Bascom, Rockwood Buy Complex for $83M

WOODLAND HILLS, CA-The Bascom Group and Rockwood Capital have acquired the Renaissance Apartments in Warner Center from Renaissance Apartments LLC for $82.75 million. The property is a 477-unit complex that was built in 1968 and was renovated in 2003.The Renaissance complex consists of six four-story mid-rise buildings. Its 477 apartments range from studio units at 625 sf to three-bedroom units at 1,125 sf that rent from $1,145 to $1,790 depending upon unit type, studios to three-bedroom, two-bath units.Features at the complex include interior hallways and elevators, controlled gate access, waterscapes, a fitness center, a barbecue area, a business center, a clubhouse, two newly resurfaced tennis courts, a playground and tot lot, two swimming pools, two spas, and six laundry areas. The new owners have named Macbeth Apartment Systems as the property manager for the asset.Among the property's attractions for the buyers, according to Bascom, were its location in the master-planned Warner Center neighborhood and its access to nearby shopping and entertainment centers, including the Westfield Promenade Mall and the Fallbrook Mall.The deal is the latest in a series of multifamily acquisitions and dispositions in the West since Bascom was established in 1996. The Irvine-based private equity firm, in partnership with capital investors, has acquired more than 22,000 units. It has also acquired more than four million sf of commercial properties nationwide through its Southern California Industrial Fund LLC and Rushmore Properties LLC.Rockwood Capital is a privately held real estate investment company with more than $2 billion of equity under management for institutions and individuals. The company maintains offices in San Francisco, California and Greenwich, CT.