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.

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