Bascom Divesting $163M Portfolio

Dave Casper of the West Los Angeles office of Hendricks & Partners, a member of the H&P team that is listing the portfolio, says the Bascom-Morgan venture is asking $163.1 million and is offering the properties either as a portfolio or on an individual property basis. On an individual basis, the sellers are asking prices ranging from just above $13 million to more than $29 million, with the complexes ranging from 85 to 336 units. Besides Casper, other members of the listing team include Joe Leon of the Hendricks & Partners Newport Beach office, Dean Zander of the company's Encino office and Paul Runkle of the Temecula office.

Casper says the portfolio consists of "a high-grade group of geographically diverse" properties in in-fill locations, with a mix containing 73% two-bedroom and three-bedroom units in complexes built between 1961 and 1987. Runkle notes that the two properties in Rancho Cucamonga are each built at only 14 units per acre, an unusually low density that would be difficult if not impossible to duplicate today, and that all properties are debt-free.

The eight properties include: The Fountains, 336 units in 40 buildings on 21 acres in Palmdale; Walnut Heights, 163 units in 13 buildings on 5.2 acres in Walnut; Parc Claremont, 136 units in six buildings on 6.3 acres in Upland; Grand Villas, 104 units in 13 on 4.5 acres in Sherman Oaks; Cambridge Park, 165 units in 22 buildings on 8.6 acres in Montclair; La Serena, 150 units in 16 buildings on 10.7 acres in Rancho Cucamonga; The Willows, 114 units in 14 buildings on 8.14 acres in Rancho Cucamonga; and South Hills, 85 units in 19 buildings on 5.3 acres in West Covina.