The 300-unit property, known as the Verde Mont Villas Apartments, is located at 6155 Palm Ave. Completed in 1990, the complex consists of 22 two-story buildings and fourteen one-story buildings. Amenities include a clubhouse, two swimming pools, spas, playgrounds, barbecues and individual garages. Rents here currently range from $690 to $890.
The Bascom Group plans to upgrade the complex, having already secured MacBeth Apartments Systems Inc. to oversee renovation services. Improvements will include interior upgrades, new gating, property repairs and fitness room renovations.
The Bascom Group LLC was represented by Frank D'Avanzo of Sunwest Investments. D'Avanzo also spoke for the sellers, Roy and Elda Hearrean. Debt financing was provided by Transamerica Commercial Real Estate Finance with the assistance of Gary Mozer and Lee Norman of George Smith Partners.
Investors continue to eye the Inland Empire's multifamily sector, as population growth in the region is still healthy. However, the market may cool in the upcoming year, as annual job growth has slowed to a mere 3.2%.
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