Bascom says it plans major renovations to all of the properties, which were built between 1961 and 1986. The nine buildings include studios, one- and two-bedroom apartments averaging 835 sf with average rents of $380. Renovations will include replacement of the roofs, new landscaping, signage, upgraded unit interiors, exterior paint, construction of new pools and tot lots, and asphalt repairs.

Larry Andrews of Sperry Van Ness in Ontario Calif. tells GlobeSt.com that the portfolio sale was extremely complicated because it involved "a tremendous number of moving parts." Andrews represented the Bascom Group while Guy Enriquez and George Ouzanian of Sperry Van Ness represented the sellers.

"It was like doing nine different transactions, and the sellers all wanted to close simultaneously, so we were fortunate to have a patient and willing buyer," Andrews said.