Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PICO RIVERA, CA-A private investor based in Southern California has acquired the 141-unit Courtyard Apartments at 9128 Burke St. from the Bascom Group of Irvine for about $11.7 million, according to Marcus & Millichap.

Martin Ensbury and Stewart Weston of the brokerage firm’s Long Beach office, who represented both buyer and seller, reported the purchase price of $82,801 per unit or $104 per sf closed at a 6.9% cap rate. The Courtyard Apartments complex was constructed in 1972 and includes approximately 3.8 acres of landscaped common areas.

The 141 units break down to 75 one-bedroom and 66 two-bedroom apartments, ranging from 725 sf to 975 sf. The monthly rents range from $840 to $1,090. The complex was 88% occupied at sale time. Seller Bascom Group is one of the most active buyers and sellers of apartments in Southern California, having closed on more than 8,000 units in the region over the past seven years.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.