Bascom Puts Up $6.8M Plus for 115 Units

HAWTHORNE, CA-The Bascom Group of Irvine has acquired the 115-unit Continental Apartments at 13607 Cordary Ave. for a bit more than $6.8 million from Continental Apartments, a general partnership based here.

The buyer was represented by Steve Lampe of Marcus & Millichap. The seller’s side was brokered by Avi Ryzman and David Holstein, also with Marcus & Millichap.

According to Scott McClave, vice president of acquisitions for Bascom, Hawthorne offers affordable rents in an infill Los Angeles County location where apartments are in strong demand by renters seeking a short commute to the employment centers of Los Angeles International Airport and the South Bay.

McClave, who oversaw the purchase, says the four two-story buildings were developed in 1973. The 115 units include 24 studio apartments, 82 one-bedroom units, eight two-bedroom apartments and one three-bedroom apartment, with an average size of 608 sf. The property features a Spanish courtyard-style plan with a swimming pool, clubhouse, secured entry and parking, and onsite laundry facilities. The rents range from $600 to $1,100 per month. MacBeth Apartment Systems will be providing property management and renovation services.

Orange County-based Bascom Group has been an active buyer of multifamily product throughout the Southern California region in the past seven years and closed more 8,600 units to date in Los Angeles, Orange, San Bernardino, San Diego and Riverside counties as well as Hawaii.