X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

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?

GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

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.