IRVINE, CA - The Bascom Group has acquired Corona Del Norte, a 29-unit infill apartment community located in the desirable South Bay submarket in Torrance, California. The $6.3 million sale ($217,241/unit) closed on October 12, 2018. Steffan Braunlich with Berkadia Real Estate Advisors brokered the sale. East West Bank provided Bascom with an acquisition loan to finance the purchase. James D'Argenio and Chang Liu sourced and managed the acquisition for Bascom.
Del Norte 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 Del Norte 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 few blocks from Del Norte, recently sold to a commercial real estate operator who is planning a major redevelopment.
James D'Argenio, Senior Principal with Bascom, comments "We jumped on this opportunity once it hit the market. The seller was the original developer who took great pride in physically maintaining the asset. We are inheriting the property with 40% of the units vacant, so we can efficiently modernize a bulk of the interiors while enhancing the exterior and overall community."
Lee Nguyen, Senior Vice President of Operations for 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. Del Norte presents a strong value-add opportunity in a location we are very excited about."
Del Norte marks Bascom's 38th multifamily property closed in Los Angeles County and its 173rd multifamily property closed in California. Over the past twelve months Bascom has acquired $1.3 billion in multifamily properties throughout the United States.