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SAN BERNARDINO, CA-An investment partnership based in Southern California has acquired the 197-unit Mountainside Village Apartments from the Irvine-based Bascom Group for $17.5 million, according to Marcus & Millichap.

Alexander Garcia and Alex Mogharebi of the Ontario office of Marcus & Millichap describe the property as a class A apartment complex that sold at a 7.5% market cap rate, $88,832 per unit and $77 per sf.

Garcia was the listing agent for the property and represented the seller, while Mogharebi represented the buying entity, which acquired the asset in a 1031 exchange.

The 197-unit Mountainside Village complex is located at 1660 Kendall Drive, one block from the California State University campus in San Bernardino. The property was constructed in 1988 and includes 173,958 rentable sf on approximately 12 acres. The unit mix is composed of entirely two- and three-bedroom units, ranging in size from 800 to 1,030 sf and renting for $815 to $1,329. Community amenities include volleyball and basketball courts, a swimming pool and a spa. Occupancy at the time of the sale was approximately 95%.

The sale of the San Bernardino property is one in a series of ongoing dispositions and acquisitions for the Bascom Group, which has been an active buyer of apartment properties throughout Southern California since its founding in 1996, acquiring more than 10,000 units to date in Los Angeles, Orange, San Bernardino, San Diego, and Riverside Counties as well as Hawaii, and the Central California Valley. Recently, Bascom and JP Morgan Partners listed one of the largest portfolios of apartment buildings to hit the Southern California market lately, a group of eight complexes totaling 1,253 units that is being marketed by Hendricks & Partners. The Bascom-Morgan venture is asking $163.1 million and is offering the properties either as a portfolio or on an individual property basis at prices ranging from just above $13 million to more than $29 million.

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