BAKERSFIELD, CA-The Irvine-based Bascom Group has purchased its fifth apartment complex here, the 130-unit Villa Capri, for $6 million in the latest in a series of acquisitions that underscore the company’s belief that Bakersfield is a recovering market. Bascom bought the property from Villa Capri Ventures LLC in a transaction brokered by Ernest Reyes of Lincoln Brokerage Co. of Newport Beach, who represented both parties. The property is at 1000 Pacheco Rd. and was built in 1972. It consists of 10 two-story buildings with units of one, two, and three bedrooms that average 919 sf, with asking rents that average $680. Amenities include swimming pool, a playground, a fitness center and a club house. Debt financing was provided by Wells Fargo, and the property will be managed by Manco Abbott Inc.Bascom’s acquisition director, Andrew Newton, describes the Villa Capri as an excellent unit mix consisting of predominantly two- and three-bedroom units that provides a setting in a single-family neighborhood which caters to young families. Newton notes that the transaction marks the fifth property Bascom has acquired in Bakersfield and the 21st property the company has purchased in the Central Valley. Bascom managing director, Jerome Fink adds, that Bakersfield “has enjoyed significant appreciation over the past five years as the overall Central Valley has recovered from the overbuilding and loss of jobs the area suffered in the late 1980s and early 1990s.” Fink cites a 96% occupancy rate in Bakersfield apartments and a 5.5% rent increase over this past year that rank it as one of the top performing submarkets in California.

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?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to'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 and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.