IRVINE, CA - The Bascom Group has acquired an 80-unit multifamily community within the broader San Diego market. The property, Echo Pointe Apartments, consists of large, two- and three-bedroom floorplans across 20 fourplex buildings in centrally-located La Mesa, California. Bascom purchased the 80-unit property for $26,800,000, or $355,000 per unit. Brightspire Capital (fka Colony Capital) provided the debt financing for the acquisition and was arranged by Brian Eisendrath, Cameron Chalfant, and Jake Vitta of CBRE Capital Markets. Apartment Management Consultants (AMC) will provide property management services.
Bascom Sr. Principal, Chad Sanderson, states, "After successfully completing two repositioning projects in San Diego County earlier this year, we are excited to backfill our portfolio with Echo Pointe. Echo Pointe's large floorplans and quiet neighborhood provides residents a unique community experience in one of the most desirable rental markets in the country. We believe the San Diego Metro and the La Mesa submarket will see strong fundamental growth over the next several years driven by limited new housing supply and continued population growth."
Echo Pointe is centrally located in La Mesa, an area known for its exceptional access to San Diego'smajor employers, retail centers and recreational activities. La Mesa residents are drawn to its chic style and trendy retail, all while maintaining a family-friendly, small town feel. Bascom's Senior Vice President of Operations, Julie Schoenbachler, adds, "The property is located within a five-minute drive to burgeoning Downtown La Mesa and less than a five-minute walk to the Spring Street Trolley Station with service to the San Diego Trolley Orange Line. Moreover, residents have access to key employment centers throughout the Metro. Over 46% of San Diego County's entire employment base is within a 10-mile radius of the property."
Joe Ferguson, Acquisitions Manager for Bascom, states, "Echo Pointe has a very low-density feel with under 20 units per acre. Like single-family rentals, residents at Echo Pointe have convenient access to individual units and minimal disturbances from neighbors. Through a targeted renovation program that includes dishwasher additions to all units, Echo Pointe will provide residents a quality product at an affordable price."
The Bascom Group has been one of the most active apartment buyers in Southern California since its inception in 1996, partnering with institutional and private capital. To date, Bascom has acquired 96 multifamily properties and 16,746 units in Southern California, with six of those properties and 453 units located in San Diego County. Over the past year, The Bascom Group has completed over $805.8 million in multifamily transactions across its national portfolio.