranged the debt financing with Manufacturers Bank.
The sale was brokered by Scott Parker and Spencer Heichman of Triqor Group. James D'Argenio and Chang Liu sourced and managed the transaction for Bascom.
Built in 1964, Sleepy Hollow is a 25-unit single-story community offering a unique, low-density living experience in a highly desirable infill location. The unit mix consists of two and three-bedroom units averaging over 1,000 square feet. Sleepy Hollow is nestled in Anaheim Hills, adjacent to Villa Park, with single family home values ranging from $1,000,000 to $2,000,000 within one mile. Sleepy Hollow's proximity to critical transportation thoroughfares offers convenient access to major employment and recreation centers. With original interior finishes and ample amenity space, the Property presents an exciting opportunity to reposition the asset.
James D'Argenio, Senior Principal of Bascom, comments "We offered the seller a long escrow period to accommodate their exchange needs. It worked well because we believe acquiring 25 units, all two and three bedrooms, on two acres of land offers residents a unique rental housing option."
Lee Nguyen, Senior Vice President of Operations for Bascom, comments "We are excited about the Sleepy Hollow acquisition due its value-add potential, low-density, and Anaheim Hills location."
Since 1998, Bascom and its affiliates have acquired 314 multifamily properties throughout the United States, totaling 82,557 units and currently holds 18,305 units in its portfolio. Sleepy Hollow Bascom's 171th multifamily property closed in California. Over the past twelve months Bascom has completed over $1.0 billion in multifamily transactions throughout the United States.
Source: Bascom Group / #Apartments #Multifamily