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TEMECULA, CA-The Irvine-based Bascom Group LLC has acquired the 344-unit Woodcreek Apartments from Woodcreek-Temecula Partners for more than $32.2 million.

The property, located at 42200 Moraga Road, was built in 1987 and consists of 43 two-story buildings with two- and three-bedroom apartment that average 880 sf. Community amenities include two swimming pools, two spas, a tennis court, tot-lot, kid’s pool and onsite laundry facilities.

Scott McClave, VP of acquisitions at Bascom, oversaw the purchase; while David Kim, managing director of Bascom, will manage the operations and repositioning of the property. The buyer was represented by Udi Katz of Coldwell Banker Commercial of Temecula, with debt financing that was provided by Stamford, CT-based General Electric Capital Corp, and secured by Gary Mozer and Lee Norman of Century City-based George Smith Partners. Woodland Hills-based Stratus Real Estate Inc. will be providing property management services.McClave describes the purchase of Woodcreek as “an excellent value at 63% of replacement cost.” He cites the projected 30,000 new jobs being created this year in the Inland Empire as one of the reasons the company remains bullish on apartment properties in the region. “We also liked its location within the marketplace being sited between Margarita Road and Rancho California Road, the two major arterials of Temecula,” McClave says.

Jerome Fink Bascom managing director, notes that rents at the complex, which average $1,005 per unit, rank among the lowest in its submarket, indicating significant upside potential for the property.Since Bascom’s formation in 1996, Bascom has been an active buyer of multifamily throughout California, Hawaii and the Pacific Northwest, acquiring more than 13,000 units over the past seven years. In addition, Bascom’s joint ventures with the Southern California Industrial Fund LLC and Rushmore Properties LLC have acquired more than four million sf of commercial properties nationwide.

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