HUNTINGTON BEACH, CA-The Bascom Group LLC has purchased Huntington Villas Apts., a 114-unit multifamily community at 16171 Springdale St. here, for $19 million or $166,667 per unit. The asset is considered an unusual find in this particular submarket.
GlobeSt.com was unable to reach Bascom prior to deadline to determine the identity of the seller or what the new owner plans to do with the property.
Gary Mozer and Katie Rodd of George Smith Partners arranged the debt financing with California Bank and Trust, providing the new loan. Joe Berkson with Marcus & Millichap was the broker for the sale.
According to Scott McClave, principal for Bascom, “Huntington Villas represents a great opportunity for Bascom to purchase a rare asset in a vibrant coastal Orange County location. We are excited about the opportunity to add value to the community.”
Built in 1987, the property consists of two three-story buildings situated on two-and-a-half acres. The unit mix is composed of 3% studio, 87% one-bedroom and 10% two-bedroom units with spacious floorplans, fully equipped kitchens and patios or balconies. The property is located in an urban-infill setting, minutes to local-area amenities including the Huntington Pier, Bella Terra Shopping Center, Central Park Library, area hospitals and Bolsa Chica State Beach.
“Huntington Villas is the sixth multifamily acquisition that we have completed in our second private-equity fund,” says Chad Anderson, principal for Bascom. “This property plays strongly into our core business model, which is to identify well-located properties with value-add upside.”
As GlobeSt.com reported in November 2013, Bascom recently acquired the Eagle Crest Apartments, a 624-unit, class-A, garden-style multifamily community in Las Vegas. The purchase price was not disclosed.