The sale was financed with debt provided by GE Real Estate Finance and arranged by Gary Mozer and Lee Norman of George Smith Partners of Century City. Stratus Real Estate will provide property management.

Built in 1990, the Villa Mirage complex consists of 40 two-story buildings with units of one, two, and three bedrooms that average 817 sf. Amenities include two swimming pools, a spa, two playgrounds, a fitness center, sports courts and a clubhouse. McClave describes the Villa Mirage as "a late vintage, well-maintained project" with "an excellent mix" of apartments in a low density environment.

"Lancaster continues to demonstrate market strength with 10% rent growth and occupancy north of 98%," McClave says. The Bascom principal says the company considers Lancaster and the surrounding Antelope Valley among the strongest markets in Los Angeles County, thanks to fundamentals that include strong job growth in the R&D, single-family housing, retail, back office, and defense sectors, new commercial air linkages to Las Vegas, and light rail linkages to Los Angeles. The closing of Villa Mirage marks Bascom's third acquisition in the Antelope Valley.