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FRESNO, CA-The Bascom Group LLC of Irvine has purchased a two-property, 314-unit apartment portfolio from Garold C. Brown Family LP for $14.2 million in a sale that closed yesterday.

The portfolio includes the 238-unit Ashbrook Villas Apartments at 3274 West Ashlan Ave. and the 76-unit Hearthstone Apartments at 3088 West Ashlan Ave. The Ashbrook Villas Apartments and the Hearthstone Apartments were built in 1975 and 1980, respectively. The Ashbrook Villas Apartments consists of 42 one-story buildings with two-bedroom apartments totaling 238 units at an average size of 975 sf. Amenities include racquetball and tennis courts, carport parking, gated entry, swimming pool and patios. The Hearthstone Apartments consists of 13 one-story facilities with two-bedroom apartments totaling 76 units at an average size of 988 sf. Amenities include carport parking, gated entry, swimming pool and patios. Rents at both properties average $563 per unit.

Bascom plans to reposition both multifamily complexes with an extensive exterior and interior renovation. The firm has retained Commercial Services Building Inc. of Anaheim to manage construction of the exterior and interior improvements, which will include new roofs on both properties as well as exterior paint, landscaping, signage, enhanced lighting and unit upgrades. The upgrades will include new carpeting, appliances, countertops, and kitchen cabinets. Stratus Real Estate Inc. of Sherman Oaks, California will manage the buildings.

Larry Andrews of Sperry Van Ness of Ontario represented both the buyer and the seller, with Newman Financial of Denver providing debt financing.

The purchase was the second major buy for Bascom in Fresno in recent months. The company also acquired a 1,178-unit portfolio in southeast Fresno and has been completing a major renovation to all of the properties.

Bascom is a private equity investment firm that specializes in renovating and repositioning multifamily properties in California and Hawaii. Founded in 1996, Bascom, with its parent company Chenco International Investment Co. of Las Vegas, has completed more than $1 billion in real estate transactions and closed on more than 9,000 apartment units to date.

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