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IRVINE, CA-The Bascom Group LLC, a locally based private equity fund, has acquired a Rancho Cucamonga apartment complex for $8 million.

The 114-unit property, known as Arrow Meadows Apartments, is located at 8701 Arrow Route. It consists of 15 two-story buildings with one-bedroom and two-bedroom units. Built in 1984, the complex features a swimming pool, spa, sauna, clubhouse, sand volleyball court, paddle tennis courts, children’s playground, laundry rooms, carport and open-space parking. Rents at the facility range from $700 to $875 per month.

The Bascom Group plans to pour $1 million in renovations into the complex. Improvements will include upgraded unit interiors, building exteriors and landscaping, in addition to office and fitness room renovations. Vista-based MacBeth Apartment Systems Inc. will provide property and construction management services.

Investors continue to gobble up property in Rancho Cucamonga’s tight multifamily market, particularly since the occupancy level stands at 95.7%. In the past year, rents have increased 7.7% in a city boasting the highest median household income, $50,349, in the Inland Empire.

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