LOS ANGELES—Private equity firm the Bascom Group has acquired the Four Winds Apartments community at 8121 Broadway Ave. in Whittier for $13.4 million. The complex has 138 units and sits on a five-acre, garden-style lot.
The transaction marks the company’s second multifamily acquisition in the Southern California market in two months. “While we continue to grow our presence nationally, we remain focused on investment opportunities in our own backyard,” says Chad Sanderson, Bascom Group principal. In February, the company purchased Huntington Villas Apartments, a rare 114-unit apartment complex in Huntington Beach, for $19 million. The property has mostly one-bedroom apartments with a small selection of studios and two-bedrooms.
The Whittier property has a mix of studios, one-, two- and three-bedroom apartment units, and the complex offers a fitness center, a clubhouse, two pool areas and close proximity to public transit. Built in 1967, the property is in need of minor renovations to modernize the asset. “Bascom plans to provide the property with a needed capital infusion that will reenergize the asset and bring new life to the community,” says Lee Nguyen, Bascom’s VP of operations.
The surrounding submarket area is also desirable. In addition to abundant shopping, dining and entertainment amenities, Whittier is near the Southwest Industrial Corridor, providing access to major employers. Bascom managing partner David Kim explains, “We see Four Winds as an excellent opportunity to invest in a strong infill location at an attractive price point.” The company believes that the combination of market area and the soon-to-be renovated complex will be attractive to renters.