Bascom Buys 140-Unit Antelope Valley Complex

LANCASTER, CA-The Bascom Group of Irvine has purchased the 140-unit High Valley Townhomes for just under $12.2 million in a joint venture with Rockwood Capital, marking Bascom's fifth multifamily buy in the Antelope Valley. The company acquired the property, which is at 2237 W. Ave. J8, from Alpha Property Management.Andrew Newton, principal of acquisitions for Bascom, says the company likes the Lancaster location for its job and population growth, along with "exceptional rental growth and low overall vacancy rates." The local apartment market has benefited from the limited new multifamily construction and the growth in median home prices, Newton adds.Built in 1986, the High Valley Townhomes complex consists of 24 garden-style, two-story buildings with units of two and three bedrooms that average 930 sf. Amenities include swimming pool, spa, covered parking, a children's tot-lot, laundry facilities and a tennis court. Newton says the property layout offers families an "attractive and affordable housing alternative" in a desirable residential neighborhood, where median home prices now exceed $300,000.Both Bascom and the seller were represented by Jesus Henao from MJ Leola Real Estate Investments in Encino. Debt financing was provided by Union Bank of California and arranged by Gary Mozer and Lee Norman of George Smith Partners of Century City. David Kim, founder and managing director of the Bascom Group, will manage the operations and repositioning of the property. Stratus Real Estate of Woodland Hills will provide property management services. Rockwood Capital, which is Bascom's partner in all of its Lancaster properties, is a privately held real estate investment company that is based in St. Louis and holds more than $1.8 billion of assets under management for institutions and individuals.