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WALNUT, CA-The Bascom Group of Irvine has sold one of the assets in a portfolio of apartment complexes the company has on the market the 163-unit Walnut Heights property at 20700 San Jose Hills Rd., to Essex Portfolio LP of Palo Alto for $24.3 million. The property is also known as Shadow Springs Apartments.

The transaction was negotiated by Hendricks & Partners brokers David Casper of the West Los Angeles office, Dean Zander of the Los Angeles office, Paul Runkle in Temecula and Joe Leon in Newport Beach. Managing partner Jerome Fink and vice president of transactions Scott McClave of Bascom oversaw the sale for the seller, with Jeff Rowerdink, acquisitions director for Essex Property Trust, overseeing the purchase for Essex. David Kim, managing director at Bascom, managed the operations and repositioning of the property, where Bascom spent roughly $2.7 million on renovations to the complex, which was built in 1964.

The Walnut asset is one of eight complexes placed on the market recently by the Bascom Group and JP Morgan Partners in one of the largest portfolio offerings of apartment buildings to hit the Southern California market lately. The portfolio totals 1,253 units and is listed by Hendricks & Partners.

The Walnut property is composed of 13 two-story and one single-story wood-frame and stucco buildings comprising more than 146,750 rentable sf of living area. In addition, a free-standing, one-story leasing office had been built and a separate one-story fitness center with an attached laundry facility had been renovated.

The apartments are oversized, averaging 900 sf and 89% of the units consist of two- and three-bedroom designs, with almost 31% of them as three-bedroom units. Amenities include landscaping near the community’s entry; a private, gated swimming pool; large, centralized laundry facility; and well-equipped fitness center. The units feature fully equipped kitchens, new carpeting, mirrored walk-in closets, cable readiness, ceiling fans, gas heating, enclosed tubs, separate vanity areas, and dishwashers.

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