The Palmdale complex is the 336-unit Fountains Apartments at 38300 30th St. East, which Bascom bought for approximately $26.8 million from Oasis Palmdale Apartments LLC. In Westchester, the Irvine-based group acquired the 160-unit Belford Park Apartments at 8809 Belford Ave. from Westchester Investment Co. for nearly $16.9 million.

Bascom acquisitions director Andrew Newton oversaw the purchase of the Palmdale complex, in which both Bascom and the seller were represented by Dean Zander, Joe Leon, Paul Runkle,and Dave Casper of Hendricks & Partners. Gary Mozer and Lee Norman of locally based George Smith Partners Inc. represented Bascom in the acquisition debt financing that was provided by Irvine-based General Electric Capital Corp.

Built in 1987, the property consists of 40 two-story buildings with one, two and three-bedroom apartment units with an average size of 874 sf. The new ownership plans more than $500,000 in capital improvements to the property, including upgraded unit interiors, building exteriors and landscaping and garage construction. Stratus Real Estate Inc., based in Sherman Oaks, will be providing property and construction management services. Bascom says it was attracted to the Palmdale property because, among other reasons, Palmdale is one of the top rated markets for multifamily investing according to Lend Lease 2002, with a vacancy rate of only 2.6% and rents that rose 8% over the past year.

In the Westchester transaction, Scott McClave, VP of acquisitions for Bascom, oversaw the purchase. The buyer and seller were both represented by Stewart Weston and Martin Ensbury of Marcus & Millichap. The Los local office of Merrill Lynch Capital provided acquisition and renovation financing for the purchase.

Built in 1949 and 1964, the Belford Park Apartments complex consists of 13 two-story buildings with 20 studio apartments, 72 one- bedroom apartments and 68 two-bedroom units that average 729 sf, with rents ranging from $845 to $1,295 per month. The property is spread over almost eight acres, including large greenbelts as well as lush and mature landscaping. Vista-based MacBeth Apartment Systems will be providing property management services, with Anaheim-based Commercial Services Building Inc. providing renovation services.

Bascom has been an active buyer of multifamily product throughout Southern California region over the past seven years and has closed more than 11,000 units to date in Los Angeles, Orange, San Bernardino, San Diego, and Riverside, Fresno and Kern counties as well as Hawaii.