The Cottages consists of 126 two-bedroom, one-bath units and two one-bedroom, one-bath units in single-story buildings. Amenities include a large central park area, basketball courts, a swimming pool, a playground, and in-unit features including washer-dryer hookups and large private patios. Built in 1964, the property occupies more than 10 acres in central Anaheim.

The large acreage of the site, coupled with the low density design of the property, "created a stir in both the development and private investment communities," according to Steve Heri of the Anaheim office of CBRE. Heri says very few properties come onto the market in Orange County featuring such a large parcel of land with a density of less than 15 units per acre, which appeals greatly to private investors. Heri and Cara Weichman of the Anaheim office of CB Richard Ellis, along with Mike McKinney and Jennifer Song of CB's South Bay office, brokered the sale on behalf of the Bascom Group.

McKinney notes that the greatest challenge of the transaction was the complex financing. Despite the high quality of the asset, McKinney explains, the property was encumbered by a loan with an interest rate nearly 100 basis points above the market and needed to be assumed in order to successfully close the transaction. That meant aggressive underwriting within the limits of the debt available to the buyer. "In the end, we were able to negotiate terms favorable to both buyer and seller," Heri says. The complex was 99% occupied at the time of the sale, which closed at a 6.84% cap rate and 9.84 gross rent multiplier.