Bascom Buys 152 Units for $13.35M

WEST COVINA, CA-The Bascom Group of Irvine, Calif., one of the region’s largest owners of apartment buildings, has acquired complexes here and in Los Angeles for $13.35 million.

The properties are the 85-unit Barranca Vista Apartments at 2900 E. Virginia Ave. in West Covina and the 67-unit Belamar Apartments at 401 S. Hoover St. in Los Angeles, which the company bought for $8.05 million and $5.3 million respectively. The seller of the West Covina property was L&S Management Co., while the seller of the Los Angeles complex was Fairfield Residential. Larry Andrews of Sperry Van Ness represented the buyer and the seller of the Barranca Vista, with Jim Ferris of Marcus & Millichap representing both parties in the other deal.

The Barranca Vista Apartments were built in 1968 and consist of 18 two-story buildings with one-, two- and three-bedroom apartments at an average size of 1,241 sf and rents ranging from $788 to $1,320. The property features a recreation room, a sauna, a swimming pool and a spa, and gated parking. The units are equipped with central heat and air conditioning, and dishwashers. Debt financing was provided by RFC, and Sherman Oaks based Stratus Management Inc. will manage both the Barranca and the Hoover Street property in Los Angeles.

The Belamar Apartments, in the Mid-Wilshire area of Los Angeles, were built in 1972 and consist of a three-story building with studio, one- and two-bedroom units that average 620 sf. The complex features a swimming pool and a spa, central heat and air conditioning, underground parking, elevators, and private balconies. Rents range from $800 to $1,375. Transamerica provided financing, with assistance from Gary Mozer and Lee Norman of George Smith Partners.

With the closing of the two deals, the Bascom Group has acquired 8,000 units in Southern California in the past four years. The company is a private equity fund that was founded in 1996 by Derek Chen, Jerome Fink and David Kim, and it has been one of the most active value-added players in the region’s apartment market. In addition to its apartment portfolio, Bascom has acquired approximately 3.5 million sf of industrial space in a joint venture with the Magellan Group of Los Angeles and is one of the largest privately held owners of executive suites in Southern California.